Solar Panel Cost Guide in Elmwood Park, NJ (Aug 2022)
- Elmwood Park Solar Installation Cost: $9,573
- 25-Year Savings: $8,278
- Payback Period: 13.4 Years
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Updated 7/19/2022
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Average Cost of Solar Panels in Elmwood Park
Let's take a look at the average cost of solar in Elmwood Park.
Although the national average of solar panels is $2.66 per watt, solar panels in Elmwood Park typically cost about $3. Because a 4.7-kW system is needed to cover the energy needs of a typical home in Elmwood Park, the average price of going solar will be about $9,573 before claiming the federal solar tax credit.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of installing solar panels can vary quite a bit depending on a few factors, such as what size system you need, your energy consumption and what solar installer you go with. Many homeowners find installing a solar system is a solid investment. The average homeowner in Elmwood Park can save around $15,000 on their energy bills over 20 years.
To receive a free quote from a vetted solar installer in Elmwood Park, you can click the button below.
Solar savings over time in Elmwood Park
| 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 Elmwood Park
Although you can install solar panels yourself, it takes extra time and know-how. That's why the majority of homeowners choose to go with a solar panel installer. Solar warranties and repairs are ordinarily included in the cost of installation when you go with a solar company as well, which can save you more money over time.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some near you:
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
The Green Panel
- 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
For many Elmwood Park homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Elmwood Park, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment Size
System size is one of the largest factors that affects the overall cost of installing solar panels. That's why it's a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get 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 over time on your energy bills. In addition, extra products, such as solar batteries, can bring your total well above the Elmwood Park average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are offered by most installers in Elmwood Park, which can lower, or in some cases eliminate, your upfront costs to make solar more affordable. Although solar loans make going solar more accessible for Elmwood Park homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you select will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor. You may notice national solar installers that have lower prices due to 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 | $12,791 | $10,165 | 13.9 years |
| 8 kW | $2.83 | $16,726 | $13,881 | 13.7 years |
| 10 kW | $2.77 | $20,498 | $17,762 | 13.4 years |
| 12 kW | $2.71 | $24,106 | $21,806 | 13.1 years |
| 14 kW | $2.66 | $27,549 | $26,014 | 12.9 years |
| 16 kW | $2.60 | $30,829 | $30,386 | 12.6 years |
| 18 kW | $2.55 | $33,945 | $34,923 | 12.3 years |
| 20 kW | $2.49 | $36,896 | $39,623 | 12.1 years |
Solar Incentives in Elmwood Park
| 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
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
- 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 considerable role in the company you go with.
- Contract: Before you sign a contract with a solar installer, make sure you look it over carefully 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: When making the switch to solar energy, it's necessary to maintain an open line of communication with your solar company. Make sure you understand how the installation process works and the completion timeline.
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
The Green Panel
- 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?
This is a hard question to answer precisely, because the cost depends on a variety of 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. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration 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.
Is it worth going solar in Elmwood Park?
Solar panels can be a good investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
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 their energy production will have decreased significantly after that point. You can decide to replace them once you've had 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.
