Solar Panel Cost Guide in Hoboken, NJ (2024 Update)
- Hoboken Solar Installation Cost: $11,370
- 25-Year Savings: $8,928
- Payback Period: 15.9 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Hoboken
Find out how much it might cost to make the switch to solar in Hoboken.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hoboken, the typical cost of a solar system is 4 per watt.Because a 4.6-kW system is needed to cover the energy costs of a typical home in Hoboken, the average price of going solar will be about $11,370 after claiming the federal solar tax credit of 0.
These figures are only averages, and the cost of going solar for you will look different based on your specific situation and what company you choose to go with.Many homeowners find going solar is a solid investment. The average homeowner in Hoboken can save around $15,000 on their power bills over 20 years.
Click the button below to get connected to a top solar company in Hoboken for a customized quote.
Solar savings over time in Hoboken
| Year | Return on Investment |
|---|---|
| 1 years | $-9,948 |
| 3 years | $-7,103 |
| 5 years | $-4,258 |
| 7 years | $-1,414 |
| 9 years | $1,431 |
| 11 years | $4,276 |
| 13 years | $7,120 |
| 15 years | $9,965 |
| 17 years | $12,810 |
| 19 years | $15,655 |
| 21 years | $18,499 |
| 23 years | $21,344 |
| 25 years | $24,189 |
Top Solar Installers in Hoboken
Although it's possible to install solar panels yourself, it involves extra effort and expertise. For that reason, the majority of homeowners choose to go with a solar panel installer. Companies can also offer access to various kinds of the best solar panels and help you decide which one will be right for your home.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some in Hoboken:
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 Hoboken
Factors that Affect Solar Panel Costs in Hoboken
Even though the average cost of a solar system in Hoboken is $11,370, your actual cost may be higher or lower than that. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend around $3,530 per kilowatt in Hoboken.The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar companies in Hoboken have solar loans, which reduce the initial cost of installing solar.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 reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you go with to handle your switch to green energy can play a part in your total costs. There are about 3 solar installation companies operating in Hoboken, and each can charge varying amounts for labor and equipment.Additionally, some companies in Hoboken have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $7,856 | 16.6 years |
| 8 kW | $3.60 | $20,163 | $10,871 | 16.2 years |
| 10 kW | $3.53 | $24,710 | $14,082 | 15.9 years |
| 12 kW | $3.46 | $29,059 | $17,492 | 15.6 years |
| 14 kW | $3.39 | $33,210 | $21,099 | 15.3 years |
| 16 kW | $3.32 | $37,164 | $24,904 | 15.0 years |
| 18 kW | $3.25 | $40,920 | $28,906 | 14.7 years |
| 20 kW | $3.18 | $44,478 | $33,107 | 14.3 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose significantly influences your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Before you sign a contract with a solar company, be sure to look it over carefully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
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 Hoboken, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Hoboken?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Hoboken?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of 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 savings from going solar.
Is it worth going solar in Hoboken?
Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
Though 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 their energy production will have decreased significantly after that point. You can choose to replace them after having 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.