Solar Panel Cost Guide in Prospect Park, NJ (Aug 2022)
- Prospect Park Solar Installation Cost: $9,778
- 25-Year Savings: $8,227
- Payback Period: 13.6 Years
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Updated 7/19/2022
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Average Cost of Solar Panels in Prospect Park
Let's take a look at the average cost of solar in Prospect Park.
The average cost of a solar panel system in Prospect Park is $3 per watt. The average Prospect Park homeowner needs a 4.8-kilowatt system, which would cost about $9,778, or $7,236 after the federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of making the switch to solar can vary quite a bit based on several factors, such as what size system you need, your energy consumption and what solar installer you go with. For most homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $14,000 in savings on electricity bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Prospect Park
| Year | Return on Investment |
|---|---|
| 1 years | $-9,057 |
| 3 years | $-7,617 |
| 5 years | $-6,177 |
| 7 years | $-4,736 |
| 9 years | $-3,296 |
| 11 years | $-1,855 |
| 13 years | $-415 |
| 15 years | $1,025 |
| 17 years | $2,466 |
| 19 years | $3,906 |
| 21 years | $5,346 |
| 23 years | $6,787 |
| 25 years | $8,227 |
Top Solar Installers in Prospect Park
Many homeowners opt for a solar installation company since trying to put up solar panels on your own can be a lot of work. Plus, if you're not certain what type of solar panels and equipment you may need, a solar expert can help you figure that out after a site survey and consultation.
If you'd like to start using solar energy but still aren't certain which solar system installer to go with, here are our recommendations for providers nearby:
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
The Green Panel
- 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 Prospect Park
Factors that Affect Solar Panel Costs in Prospect Park
There are a number of factors that can play into your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment Size
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the most significant factors is the system size. Solar power systems that have higher efficiency or power generation use 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. There are a lot of different solar panel brands and the one you choose also changes the cost. Typically, the brands that have better efficiency tend to also cost more. Plus, the type of equipment you're looking to install can affect your total cost. If you just 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 Prospect Park offer solar loans, which reduce the initial cost of installing solar. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
The solar installer you go with to handle your switch to clean energy can play a role in your total costs. There are about 3 solar installation companies in Prospect Park, and each can charge different amounts for labor and equipment. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and go with the company that offers the products, warranties and services you want and also fit into 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 | $9,835 | 14.1 years |
| 8 kW | $2.83 | $16,726 | $13,441 | 13.9 years |
| 10 kW | $2.77 | $20,498 | $17,211 | 13.6 years |
| 12 kW | $2.71 | $24,106 | $21,146 | 13.3 years |
| 14 kW | $2.66 | $27,549 | $25,244 | 13.0 years |
| 16 kW | $2.60 | $30,829 | $29,506 | 12.8 years |
| 18 kW | $2.55 | $33,945 | $33,932 | 12.5 years |
| 20 kW | $2.49 | $36,896 | $38,522 | 12.2 years |
Solar Incentives in Prospect 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
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Solar Panel Brands: The model of solar panel you want plays a part in which company you should go with, since different companies have different panels.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should secure and how long the project will take.
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
The Green Panel
- 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 Prospect Park, NJ Solar Cost FAQs
How much does it cost to install solar panels in Prospect Park?
The average cost of solar panels in Prospect Park 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 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 completely eradicate my energy bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Prospect Park, that will require at least a 10-kW system. Not all homes 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 Prospect Park?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level 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.
