Solar Panel Cost Guide in Elizabeth, NJ (Aug 2022)
- Elizabeth Solar Installation Cost: $9,573
- 25-Year Savings: $8,278
- Payback Period: 13.4 Years
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Updated 7/19/2022
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Average Cost of Solar Panels in Elizabeth
See how much it might cost to go solar in Elizabeth.
While the national average of solar panels is $2.66 per watt, solar panels in Elizabeth generally cost about $3. To cover the typical energy needs of the average home in Elizabeth, most homeowners require a 4.7-kilowatt system. Using the figure above, a solar installation costs around $9,573, or $7,084 after the federal solar tax credit is applied.
The actual price you pay can go higher or lower than the average in Elizabeth depending on a few factors, such as the type of solar panels you choose and the solar contractor you hire. With average savings of about $15,000 on energy bills over 20 years, many homeowners in Elizabeth find investing in solar has a decent ROI.
You can click the button below to get connected with a top solar company in Elizabeth that can help you get a more accurate cost estimate for your home.
Solar savings over time in Elizabeth
| Year | Return on Investment |
|---|---|
| 1 years | $-8,859 |
| 3 years | $-7,431 |
| 5 years | $-6,002 |
| 7 years | $-4,574 |
| 9 years | $-3,146 |
| 11 years | $-1,718 |
| 13 years | $-290 |
| 15 years | $1,138 |
| 17 years | $2,566 |
| 19 years | $3,994 |
| 21 years | $5,422 |
| 23 years | $6,850 |
| 25 years | $8,278 |
Top Solar Installers in Elizabeth
Putting up solar panels by yourself can be a stressful undertaking, which is why getting a solar installation company is a good option for many homeowners. Companies can also have access to various kinds of the best solar panels and help you choose which one will be right for you.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
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
The Green Panel
- 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
There are a number of factors that can determine your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment Size
Size is one of the largest factors that affects the overall cost of installing solar panels. Because of that, it's important to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. The type of 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 in the long run on your electric bills. Additionally, extra products, such as solar batteries, can bring your total well above the Elizabeth average.
Solar Financing Terms
Most solar companies in Elizabeth offer solar loans, which reduce the initial cost of installing solar panels. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The final significant cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Elizabeth, you'll have many options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Elizabeth are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $12,791 | $10,166 | 13.9 years |
| 8 kW | $2.83 | $16,726 | $13,882 | 13.7 years |
| 10 kW | $2.77 | $20,498 | $17,762 | 13.4 years |
| 12 kW | $2.71 | $24,106 | $21,807 | 13.1 years |
| 14 kW | $2.66 | $27,549 | $26,015 | 12.9 years |
| 16 kW | $2.60 | $30,829 | $30,388 | 12.6 years |
| 18 kW | $2.55 | $33,945 | $34,924 | 12.3 years |
| 20 kW | $2.49 | $36,896 | $39,624 | 12.1 years |
Solar Incentives in Elizabeth
| Name | NJ Clean Energy- Residential New Construction Program |
| Incentive Amount | Incentives depend on the HERS score and the classification Single family homes: Ranges from $1,125 to - 24,250 Multi-single homes: Ranges from $1,125 to $18,188 Multifamily homes: Ranges from $625-$12,125 |
| Incentive Max | Multifamily: up to $12,125 Individual homes: up to $24,250 |
| Website | Visit here |
| More Info | Click here |
| Name | Property Tax Exemption for Renewable Energy Systems |
| Incentive Amount | 100% of value added by renewable system |
| More Info | Click here |
| Name | ITC |
| Type | Tax Incentive |
| Incentive Amount | 26% of installation cost |
| Website | Visit here |
| Name | Solar Renewable Energy Certificates (SRECs) Registration Program |
| Incentive Amount | Determined by the market. In June 2016, SREC traded at an average price of $229.90. |
| Incentive Max | Maximum price set by the SACP for the particular year. |
| Website | Visit here |
| More Info | Click here |
| Name | PSE&G - Solar Loan Program |
| Website | Visit here |
| More Info | Click here |
| Name | Successor Solar Incentive (SuSI) Program |
| Incentive Amount | Net-Metered Residential: $90/SREC-II Small Net-Metered Non-Residential located on Rooftop, Carport, Canopy and Floating Solar Projects smaller than 1 MW (dc): $100/SREC-II, $120 for public entities Projects 1 MW to 5 MW (dc): $90/SREC-II, $110 for public entities Net Metered Non-Residential Ground Mount Projects smaller than 1 MW (dc): $85/SREC-II, $105 for public entities Projects 1 MW to 5 MW (dc): $80/SREC-II, $100 for public entities Community Solar LMI: $90/SREC-II Community Solar Non-LMI: $70/SREC-II |
| Incentive Max | MW-DC Capacity Blocks Net Metered Residential: 150 MW Net Metered Non-Residential: 150 MW Community Solar (LMI and Non-LMI): 150 MW |
| Website | Visit here |
| More Info | Click here |
| Name | Solar Energy Sales Tax Exemption |
| Incentive Amount | 100% exemption |
| Incentive Max | None |
| More Info | Click here |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Long-running companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: Before signing a contract with a solar company, make sure to look it over fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Installation Process: One of the most important things 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.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Even though there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of options before deciding.
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
The Green Panel
- 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 tough question to answer precisely, 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 additional solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
What other factors should I consider apart from cost when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Does Elizabeth have a net metering program?
Most states have net metering programs of some kind. Through these, you can either get paid for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Elizabeth?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.
