Solar Panel Cost Guide in Summit, NJ (2024 Update)
- Summit Solar Installation Cost: $11,528
- 25-Year Savings: $7,971
- Payback Period: 16.9 Years
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Average Cost of Solar Panels in Summit
Find out what the average cost of solar panels are in Summit.
In Summit, solar panels cost about 4 per watt on average.The average solar panel system size in Summit is around 4.7 kilowatts, meaning a cost of about $11,528 for a solar installation, or $16,485 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of installing solar panels can vary quite a bit based on a few factors, such as how many panels you need, your energy usage and what installation company you go with.Many homeowners find going solar is a fruitful investment. The average homeowner in Summit can save around $14,000 on their power bills over 20 years.
You can click the button below to get connected with a top solar installer in Summit for a quote for your home.
Solar savings over time in Summit
| Year | Return on Investment |
|---|---|
| 1 years | $-10,469 |
| 3 years | $-8,351 |
| 5 years | $-6,232 |
| 7 years | $-4,114 |
| 9 years | $-1,996 |
| 11 years | $123 |
| 13 years | $2,241 |
| 15 years | $4,360 |
| 17 years | $6,478 |
| 19 years | $8,596 |
| 21 years | $10,715 |
| 23 years | $12,833 |
| 25 years | $14,952 |
Top Solar Installers in Summit
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Going with a solar panel installer can make converting to solar power much easier. Solar companies provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 Summit
Factors that Affect Solar Panel Costs in Summit
The cost of installing a solar system in Summit can vary by more than $10,000 from home to home. Your actual cost is dependent 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 cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). 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 $3,530.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Summit, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are provided by most installers in Summit, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible.When considering your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you get to install your solar panel system can influence the cost. Summit’s solar companies all have different labor costs and add varying upcharges to 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 choose a 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 | $3.67 | $15,419 | $6,466 | 17.6 years |
| 8 kW | $3.60 | $20,163 | $9,016 | 17.3 years |
| 10 kW | $3.53 | $24,710 | $11,764 | 16.9 years |
| 12 kW | $3.46 | $29,059 | $14,710 | 16.6 years |
| 14 kW | $3.39 | $33,210 | $17,854 | 16.3 years |
| 16 kW | $3.32 | $37,164 | $21,195 | 15.9 years |
| 18 kW | $3.25 | $40,920 | $24,734 | 15.6 years |
| 20 kW | $3.18 | $44,478 | $28,471 | 15.2 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose significantly affects your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. While there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you peruse their list of options before deciding.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years most likely provide quality solar panel installation and expertise.
- Warranty: If you care about the longevity of your solar energy system, ensuring your company offers a 25-year, all-inclusive warranty can help put you at ease.
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 Summit, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Summit?
The average cost of solar panels in Summit is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the real cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is going solar worth it?
Solar panels can be a good investment for lots 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 pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
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 amount 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.