Solar Panel Cost Guide in Elizabeth, NJ (Mar 2023)
- Elizabeth Solar Installation Cost: $9,055
- 25-Year Savings: $8,795
- Payback Period: 12.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Elizabeth
Find out what the average cost of installing solar panels is in Elizabeth.
The national average cost of solar panels is $2.66 per watt, but in Elizabeth it's 2.77 per watt. The average Elizabeth homeowner needs a 4.7-kilowatt system, which would cost about $9,055 with the federal tax credit, or $12,949 before the 30% tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Elizabeth homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. With typical savings of about $15,000 on power bills over 20 years, many homeowners in Elizabeth find going solar can pay off big.
Click the button below to get connected to a reputable solar panel company in Elizabeth for a personalized estimate.
Solar savings over time in Elizabeth
| Year | Return on Investment |
|---|---|
| 1 years | $-8,341 |
| 3 years | $-6,913 |
| 5 years | $-5,485 |
| 7 years | $-4,057 |
| 9 years | $-2,629 |
| 11 years | $-1,201 |
| 13 years | $227 |
| 15 years | $1,655 |
| 17 years | $3,083 |
| 19 years | $4,511 |
| 21 years | $5,939 |
| 23 years | $7,367 |
| 25 years | $8,795 |
Top Solar Installers in Elizabeth
Many homeowners decide to use a solar installer since trying to put up solar panels by yourself can be hard. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run because of their warranties, repair services and expert design.
If you're searching for a solar installer in Elizabeth, we've organized 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 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 Elizabeth
Factors that Affect Solar Panel Costs in Elizabeth
Even though the average cost of a solar system in Elizabeth is $9,055, your actual cost may be higher or lower than that. There are quite a few factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,770. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose 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 energy bills. In addition, extra products, such as solar batteries, can bump up your total well above the Elizabeth average.
Solar Financing Terms
Most solar installers in Elizabeth have solar loans, which reduce your upfront costs of installing a solar system. Though solar loans make going solar more accessible for Elizabeth homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. 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 take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Elizabeth, you'll have plenty of options to choose from, but each comes at different price points for labor and equipment. You may come across 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 promotions to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.88 | $12,099 | $10,857 | 13.2 years |
| 8 kW | $2.83 | $15,822 | $14,786 | 12.9 years |
| 10 kW | $2.77 | $19,390 | $18,870 | 12.7 years |
| 12 kW | $2.71 | $22,803 | $23,110 | 12.4 years |
| 14 kW | $2.66 | $26,060 | $27,504 | 12.2 years |
| 16 kW | $2.60 | $29,163 | $32,054 | 11.9 years |
| 18 kW | $2.55 | $32,110 | $36,759 | 11.7 years |
| 20 kW | $2.49 | $34,902 | $41,619 | 11.4 years |
How to Save on Solar Panels
There are numerous companies to choose from in Elizabeth, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Warranty: Warranties that cover replacement parts and repairs over a couple decades are the best you can get in the business, and offering that kind of warranty is one sign of a quality company.
- Solar Panel Brands: Not all solar companies offer 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: It's important to read through your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 Elizabeth, NJ Solar Cost FAQs
How much does it cost to install solar panels in Elizabeth?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to keep in mind when buying solar panels?
The initial cost is a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Do solar panels increase your home value?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't go 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 solar panels."
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.