Solar Panel Cost Guide in Newark, NY (Jan 2023)
- Newark Solar Installation Cost: $8,962
- 25-Year Savings: $7,081
- Payback Period: 14.0 Years
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Top Solar Installers in Newark
Installing solar panels by yourself can be a challenging undertaking, which is why using a solar installer is a good option for many homeowners. Plus, if you're not certain what kind of solar panels and equipment you may need, a solar company can help you figure that out after a site survey and consultation.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some near you:
See all of the solar companies in Newark
Factors that Affect Solar Panel Costs in Newark
For many Newark homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Newark, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you'll pay, which we'll go over below.
When it comes to estimating the cost of a solar system in Newark, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can gauge by looking at past energy bills. Your overall cost can increase by around $2,950 for each additional kilowatt you need. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your power bills. Additionally, extra products, like solar batteries, can bring your total well above the Newark average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are available from most installers in Newark, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible. Even though solar loans make adopting solar energy more accessible for Newark homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The remaining significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Newark, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. Companies that 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 go with the company that offers the products, warranties and services you want and also is within 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||$3.07||$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 kind of solar panels and the installer you choose greatly impacts 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:
- Solar Panel Brands: Different companies carry different brands and models of panels. If you want a specific brand, make sure the solar installer you're considering has it.
- Contract: It's important to read your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
EcoWatch's Newark, NY 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.