Solar Panel Cost Guide in Palisades Park, NJ (Aug 2022)

  • Palisades Park Solar Installation Cost: $9,573
  • 25-Year Savings: $8,278
  • Payback Period: 13.4 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 Palisades Park

Let's take a look at the average cost of solar panels in Palisades Park.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Palisades Park, the average cost of a solar system is $3 per watt. To cover the typical energy usage of the average home in Palisades Park, most homeowners require a 4.7-kilowatt system. Using the per-watt figure above, a solar installation costs about $9,573, or $7,084 after the federal solar tax credit 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 depending on multiple factors, such as how many panels you need, your energy usage and what company you go with. Despite the high upfront cost, the average Palisades Park homeowner can save around $15,000 on their electricity bills over 20 years, which is one of the positives of solar.

To calculate your potential savings and connect with a local solar installer, click the button below.

Solar savings over time in Palisades 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 Palisades Park

Many homeowners opt for a solar installation company since trying to install solar panels by yourself can be a lot of work. Companies can also offer access to quality options of the best solar panels and help you choose which one will be right for your family.

If you're searching for a solar installer in Palisades Park, we've 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

The Green Panel

★★★★★
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 Palisades Park

Factors that Affect Solar Panel Costs in Palisades Park

The cost of installing a solar system in Palisades Park can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.

Solar Equipment Size

The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size. Solar power systems with greater efficiency or power generation use 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. There are several different solar panel brands and the one you pick also changes the cost. Usually, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.

Solar Financing Terms

Most solar companies in Palisades Park have solar loans, which reduce your upfront costs of installing solar. You'll have to consider the long-term cost of loans, 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 more than the principal cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs considerably.

Solar Panel Installation Company

Finally, the company you get to install your solar system can impact how much you pay. Palisades Park's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and choose a company that has the products, warranties and services you want and also is within your budget.

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 Palisades 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

Since the kind of solar panels and the installation company you choose have an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:

  • Contract: Before signing a contract with a solar company, make sure you read it through completely so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
  • Installation Process: When going solar, it's important to maintain an open line of communication with your solar company. Make sure you understand how the installation process works and the project completion timeline.
  • Solar Panel Brands: Different companies offer various brands and models of panels. If you prefer a specific brand, make sure the solar company you're considering has it.
  • Reputation: Solar companies that have great reviews from their customers and that have been operating for many years in most cases provide quality solar panel installation and expertise.

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

The Green Panel

★★★★★
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 Palisades Park, NJ Solar Cost FAQs

How much does it cost to install solar panels in Palisades Park?

The average cost of solar panels in Palisades 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 like the kind of solar panels you want, what size system you need and how much energy you consume.

Is it better to lease or buy solar panels in Palisades Park?

Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.

Can solar panels completely eradicate my power bills?

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

How many solar panels do I need to power my home?

To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.

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