Solar Panel Cost Guide in Elizabeth, NJ (2024 Update)
- Elizabeth Solar Installation Cost: $11,528
- 25-Year Savings: $8,804
- Payback Period: 16.1 Years
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Average Cost of Solar Panels in Elizabeth
Find out how much it might cost to switch to solar power in Elizabeth.
The national average cost of solar panels is $2.66 per watt, but in Elizabeth it’s 4 per watt.Because a 4.7-kW system is needed to cover the energy needs of a typical home in Elizabeth, the average price of going solar will be about $11,528 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of installing solar panels can vary depending on a few factors, such as what size system you need, your energy consumption and what company you go with.Even with the high initial cost, the average Elizabeth homeowner can save around $15,000 on their energy bills over 20 years, which is one of the benefits of solar.
To get a free quote from a highly rated solar installation company in Elizabeth, you can click the button below.
Solar savings over time in Elizabeth
| Year | Return on Investment |
|---|---|
| 1 years | $-10,106 |
| 3 years | $-7,261 |
| 5 years | $-4,417 |
| 7 years | $-1,572 |
| 9 years | $1,273 |
| 11 years | $4,118 |
| 13 years | $6,962 |
| 15 years | $9,807 |
| 17 years | $12,652 |
| 19 years | $15,497 |
| 21 years | $18,341 |
| 23 years | $21,186 |
| 25 years | $24,031 |
Top Solar Installers in Elizabeth
When making the switch to solar, many homeowners decide to use a solar company since DIY solar panel installation can be a difficult project. Local solar companies can also help you maximize your return on investment by assisting with any local incentives and by providing warranties and repairs.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Elizabeth
Factors that Affect Solar Panel Costs in Elizabeth
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few key factors that determine your overall cost in Elizabeth: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The size of the solar energy system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,530. There are many different solar panel brands and the one you choose also affects the cost. In many cases, the brands that have better efficiency tend to also be more expensive. In addition, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are a solid route because they cut back your upfront costs and allow you to pay for your system over five to seven years on average.While solar loans make switching to solar energy more accessible for Elizabeth homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Elizabeth, you’ll have plenty of options to choose from, but each comes at different price points for labor and equipment.Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and choose a company that offers the products, warranties and services you’re looking for and also fits within your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.67 | $15,419 | $7,537 | 16.8 years |
| 8 kW | $3.60 | $20,163 | $10,445 | 16.5 years |
| 10 kW | $3.53 | $24,710 | $13,550 | 16.1 years |
| 12 kW | $3.46 | $29,059 | $16,854 | 15.8 years |
| 14 kW | $3.39 | $33,210 | $20,354 | 15.5 years |
| 16 kW | $3.32 | $37,164 | $24,053 | 15.2 years |
| 18 kW | $3.25 | $40,920 | $27,949 | 14.9 years |
| 20 kW | $3.18 | $44,478 | $32,043 | 14.5 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:
- Warranty: Warranties that provide coverage for panel repairs and maintenance over around 25 years are the gold standard in the business, and offering that kind of warranty is one sign of a good company.
- Installation Process: When making the switch to solar power, it’s important to keep an open line of communication with your solar panel installer. See to it that you understand how the installation process works and the project timeline.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you go with.
- Contract: When looking over your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Elizabeth, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Elizabeth?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Does Elizabeth have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future electricity bills.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.