Solar Panel Cost Guide in Prospect Park, NJ (Mar 2023)
- Prospect Park Solar Installation Cost: $9,249
- 25-Year Savings: $8,756
- Payback Period: 12.9 Years
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Updated March 14, 2023
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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 2.77. 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 $13,226 before 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 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 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
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 |
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 that 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 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 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 real cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Prospect Park?
You can't get solar panels for free in Prospect Park. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
How much can I save on power bills after switching to solar?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Prospect Park, that will require at least a 10-kW system. Not all homes will have roofs that 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 many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.