Solar Panel Cost Guide in Newark, DE (2023 Update)
- Newark Solar Installation Cost: $12,064
- 25-Year Savings: $17,383
- Payback Period: 10.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Newark
Let's have a look at the average cost of solar in Newark.
The average cost of solar panels in Newark is 2.58 per watt. The average Newark homeowner needs a 6.7-kilowatt system, which would cost about $12,064 with the federal tax credit, or $17,252 before the 30% tax credit is applied.
The actual price you pay can go above or below the average in Newark based on several factors, such as the type of solar panels you choose and the solar installer you hire. For many homeowners, the upfront cost of solar power is worth paying. On average homeowners in Newark see about $17,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a vetted solar installer in Newark for a quote for your home.
Solar savings over time in Newark
| Year | Return on Investment |
|---|---|
| 1 years | $-10,886 |
| 3 years | $-8,530 |
| 5 years | $-6,175 |
| 7 years | $-3,819 |
| 9 years | $-1,463 |
| 11 years | $893 |
| 13 years | $3,249 |
| 15 years | $5,604 |
| 17 years | $7,960 |
| 19 years | $10,316 |
| 21 years | $12,672 |
| 23 years | $15,028 |
| 25 years | $17,383 |
Top Solar Installers in Newark
When switching to solar energy, many homeowners decide to go with a solar installer since overseeing your solar installation yourself can be a time-consuming project. Companies can also provide access to a large variety of the best solar panels and help you pick which one will be right for your home.
If you'd like to make the switch to solar but still aren't sure which solar panel installer to go with, here are our suggestions for providers near you:
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Newark
Factors that Affect Solar Panel Costs in Newark
While the average cost of a solar system in Newark is $12,064, your final cost may differ. There are several factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend about $2,580 per kilowatt in Newark. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your electric bills. In addition, add-on products, such as solar batteries, can bring your total well above the Newark average.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That's why many Newark homeowners choose to finance their solar panel systems to offset upfront costs. However, the interest on solar loans also increases your total costs, so it's crucial to take that into consideration as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies in Newark, and each can charge different amounts for labor and equipment. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and go with the company that provides 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 | $2.68 | $11,269 | $15,167 | 10.7 years |
| 8 kW | $2.63 | $14,737 | $20,511 | 10.5 years |
| 10 kW | $2.58 | $18,060 | $26,000 | 10.2 years |
| 12 kW | $2.53 | $21,239 | $31,634 | 10.0 years |
| 14 kW | $2.48 | $24,273 | $37,412 | 9.8 years |
| 16 kW | $2.43 | $27,162 | $43,335 | 9.6 years |
| 18 kW | $2.37 | $29,907 | $49,401 | 9.4 years |
| 20 kW | $2.32 | $32,508 | $55,613 | 9.2 years |
How to Save on Solar Panels
There are numerous companies available in Newark, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. While there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of options before making your decision.
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years likely provide good-quality solar panel installation and expertise.
- Installation Process: When going solar, it's essential to maintain an open line of communication with your solar company. See to it that you understand how the installation process will go and the completion timeline.
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Newark, DE Solar Cost FAQs
How much does it cost to install solar panels in Newark?
This is a hard question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $12,900 for a 5-kW system and $25,800 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Newark?
Leasing solar panels can be an attractive choice, as it usually comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Do solar panels increase the value of your home?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How long do solar panels last in Newark?
Although 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 the amount of energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can continue to use 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.