Solar Panel Cost Guide in Elizabeth, NJ (2023 Update)
- Elizabeth Solar Installation Cost: $9,046
- 25-Year Savings: $8,804
- Payback Period: 12.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Elizabeth
We break down average solar pricing in Elizabeth.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Elizabeth, the typical cost of solar panels is 2.77 per watt. The average solar panel system size in Elizabeth is around 4.7 kilowatts, meaning a cost of about $9,055 for a solar installation, or $12,949 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy needs, the type of equipment you want to get, your solar contractor and more. Despite the high initial cost, the average Elizabeth homeowner can save about $15,000 on their energy bills over 20 years, which is one of the benefits of solar.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Elizabeth
| Year | Return on Investment |
|---|---|
| 1 years | $-8,987 |
| 3 years | $-8,868 |
| 5 years | $-8,749 |
| 7 years | $-8,630 |
| 9 years | $-8,511 |
| 11 years | $-8,392 |
| 13 years | $-8,273 |
| 15 years | $-8,154 |
| 17 years | $-8,035 |
| 19 years | $-7,916 |
| 21 years | $-7,797 |
| 23 years | $-7,678 |
| 25 years | $-7,559 |
Top Solar Installers in Elizabeth
Many homeowners opt for a solar panel installer since figuring out how to install solar panels by yourself can be hard. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and component replacements.
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
See all of the solar companies in Elizabeth
Factors that Affect Solar Panel Costs in Elizabeth
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 several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.
Solar Equipment
When it comes to estimating the price of a solar system in Elizabeth, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can figure out by looking at past energy bills. Your total cost can increase by about $2,770 for each additional kilowatt you need. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Elizabeth, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Elizabeth have solar loans, which reduce your upfront costs of installing a solar system. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The final significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in Elizabeth, you'll have many options to choose from, but each comes at different price points for labor and equipment. You may see national solar installers that have lower prices because of their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 many companies to choose from in Elizabeth, 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:
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years in most cases provide high-quality solar panel installation and expertise.
- Contract: It's important to read 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.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Elizabeth, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Elizabeth?
This is a tough question to answer exactly, because the cost depends on a few different 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 more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Elizabeth?
Solar panels aren't free in Elizabeth, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
How will having solar panels impact the value of my home?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Elizabeth is currently $281,894, which means you can expect a value of about $11,558 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Elizabeth is a worthwhile investment.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can choose 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.