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

  • Hoboken Solar Installation Cost: $8,919
  • 25-Year Savings: $8,931
  • Payback Period: 12.5 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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Average Cost of Solar Panels in Hoboken

Find out what the average cost of installing solar panels is in Hoboken.

The national average cost of solar panels is $2.66 per watt, but in Hoboken it's $3 per watt. To cover the typical energy usage of the average home in Hoboken, most homeowners require a 4.6-kilowatt system. Using the per-watt figure above, a solar installation costs about $8,919, or $6,600 after the federal solar tax credit of 30% is applied.

The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of installing solar panels can vary quite a bit based on multiple factors, such as what size system you need, your energy consumption and what company you go with. Even with the significant initial cost, the average Hoboken homeowner can save about $15,000 on their power bills over 20 years, which is one of the positives of solar.

To receive a free estimate from a highly rated solar installation company in Hoboken, you can click the button below.

Solar savings over time in Hoboken

Year Return on Investment
1 years $-8,205
3 years $-6,777
5 years $-5,349
7 years $-3,921
9 years $-2,493
11 years $-1,065
13 years $363
15 years $1,791
17 years $3,219
19 years $4,647
21 years $6,075
23 years $7,503
25 years $8,931

Top Solar Installers in Hoboken

Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Hiring a solar panel installer can make switching to solar power much easier. The expertise that solar companies provide can be valuable as well, particularly if you don't quite know what type of solar equipment would be right for your home.

Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:

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

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 Hoboken: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.

Solar Equipment

When it comes to estimating the price of a solar panel system in Hoboken, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can determine by looking at past energy bills. Your total cost can increase by around $2,770 for each additional kilowatt you need. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at 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

Solar panels can save you money on power bills over time, but they can also be a big investment. That's why many Hoboken homeowners opt to finance their solar panel systems to make going solar more affordable. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.

Solar Panel Installation Company

The solar installer you hire to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Hoboken, and each can charge varying amounts for labor and equipment. Additionally, some companies in Hoboken are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 $11,176 13.0 years
8 kW $2.83 $15,822 $15,212 12.7 years
10 kW $2.77 $19,390 $19,402 12.5 years
12 kW $2.71 $22,803 $23,748 12.2 years
14 kW $2.66 $26,060 $28,249 12.0 years
16 kW $2.60 $29,163 $32,905 11.7 years
18 kW $2.55 $32,110 $37,716 11.5 years
20 kW $2.49 $34,902 $42,683 11.2 years

How to Save on Solar Panels

The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:

  • Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
  • Contract: When reading through your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
  • Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely offer high-quality solar panel installation and expertise.
  • Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.

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

How much does it cost to install solar panels in Hoboken?

This is a difficult 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. You can expect to pay more if you want other solar equipment or higher quality 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.

Can you get solar panels for free in Hoboken?

A solar panel system isn't free in Hoboken, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.

Is going solar worth it?

Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and the amount of direct sunlight your roof gets.

What solar power system size is right for my home?

To figure out what solar panel system size you need, you should find out how much energy your home uses 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 home 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.

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