Solar Panel Cost Guide in New Providence, NJ (Mar 2023)
- New Providence Solar Installation Cost: $9,055
- 25-Year Savings: $7,962
- Payback Period: 13.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in New Providence
Let's take a look at the average cost of solar in New Providence.
Currently, the national average cost of solar panels is $2.66 per watt. However, in New Providence, the average cost of a solar system is 2.77 per watt. The average solar panel system size in New Providence is around 4.7 kilowatts, meaning a cost of about $9,055 for a solar installation, or $12,949 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of installing solar panels can vary based on a few factors, such as what size system you need, your energy consumption and what installation company you go with. Even with the large initial cost, the average New Providence homeowner can save around $14,000 on their electricity bills over 20 years, which is one of the benefits of solar.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in New Providence
| Year | Return on Investment |
|---|---|
| 1 years | $-8,374 |
| 3 years | $-7,013 |
| 5 years | $-5,652 |
| 7 years | $-4,290 |
| 9 years | $-2,929 |
| 11 years | $-1,568 |
| 13 years | $-206 |
| 15 years | $1,155 |
| 17 years | $2,516 |
| 19 years | $3,878 |
| 21 years | $5,239 |
| 23 years | $6,601 |
| 25 years | $7,962 |
Top Solar Installers in New Providence
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Taking advantage of a solar panel installer can make converting to solar power much easier. The expertise that solar installers offer can be useful as well, especially if you aren't sure what kind of solar equipment would be right for your home.
Working with a professional solar installer can make going solar easier. 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
Best Technology
Tesla Energy
- 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 New Providence
Factors that Affect Solar Panel Costs in New Providence
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that affect your total cost in New Providence: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,770. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose 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 in the long run on your electric bills. Additionally, add-on products, such as solar batteries, can bring your total well above the New Providence average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are offered by most installers in New Providence, which can lower, or in some cases eliminate, your upfront costs to make solar more affordable. Although solar loans make adopting solar energy more accessible for New Providence homeowners, they can also increase the total you pay for your system due to interest. 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 panel installer you select will influence your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor. Additionally, some companies in New Providence know more about local solar incentives and can help you make good use of 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 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 | $9,785 | 13.8 years |
| 8 kW | $2.83 | $15,822 | $13,357 | 13.6 years |
| 10 kW | $2.77 | $19,390 | $17,084 | 13.3 years |
| 12 kW | $2.71 | $22,803 | $20,967 | 13.0 years |
| 14 kW | $2.66 | $26,060 | $25,004 | 12.8 years |
| 16 kW | $2.60 | $29,163 | $29,196 | 12.5 years |
| 18 kW | $2.55 | $32,110 | $33,544 | 12.2 years |
| 20 kW | $2.49 | $34,902 | $38,047 | 12.0 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a challenge, we have some tips to help you, such as:
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated 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 positive reviews from past customers.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running for a long time and save you money on repairs and maintenance.
- Contract: Look through the contract terms closely to make sure you understand how much it will cost, project completion timeline incentives and warranties.
- Solar Panel Brands: The kind of solar panel you need to install plays a role in which installer you should choose, since different companies have access to different panels.
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
Tesla Energy
- 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 New Providence, NJ Solar Cost FAQs
How much does it cost to install solar panels in New Providence?
The average cost of solar panels in New Providence is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Do solar panels increase your home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in New Providence is currently $779,894, which means you can look forward to a value of about $31,976 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in New Providence is a rewarding investment.
How long do solar panels last in New Providence?
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 the amount of energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can continue to use 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.