Solar Panel Cost Guide in Newark, NY (2023 Update)
- Newark Solar Installation Cost: $8,957
- 25-Year Savings: $7,086
- Payback Period: 14.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Newark
Find out what the average cost of a solar system is in Newark.
In Newark, solar panels cost about 2.95 per watt on average. To account for the typical energy usage of the average home in Newark, most homeowners require a 4.3-kilowatt system. Using the figure above, a solar installation costs about $8,962, or $12,816 before the federal solar tax credit of 30% is applied.
How much you pay can be above or below the average in Newark depending on several factors, such as the type of solar panels you choose and the solar contractor you hire. With average savings of about $14,000 on utility bills over 20 years, many homeowners in Newark find going solar has a decent ROI.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Newark
| Year | Return on Investment |
|---|---|
| 1 years | $-8,904 |
| 3 years | $-8,797 |
| 5 years | $-8,690 |
| 7 years | $-8,583 |
| 9 years | $-8,476 |
| 11 years | $-8,369 |
| 13 years | $-8,262 |
| 15 years | $-8,155 |
| 17 years | $-8,048 |
| 19 years | $-7,941 |
| 21 years | $-7,834 |
| 23 years | $-7,727 |
| 25 years | $-7,620 |
Top Solar Installers in Newark
When switching to solar energy, many homeowners opt to use a solar company since DIY solar panel installation can be a difficult project. A solar installer can also help save you money over the lifespan of your system by offering warranties, repairs and system component replacements.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Newark
Factors that Affect Solar Panel Costs in Newark
Although the average cost of a solar system in Newark is $8,962, your final cost may differ. There are several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,950. The brand of solar panels and equipment you want is another factor that will substantially impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment consists of more than 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 searching for a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are offered by most installers in Newark, which can lower, or in some cases totally eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also increases your overall costs, so it's vital to include that in your estimate as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Newark is the company you hire to install your solar panel system. As with choosing a company to install new cabinets, for example, you'll have many options for solar installers that offer a range of services at different costs. The size of the company can sometimes play the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down 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 | $3.07 | $12,886 | $9,305 | 14.5 years |
| 8 kW | $3.01 | $16,850 | $12,737 | 14.2 years |
| 10 kW | $2.95 | $20,650 | $16,335 | 14.0 years |
| 12 kW | $2.89 | $24,284 | $20,097 | 13.7 years |
| 14 kW | $2.83 | $27,754 | $24,025 | 13.4 years |
| 16 kW | $2.77 | $31,058 | $28,118 | 13.1 years |
| 18 kW | $2.71 | $34,196 | $32,376 | 12.8 years |
| 20 kW | $2.66 | $37,170 | $36,799 | 12.6 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose greatly influences your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Read the contract terms closely to make sure you understand how much it will cost, project timeline rebates and warranties.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you opt for.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project timeline.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years likely provide high-quality solar panel installation and expertise.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Newark, NY Solar Cost FAQs
How much does it cost to install solar panels in Newark?
This is a difficult question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $14,750 for a 5-kW system and $29,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Newark?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you don't have access to 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 it worth going solar in Newark?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
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 goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher 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.