Solar Panel Cost Guide in Elk, NJ (2024 Update)
- Elk Solar Installation Cost: $11,485
- 25-Year Savings: $12,521
- Payback Period: 13.3 Years
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Average Cost of Solar Panels in Elk
Let’s take a look at the average cost of solar panels in Elk.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Elk, the average cost of solar panels is 4 per watt.The average solar panel system size in Elk is around 4.6 kilowatts, meaning a cost of about $11,485 for a solar installation, or $16,424 before the 0 federal solar tax credit is applied.
The actual price you pay can be higher or lower than the average in Elk based on several factors, such as the brand of solar panels you choose and the solar installer you hire.With average savings of about $18,000 on energy bills over 20 years, many homeowners in Elk find investing in solar can be quite rewarding.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Elk
| Year | Return on Investment |
|---|---|
| 1 years | $-9,987 |
| 3 years | $-6,990 |
| 5 years | $-3,994 |
| 7 years | $-998 |
| 9 years | $1,999 |
| 11 years | $4,995 |
| 13 years | $7,992 |
| 15 years | $10,988 |
| 17 years | $13,984 |
| 19 years | $16,981 |
| 21 years | $19,977 |
| 23 years | $22,973 |
| 25 years | $25,970 |
Top Solar Installers in Elk
Many homeowners opt for a solar panel company since trying to put up solar panels by yourself can be a labor-intensive endeavor. Also, companies with a good reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you’d like to go solar but still aren’t sure which solar company to go with, here are our suggestions for providers near you:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Elk
Factors that Affect Solar Panel Costs in Elk
Although the average cost of a solar system in Elk is $11,485, your actual cost may differ. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,530.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Elk, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are offered by most installers in Elk, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Elk is the company you choose to install your solar system. As with choosing a company to renovate your kitchen, for example, you’ll have many options for solar installers that offer a range of services for different budgets.Companies that only sell high-efficiency and high-priced products — 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 choose a company that provides the products, warranties and services you’re looking for and also fit into 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 | $3.67 | $15,419 | $12,378 | 13.9 years |
| 8 kW | $3.60 | $20,163 | $16,900 | 13.6 years |
| 10 kW | $3.53 | $24,710 | $21,619 | 13.3 years |
| 12 kW | $3.46 | $29,059 | $26,536 | 13.1 years |
| 14 kW | $3.39 | $33,210 | $31,650 | 12.8 years |
| 16 kW | $3.32 | $37,164 | $36,962 | 12.5 years |
| 18 kW | $3.25 | $40,920 | $42,472 | 12.3 years |
| 20 kW | $3.18 | $44,478 | $48,180 | 12.0 years |
How to Save on Solar Panels
There are numerous companies to choose from in Elk, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: The kind of solar panel you want to get plays a role in which company you should choose, since different companies have access to different panels.
- 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 indication of a quality company.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Contract: When reading over your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Elk, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Elk?
The average cost of solar panels in Elk is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider other than cost when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is going solar worth it?
Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already reasonably low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.