Solar Panel Cost Guide in Prospect Park, NJ (Sep 2022)

  • Prospect Park Solar Installation Cost: $9,249
  • 25-Year Savings: $8,756
  • Payback Period: 12.9 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Prospect Park

We break down average solar pricing in Prospect Park.

While the national average of solar panels is $2.66 per watt, solar panels in Prospect Park typically cost about $3. To cover the typical energy usage of the average home in Prospect Park, most homeowners require a 4.8-kilowatt system. Using the per-watt figure above, a solar installation costs about $9,249, or $6,844 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 energy system could cost. The exact cost of going solar can vary depending on a few factors, such as what size system you need, your energy usage and what solar installer you go with. For many homeowners, the upfront cost of solar is worth paying. On average homeowners in Prospect Park see about $14,000 in savings on energy bills over 20 years.

Click the button below to get connected to a top solar company in Prospect Park for a customized quote.

Solar savings over time in Prospect Park

Year Return on Investment
1 years $-8,529
3 years $-7,088
5 years $-5,648
7 years $-4,208
9 years $-2,767
11 years $-1,327
13 years $113
15 years $1,554
17 years $2,994
19 years $4,435
21 years $5,875
23 years $7,315
25 years $8,756

Top Solar Installers in Prospect Park

Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a headache. Taking advantage of a solar company can make your swap to solar power much easier. Plus, if you're unsure what type of solar panels and equipment you may need, a solar installer can help you figure that out after a site survey and consultation.

Working with a professional solar installer can make going solar easier. 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

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 Prospect Park

Factors that Affect Solar Panel Costs in Prospect Park

The cost of installing a solar system in Prospect Park can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.

Solar Equipment Size

One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay about $2,770 per kilowatt in Prospect Park. The brand of solar panels and equipment you want is another factor that will largely impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment consists of more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that's in your budget.

Solar Financing Terms

For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are available from most installers in Prospect Park, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. However, the interest on solar loans also increases your all-in costs, so it's important to keep that in mind as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.

Solar Panel Installation Company

The remaining key cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Prospect Park, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment. Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and choose a company that has the products, warranties and services you're looking for 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 $12,099 $10,526 13.4 years
8 kW $2.83 $15,822 $14,345 13.1 years
10 kW $2.77 $19,390 $18,319 12.9 years
12 kW $2.71 $22,803 $22,449 12.6 years
14 kW $2.66 $26,060 $26,733 12.3 years
16 kW $2.60 $29,163 $31,172 12.1 years
18 kW $2.55 $32,110 $35,767 11.8 years
20 kW $2.49 $34,902 $40,517 11.6 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 system installation will affect the warranties and brands you have access to, 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: Solar panel companies that have great reviews from their customers and that have been in business for many years likely offer quality solar panel installation and expertise.
  • Warranty: If you're worried about the endurance of your solar panels, verifying your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
  • Solar Panel Brands: Different companies have various brands and kinds of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
  • Contract: When looking over your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.

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 Prospect Park, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Prospect Park?

This is a difficult question to answer precisely, because the cost depends on a variety of factors. Broadly 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 additional solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.

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

Leasing solar panels can be an attractive choice, as it often comes with low or $0 upfront payments. The downside 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 option if you want to get the most savings.

Do solar panels increase your home value?

Solar panels can increase your home value considerably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."

How often do you have to replace solar panels?

Even 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 their energy production will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can keep using 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.

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