Solar Panel Cost Guide in New Providence, NJ (2024 Update)

  • New Providence Solar Installation Cost: $11,528
  • 25-Year Savings: $7,971
  • Payback Period: 16.9 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in New Providence

See how much it might cost to install solar panels in New Providence.

Currently, the national average cost of solar panels is $2.66 per watt. However, in New Providence, the average cost of a solar system is 4 per watt.The average solar panel system size in New Providence is around 4.7 kilowatts, meaning a cost of about $11,528 for a solar installation, or $16,485 before the 0 federal solar tax credit is applied.

Bear in mind that the figures above are only estimates based on the average New Providence homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.For most homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $14,000 in savings on energy bills over 20 years.

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

Solar savings over time in New Providence

Year Return on Investment
1 years $-10,469
3 years $-8,351
5 years $-6,232
7 years $-4,114
9 years $-1,996
11 years $123
13 years $2,241
15 years $4,360
17 years $6,478
19 years $8,596
21 years $10,715
23 years $12,833
25 years $14,952

Top Solar Installers in New Providence

DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Hiring a solar company can make converting to solar power much easier. The expertise that solar companies offer can be useful as well, especially if you don’t quite know what brand of solar equipment you need.

If you’d like to switch to solar energy but still aren’t certain which solar system company to go with, here are our recommendations for providers near you:

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 for Leasing

Sunrun

★★★★★
4.0

  • 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 New Providence

Factors that Affect Solar Panel Costs in New Providence

There are several factors that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.

Solar Equipment

The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,530. The model of solar panels and equipment you choose is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment is 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

Many homeowners find the average cost of solar in New Providence to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest.It’s a good idea to include the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay back the loan.

Solar Panel Installation Company

The solar installer you choose to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies in New Providence, and each can charge varying amounts for labor and equipment.Additionally, some companies in New Providence have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. 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 $6,466 17.6 years
8 kW $3.60 $20,163 $9,016 17.3 years
10 kW $3.53 $24,710 $11,764 16.9 years
12 kW $3.46 $29,059 $14,710 16.6 years
14 kW $3.39 $33,210 $17,854 16.3 years
16 kW $3.32 $37,164 $21,195 15.9 years
18 kW $3.25 $40,920 $24,734 15.6 years
20 kW $3.18 $44,478 $28,471 15.2 years

How to Save on Solar Panels

There are many companies available in New Providence, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:

  • Reputation: Solar companies that have great reviews from their customers and that have been operating for many years most likely provide high-quality solar panel installation and expertise.
  • Installation Process: Make sure you’re on the same page with the installer regarding how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
  • Warranty: An all-inclusive, 25-year warranty can help keep your solar system running for years to come and save you money on part replacement and repairs.
  • Contract: It’s important to look over your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what you can expect about your solar system’s energy production.

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 for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's New Providence, NJ Solar Cost FAQs

What is the average cost of installing solar panels in New Providence?

The average cost of solar panels in New Providence is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the real cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.

Is it better to lease or buy solar panels in New Providence?

Leasing solar panels can be an option if you are unable 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 bang for your buck from going solar.

Does New Providence have a net metering program?

Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future utility bills.

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.

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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