Solar Panel Cost Guide in Summit, NJ (Feb 2023)
- Summit Solar Installation Cost: $9,055
- 25-Year Savings: $7,962
- Payback Period: 13.3 Years
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Top Solar Installers in Summit
Trying to put up solar panels yourself can be a time-consuming project, which is why hiring a solar installer is a good option for many homeowners. The expertise that solar installers offer can be useful as well, especially if you don't quite know what brand of solar equipment you need.
If you're on the hunt for a solar company in Summit, the EcoWatch team has put together a list of our top suggestions here:
See all of the solar companies in Summit
Factors that Affect Solar Panel Costs in Summit
For many Summit homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Summit, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you'll pay, which we'll go over below.
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend around $2,770 per kilowatt in Summit. The model of solar panels and equipment you choose is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to think 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 for a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are provided by most installers in Summit, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The last significant cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Summit, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment. The size of the company sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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||$9,785||13.8 years|
|8 kW||$2.83||$15,822||$13,357||13.6 years|
|10 kW||$2.77||$19,390||$17,084||13.3 years|
|12 kW||$2.71||$22,803||$20,967||13.0 years|
|14 kW||$2.66||$26,060||$25,004||12.8 years|
|16 kW||$2.60||$29,163||$29,196||12.5 years|
|18 kW||$2.55||$32,110||$33,544||12.2 years|
|20 kW||$2.49||$34,902||$38,047||12.0 years|
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:
- Solar Panel Brands: Different companies will offer various brands and types of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Reputation: Make sure your solar system 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.
- Installation Process: Make sure you're aligned with the installer in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as repairing your electrical system or roof.
EcoWatch's Summit, NJ Solar Cost FAQs
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.