Solar Panel Cost Guide in Summit, NJ (2024 Update)
- Summit Solar Installation Cost: $11,528
- 25-Year Savings: $7,971
- Payback Period: 16.9 Years
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Average Cost of Solar Panels in Summit
Find out what the average cost of solar panels are in Summit.
In Summit, solar panels cost about 4 per watt on average.Since a 4.7-kW system is needed to cover the energy consumption of a typical home in Summit, 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 quite a bit depending on multiple factors, such as what size system you need, your energy usage and what installation company you go with.For many homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Summit see about $14,000 in savings on energy bills over 20 years.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Summit
| Year | Return on Investment |
|---|---|
| 1 years | $-10,469 |
| 3 years | $-8,351 |
| 5 years | $-6,232 |
| 7 years | $-4,114 |
| 9 years | $-1,996 |
| 11 years | $123 |
| 13 years | $2,241 |
| 15 years | $4,360 |
| 17 years | $6,478 |
| 19 years | $8,596 |
| 21 years | $10,715 |
| 23 years | $12,833 |
| 25 years | $14,952 |
Top Solar Installers in Summit
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Hiring a solar company can make your switch to solar power much easier. Solar companies offer key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
If you're searching for a solar installer in Summit, we've compiled a list of our top suggestions here:
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 Summit
Factors that Affect Solar Panel Costs in Summit
There are a number of factors that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. For that reason, it’s crucial to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use.There are many different solar panel brands and the one you pick also changes the cost. Usually, the brands that are more efficient tend to also be more expensive. Plus, the type of equipment you’re looking to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That’s why many Summit homeowners choose to finance their solar panel systems to make paying for solar more affordable.However, the interest on solar loans also increases your all-in costs, so it’s crucial to include that in your estimate as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Summit is the company you hire to install your solar system. As with choosing a company to renovate your kitchen, for example, you’ll have no shortage of solar installers that provide a range of services for different budgets.You may see national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $6,466 | 17.6 years |
| 8 kW | $3.60 | $20,163 | $9,016 | 17.3 years |
| 10 kW | $3.53 | $24,710 | $11,764 | 16.9 years |
| 12 kW | $3.46 | $29,059 | $14,710 | 16.6 years |
| 14 kW | $3.39 | $33,210 | $17,854 | 16.3 years |
| 16 kW | $3.32 | $37,164 | $21,195 | 15.9 years |
| 18 kW | $3.25 | $40,920 | $24,734 | 15.6 years |
| 20 kW | $3.18 | $44,478 | $28,471 | 15.2 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Different companies offer various brands and kinds of panels. If you prefer a specific brand, make sure the solar panel company you’re considering has it.
- Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should secure and how long the project will take.
- Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one mark of a good company.
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 Summit, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Summit?
The average cost of solar panels in Summit is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to consider when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Is it worth going solar in Summit?
Solar panels can be a great investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
How long do solar panels last in Summit?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.