Solar Panel Cost Guide in Hoboken, NJ (Jul 2022)

  • Hoboken Solar Installation Cost: $9,429
  • 25-Year Savings: $8,421
  • Payback Period: 13.2 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 7/19/2022

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Average Cost of Solar Panels in Hoboken

We break down average solar pricing in Hoboken.

Although the national average of solar panels is $2.66 per watt, solar panels in Hoboken typically cost about $3. The average Hoboken homeowner needs a 4.6-kilowatt system, which would cost about $9,429, or $6,977 after the federal solar tax credit is applied.

Bear in mind that the figures above are only estimates based on the average energy use of Hoboken homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. But, once you've paid the upfront cost of installation, the payback for most homeowners is typically fruitful, with a net average savings of about $15,000 over 20 years on utility bills.

Click the button below to get connected to a top solar installer in Hoboken for a customized quote.

Solar savings over time in Hoboken

Year Return on Investment
1 years $-8,715
3 years $-7,287
5 years $-5,859
7 years $-4,431
9 years $-3,003
11 years $-1,575
13 years $-147
15 years $1,281
17 years $2,709
19 years $4,137
21 years $5,565
23 years $6,993
25 years $8,421

Top Solar Installers in Hoboken

When switching to solar energy, many homeowners choose to hire a solar company since putting up a solar system 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 term with their warranties, repair services and expert design.

If you're looking for a solar installer in Hoboken, the EcoWatch team has organized a list of our top suggestions here:

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

Tesla Energy

★★★★★
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 Hoboken

Factors that Affect Solar Panel Costs in Hoboken

Although the average cost of solar panels in Hoboken is $9,429, your actual cost may differ. There are quite a few factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.

Solar Equipment Size

The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the notable factors is the system size. Solar power systems with greater efficiency or power production need 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 $2,770. The brand and kind of equipment you choose 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

Many homeowners find the average cost of solar in Hoboken to be prohibitively costly, even if the investment pays off over time. Thankfully, nearly every solar installer in the area offers financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.

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 Hoboken is the company you choose to install your solar panel system. As with choosing a company to build a deck or pool, for instance, there's no shortage of solar installers that provide a range of services for different budgets. The size of the company sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.

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 $10,485 13.7 years
8 kW $2.83 $16,726 $14,307 13.5 years
10 kW $2.77 $20,498 $18,294 13.2 years
12 kW $2.71 $24,106 $22,445 12.9 years
14 kW $2.66 $27,549 $26,760 12.7 years
16 kW $2.60 $30,829 $31,239 12.4 years
18 kW $2.55 $33,945 $35,882 12.2 years
20 kW $2.49 $36,896 $40,688 11.9 years

Solar Incentives in Hoboken

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

There are numerous companies to choose from in Hoboken, 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:

  • Contract: Before signing a contract with a solar installer, be sure to read it through carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
  • Installation Process: When making the switch to solar power, it's necessary to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process will go and the project completion timeline.
  • Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
  • Solar Panel Brands: The kind of solar panel you need to get plays a part in which installer you should go with, since different companies have access to different panels.

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

Tesla Energy

★★★★★
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 Hoboken, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Hoboken?

This is a difficult question to answer exactly, because the cost depends on many 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 other solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.

Is cost the most important consideration when buying solar panels?

Cost is a crucial factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.

How much can I save on electricity bills after switching to solar?

It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Hoboken, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.

How long do solar panels last in Hoboken?

On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.

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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