Solar Panel Cost Guide in Summit, NJ (Oct 2022)

  • Summit Solar Installation Cost: $9,055
  • 25-Year Savings: $7,962
  • Payback Period: 13.3 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Summit

See how much it might cost to switch to solar power in Summit.

Although the national average of solar panels is $2.66 per watt, solar panels in Summit generally cost around $3. Because a 4.7-kW system is needed to cover the energy consumption of a typical home in Summit, the average price of going solar will be about $9,055 before claiming the federal solar tax credit of 30%.

Remember that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy consumption, the type of solar panels you choose, your solar contractor and more. Even with the significant initial cost, the average Summit homeowner can save about $14,000 on their electricity bills over 20 years, which is one of the benefits of solar.

To calculate your potential savings and connect with a local solar expert, click the button below.

Solar savings over time in Summit

Year Return on Investment
1 years $-8,374
3 years $-7,013
5 years $-5,652
7 years $-4,290
9 years $-2,929
11 years $-1,568
13 years $-206
15 years $1,155
17 years $2,516
19 years $3,878
21 years $5,239
23 years $6,601
25 years $7,962

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:

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 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.

Solar Equipment Size

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

Solar Incentives in Summit

Name Successor Solar Incentive (SuSI) Program
Website Visit here
More Info Click here

Name Solar Energy Sales Tax Exemption
Incentive Amount 100% exemption
More Info Click here

Name Property Tax Exemption for Renewable Energy Systems
More Info Click here

Name Solar Renewable Energy Certificates (SRECs) Registration Program
Website Visit here
More Info Click here

Name PSE&G - Solar Loan Program
Website Visit here
More Info Click here

Name NJ Clean Energy- Residential New Construction Program
Website Visit here
More Info Click here

Name Home Performance with ENERGY STAR Program
Website Visit here
More Info Click here

Name Home Performance with ENERGY STAR Program
Website Visit here
More Info Click here

Name COOLAdvantage Program
Website Visit here
More Info Click here

Name NJ Clean Energy- WARMAdvantage Program (Electric and Gas)
Website Visit here
More Info Click here

Name New Jersey Renewable Energy Incentive Program (Sustainable Biopower)
Website Visit here
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
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:

  • 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.

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 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 $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 certain factors like the type of solar panels you want, what size system you need and how much energy you use.

Can you get solar panels for free in Summit?

Solar panels aren't free in Summit, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.

Is it worth going solar in Summit?

Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already pretty low, solar panels might not be for you.

How long do solar panels last in Summit?

Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can continue to use 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.

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