Solar Panel Cost Guide in Highland Park, NJ (2023 Update)
- Highland Park Solar Installation Cost: $9,074
- 25-Year Savings: $8,776
- Payback Period: 12.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Highland Park
Find out what the average cost of installing solar panels is in Highland Park.
The average cost of a solar panel system in Highland Park is 2.77 per watt. To cover the typical energy needs of the average home in Highland Park, most homeowners require a 4.7-kilowatt system. Using the per-watt figure above, a solar installation costs about $9,075, or $12,977 before the federal solar tax credit of 30% is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Highland Park homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. But, after you've paid the upfront cost of installation, the return on investment for most homeowners is usually rewarding, with a net average savings of about $14,000 over 20 years on power bills.
To get a free estimate from a highly rated solar installer in Highland Park, you can click the button below.
Solar savings over time in Highland Park
| Year | Return on Investment |
|---|---|
| 1 years | $-9,015 |
| 3 years | $-8,896 |
| 5 years | $-8,777 |
| 7 years | $-8,658 |
| 9 years | $-8,539 |
| 11 years | $-8,420 |
| 13 years | $-8,301 |
| 15 years | $-8,182 |
| 17 years | $-8,063 |
| 19 years | $-7,944 |
| 21 years | $-7,825 |
| 23 years | $-7,706 |
| 25 years | $-7,587 |
Top Solar Installers in Highland Park
When making the switch to solar, many homeowners prefer to use a solar installation company since putting up solar panels yourself can be a time-consuming project. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.
Working with a professional solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 Highland Park
Factors that Affect Solar Panel Costs in Highland Park
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that affect your total cost in Highland Park: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay about $2,770 per kilowatt in Highland Park. There are many different solar panel brands and the one you pick also affects the cost. In general, the brands that are more efficient tend to also cost more. Additionally, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Highland Park provide solar loans, which reduce the initial cost of installing solar panels. Even though solar loans make adopting solar energy more accessible for Highland Park homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Highland Park is the company you hire to install your solar panel system. Similar to choosing a company to install new cabinets, for instance, you'll have many options for solar installers that provide a range of services at different price points. Additionally, some companies in Highland Park have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. 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 | $10,786 | 13.2 years |
| 8 kW | $2.83 | $15,822 | $14,691 | 13.0 years |
| 10 kW | $2.77 | $19,390 | $18,752 | 12.7 years |
| 12 kW | $2.71 | $22,803 | $22,968 | 12.5 years |
| 14 kW | $2.66 | $26,060 | $27,338 | 12.2 years |
| 16 kW | $2.60 | $29,163 | $31,864 | 11.9 years |
| 18 kW | $2.55 | $32,110 | $36,546 | 11.7 years |
| 20 kW | $2.49 | $34,902 | $41,382 | 11.4 years |
How to Save on Solar Panels
There are a large number of companies available in Highland Park, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: Long-standing companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Different companies carry various brands and models of panels. If you want a specific brand, make sure the solar installer you're considering has it.
- Installation Process: Make sure you're aligned with the installer regarding how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Contract: Although reading through a contract can be tedious, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
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 Highland Park, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Highland Park?
The average cost of solar panels in Highland 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 stuff such as the model of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels eliminate my energy bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Highland Park, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
To figure out how many solar panels 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 generally produce about 250 to 400 watt-hours per hour, the average household 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.