Solar Panel Cost Guide in Elmwood Park, NJ (Oct 2022)

  • Elmwood Park Solar Installation Cost: $9,055
  • 25-Year Savings: $8,795
  • Payback Period: 12.7 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Elmwood Park

Let's have a look at the average cost of solar in Elmwood Park.

In Elmwood Park, solar panels cost about $3 per watt on average. The average solar panel system size in Elmwood Park is around 4.7 kilowatts, meaning a cost of about $9,055 for a solar installation, or $6,701 after the 30% federal solar tax credit is applied.

The true cost of your system can be above or below the average in Elmwood Park depending on a few factors, such as the model of solar panels you choose and the solar company you hire. With typical savings of about $15,000 on electricity bills over 20 years, many homeowners in Elmwood Park find investing in solar has a decent ROI.

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 Elmwood Park

Year Return on Investment
1 years $-8,341
3 years $-6,913
5 years $-5,485
7 years $-4,057
9 years $-2,629
11 years $-1,201
13 years $227
15 years $1,655
17 years $3,083
19 years $4,511
21 years $5,939
23 years $7,367
25 years $8,795

Top Solar Installers in Elmwood Park

Trying to install solar panels yourself can be a difficult undertaking, which is why getting a solar installer is a good option for many homeowners. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and part replacements.

You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Elmwood Park

Factors that Affect Solar Panel Costs in Elmwood Park

There are many criteria that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.

Solar Equipment Size

The size of the solar energy system you need is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,770. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.

Solar Financing Terms

For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are available from most installers in Elmwood Park, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also adds to your overall costs, so it's crucial to take that into consideration as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.

Solar Panel Installation Company

A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Elmwood Park is the company you choose to install your solar panel system. Similar to choosing a company to install new cabinets, for example, you'll have many options for solar installers that provide a range of services at different costs. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.

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 $10,856 13.2 years
8 kW $2.83 $15,822 $14,785 12.9 years
10 kW $2.77 $19,390 $18,870 12.7 years
12 kW $2.71 $22,803 $23,109 12.4 years
14 kW $2.66 $26,060 $27,503 12.2 years
16 kW $2.60 $29,163 $32,053 11.9 years
18 kW $2.55 $32,110 $36,757 11.7 years
20 kW $2.49 $34,902 $41,617 11.4 years

Solar Incentives in Elmwood Park

Name Successor Solar Incentive (SuSI) Program
Website Visit here
More Info Click here

Name Solar Energy Sales Tax Exemption
Incentive Amount 100% exemption
More Info Click here

Name Property Tax Exemption for Renewable Energy Systems
More Info Click here

Name Solar Renewable Energy Certificates (SRECs) Registration Program
Website Visit here
More Info Click here

Name PSE&G - Solar Loan Program
Website Visit here
More Info Click here

Name NJ Clean Energy- Residential New Construction Program
Website Visit here
More Info Click here

Name Home Performance with ENERGY STAR Program
Website Visit here
More Info Click here

Name Home Performance with ENERGY STAR Program
Website Visit here
More Info Click here

Name COOLAdvantage Program
Website Visit here
More Info Click here

Name NJ Clean Energy- WARMAdvantage Program (Electric and Gas)
Website Visit here
More Info Click here

Name New Jersey Renewable Energy Incentive Program (Sustainable Biopower)
Website Visit here
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

How to Save on Solar Panels

There are numerous companies to choose from in Elmwood Park, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:

  • Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
  • Warranty: Warranties that provide coverage for replacement parts and repairs over a long period of time such as 25 years are the best you can get in the business, and offering that kind of warranty is one indication of a good company.
  • Contract: Review the contract terms thoroughly to make sure you understand the cost breakdown, project timeline incentives and warranties.
  • Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While there are many options for which type 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 ask for their list of options before deciding.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Elmwood Park, NJ Solar Cost FAQs

How much does it cost to install solar panels in Elmwood Park?

The average cost of solar panels in Elmwood Park is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you use.

Can you get solar panels for free in Elmwood Park?

A solar panel system isn't free in Elmwood Park, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.

How will installing solar panels impact the value of my home?

Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't go 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 a solar system."

How long do solar panels last in Elmwood Park?

Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them after having them for that long or you can keep using 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.

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