Solar Panel Cost Guide in Elizabeth, NJ (Jun 2022)

  • Elizabeth Solar Installation Cost: $9,573
  • 25-Year Savings: $8,278
  • Payback Period: 13.4 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 5/26/2022

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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 National Provider

SunPower

5.0

  • Pros iconMost efficient panels on the market
  • Pros iconNational coverage
  • Pros iconCradle to Cradle sustainability certification
  • Pros iconGreat warranty coverage
  • Con iconExpensive
  • Con iconCustomer service varies by local dealer

Best Regional Coverage

Momentum Solar

4.5

  • Pros iconGreat warranty coverage
  • Pros iconRepresentatives are experts on local policies
  • Pros iconConcierge service ensures steady communication
  • Con iconSlightly limited service offerings

Best Technology

Tesla Energy

4.5

  • Pros iconPrice-match guarantee
  • Pros iconSleek, efficient, and durable solar panels
  • Pros iconBest solar battery on the market
  • Con iconSome reported issues with customer service
  • Con iconCustomer 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 National Provider

SunPower

5.0

  • Pros iconMost efficient panels on the market
  • Pros iconNational coverage
  • Pros iconCradle to Cradle sustainability certification
  • Pros iconGreat warranty coverage
  • Con iconExpensive
  • Con iconCustomer service varies by local dealer

Best Regional Coverage

Momentum Solar

4.5

  • Pros iconGreat warranty coverage
  • Pros iconRepresentatives are experts on local policies
  • Pros iconConcierge service ensures steady communication
  • Con iconSlightly limited service offerings

Best Technology

Tesla Energy

4.5

  • Pros iconPrice-match guarantee
  • Pros iconSleek, efficient, and durable solar panels
  • Pros iconBest solar battery on the market
  • Con iconSome reported issues with customer service
  • Con iconCustomer 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.

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