16 Best Solar Companies in Summit, NJ (Mar 2023 Review)

The Cost and Benefits of Solar in Summit

The cost of putting up solar panels has dropped significantly in the past few years, but it's still a large investment for most homeowners. Some key factors that determine how much it will cost to install a solar panel system on your home and how much money you could save over time include:

• How much energy costs for you: The average household in Summit shells out around $680 a year on energy alone, so you could gain that much in savings.
• Energy consumption: Installing a solar system may be too pricey an option for families that don't need a lot of energy per month.
• Incentives: Along with the federal Solar Investment Tax Credit (ITC), which lets you receive a tax credit curretnly worth 30% of your total installation cost, your state or local government may offer additional tax exemptions, credits or rebates that can help you save even more. Excluding incentives, you can save an average of $14,000 over the first 20 years with your solar system, too.
• Choice of solar panels: The type of solar panels you need will affect your total cost. High-efficiency monocrystalline panels are more expensive upfront but can also save you more money over the lifetime of your system. If space isn't a constraint for your project, you can opt for a higher number of more affordable panels.

Although a solar panel system costs a sizable chunk of money upfront, it can save you thousands of dollars over the lifespan of your panels. The question of how much, though, depends on several factors, including the kind of solar panels you get and incentives.

Solar Incentives in Summit

There are several reasons why going solar is a great investment. One of them consists of some government incentives that can help save you some money. When you install a solar panel system on your house, you can claim the federal tax credit, or ITC. This credit currently lets you lower your tax bill by 30% of the cost of your solar panels. Additionally, there may often be some local incentives that you can use to further cut back on the cost of solar of solar panels. Check out our article on solar incentives to find out what incentives you can benefit from.

Environmental Impact of Switching to Solar in Summit

If you're thinking of adding solar panels to your home, one of the major reasons why may be to lower your carbon footprint. But how much can using solar energy instead of traditional energy actually affect the environment? In a city like Summit where commute times can be very long, using solar power can help offset some of your carbon dioxide emissions from being on the road a lot. In fact, if you adopt solar power, you could lower your carbon dioxide emissions by about 60 pounds each year. Since solar power is renewable and produces electricity without releasing carbon emissions, making the switch to solar power is one easy step you can take to help the planet.