Solar Panel Cost Guide in Elk, NJ (Mar 2023)
- Elk Solar Installation Cost: $9,016
- 25-Year Savings: $12,517
- Payback Period: 10.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Elk
Find out what the average cost of installing solar panels is in Elk.
While the national average of solar panels is $2.66 per watt, solar panels in Elk typically cost about 2.77. Since a 4.7-kW system is needed to cover the energy usage of a typical home in Elk, the average price of going solar will be about $9,016 after claiming the federal solar tax credit of 30%.
Keep in mind that the figures above are only estimates based on the average energy use of Elk homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Despite the high initial cost, the average Elk homeowner can save around $18,000 on their energy bills over 20 years, which is one of the positives of solar.
Click the button below to get connected to a top solar panel company in Elk for a customized quote.
Solar savings over time in Elk
| Year | Return on Investment |
|---|---|
| 1 years | $-8,155 |
| 3 years | $-6,432 |
| 5 years | $-4,710 |
| 7 years | $-2,987 |
| 9 years | $-1,264 |
| 11 years | $458 |
| 13 years | $2,181 |
| 15 years | $3,904 |
| 17 years | $5,626 |
| 19 years | $7,349 |
| 21 years | $9,072 |
| 23 years | $10,794 |
| 25 years | $12,517 |
Top Solar Installers in Elk
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Going with a solar company can make converting to solar power much easier. Local solar installers can also help you maximize your return on investment by assisting with any local incentives you can benefit from and by providing warranties and repairs.
If you're on the hunt for a solar installer in Elk, 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 Elk
Factors that Affect Solar Panel Costs in Elk
Though the average cost of a solar system in Elk is $9,016, 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 take into consideration.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,770. The type of solar panels and equipment you get is another factor that will substantially affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment consists of more than just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are a popular option because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. While solar loans make going solar more accessible for Elk homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Elk is the company you hire to install your PV system. Similar to choosing a company to renovate your kitchen, for example, there are plenty of solar installers that offer a range of services at different price points. Additionally, some companies in Elk know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $12,099 | $15,698 | 10.9 years |
| 8 kW | $2.83 | $15,822 | $21,241 | 10.7 years |
| 10 kW | $2.77 | $19,390 | $26,939 | 10.5 years |
| 12 kW | $2.71 | $22,803 | $32,792 | 10.3 years |
| 14 kW | $2.66 | $26,060 | $38,800 | 10.0 years |
| 16 kW | $2.60 | $29,163 | $44,964 | 9.8 years |
| 18 kW | $2.55 | $32,110 | $51,282 | 9.6 years |
| 20 kW | $2.49 | $34,902 | $57,756 | 9.4 years |
How to Save on Solar Panels
The solar company you go with will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should keep in mind, such as:
- 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 your solar system's energy production.
- 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 hire.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years likely offer quality solar panel installation and expertise.
- Warranty: If you're worried about the longevity of your solar energy system, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
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 Elk, NJ Solar Cost FAQs
How much does it cost to install solar panels in Elk?
This is a tough question to answer precisely, because the cost depends on a few different factors. Generally 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 extra solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
What other factors should I consider aside from cost when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How will solar panels impact my home value?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't opt 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?
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 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.