Solar Panel Cost Guide in Prospect Park, NJ (2024 Update)
- Prospect Park Solar Installation Cost: $11,798
- 25-Year Savings: $8,747
- Payback Period: 16.4 Years
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Average Cost of Solar Panels in Prospect Park
Let’s take a look at the average cost of solar panels in Prospect Park.
Although the national average of solar panels is $2.66 per watt, solar panels in Prospect Park typically cost about 4.To cover the typical energy usage of the average home in Prospect Park, most homeowners require a 4.8-kilowatt system. Using the figure above, a solar installation costs around $11,798, or $16,871 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy use, the type of solar system you choose, your solar contractor and more.Even with the large upfront cost, the average Prospect Park homeowner can save around $14,000 on their electricity bills over 20 years, which is one of the benefits of solar.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Prospect Park
| Year | Return on Investment |
|---|---|
| 1 years | $-10,376 |
| 3 years | $-7,531 |
| 5 years | $-4,686 |
| 7 years | $-1,841 |
| 9 years | $1,003 |
| 11 years | $3,848 |
| 13 years | $6,693 |
| 15 years | $9,537 |
| 17 years | $12,382 |
| 19 years | $15,227 |
| 21 years | $18,072 |
| 23 years | $20,916 |
| 25 years | $23,761 |
Top Solar Installers in Prospect Park
DIY solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Using an installer can make converting to solar power much easier. Solar warranties and repairs are typically included in the cost of installation when you go with a solar contractor as well, which can save you more money after your upfront investment.
Working with a vetted solar installer can make going solar easier. Here are our recommendations:
Best National Provider
SunPower
- 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
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 depends on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $3,530. There are a lot of different solar panel brands and the one you choose also changes the cost. In many cases, the brands that are more efficient tend to also be more expensive. In addition, 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
Many homeowners find the average cost of solar in Prospect Park to be prohibitively costly, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to a higher cost over time because of interest.However, the interest on solar loans also increases your total costs, so it’s important to take that into consideration as well. You can always lower the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The solar company you go with to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout 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 come with an above-average cost. It’s best to do some research and go with the company that offers the products, warranties and services you’re looking for 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 | $3.67 | $15,419 | $7,207 | 17.0 years |
| 8 kW | $3.60 | $20,163 | $10,004 | 16.7 years |
| 10 kW | $3.53 | $24,710 | $12,999 | 16.4 years |
| 12 kW | $3.46 | $29,059 | $16,192 | 16.1 years |
| 14 kW | $3.39 | $33,210 | $19,583 | 15.7 years |
| 16 kW | $3.32 | $37,164 | $23,171 | 15.4 years |
| 18 kW | $3.25 | $40,920 | $26,957 | 15.1 years |
| 20 kW | $3.18 | $44,478 | $30,941 | 14.7 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. Two 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 satisfied reviews from past customers.
- Solar Panel Brands: Different companies will offer various brands and kinds of panels. If you want a specific brand, make sure the solar panel installer you’re considering has it.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one sign of a quality company.
- Contract: Although reading through a contract can be tedious, it’s important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
Best National Provider
SunPower
- 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
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Prospect Park?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is switching to solar power worth it?
Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them after having 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.