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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EcoWatch Local Advisors

By EcoWatch Local Advisors

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 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

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 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

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.

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