Solar Panel Cost Guide in Prospect Park, NJ (2024 Update)
- Prospect Park Solar Installation Cost: $11,798
- 25-Year Savings: $8,747
- Payback Period: 16.4 Years
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Average Cost of Solar Panels in Prospect Park
Let’s take a look at the average cost of solar panels in Prospect Park.
Although the national average of solar panels is $2.66 per watt, solar panels in Prospect Park typically cost around 4.To cover the typical energy usage of the average home in Prospect Park, most homeowners require a 4.8-kilowatt system. Using the figure above, a solar installation costs around $11,798, or $16,871 before the federal solar tax credit of 0 is applied.
These figures are just averages, and your own solar costs may vary based on your specific situation and what company you want to go with.Even with the significant upfront cost, the average Prospect Park homeowner can save about $14,000 on their electricity bills over 20 years, which is one of the positives of solar.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Prospect Park
| Year | Return on Investment |
|---|---|
| 1 years | $-10,376 |
| 3 years | $-7,531 |
| 5 years | $-4,686 |
| 7 years | $-1,841 |
| 9 years | $1,003 |
| 11 years | $3,848 |
| 13 years | $6,693 |
| 15 years | $9,537 |
| 17 years | $12,382 |
| 19 years | $15,227 |
| 21 years | $18,072 |
| 23 years | $20,916 |
| 25 years | $23,761 |
Top Solar Installers in Prospect Park
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Going with a solar panel installer can make your swap to solar power much easier. Because solar panels are exposed to the elements every day, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by reducing potential costs down the line.
If you're searching for a solar company in Prospect Park, we've compiled a list of our top suggestions here:
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 Prospect Park
Factors that Affect Solar Panel Costs in Prospect Park
The cost of installing a solar system in Prospect Park can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of a solar energy system in Prospect Park, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy usage, which you can gauge by looking at past energy bills. Your total cost can increase by around $3,530 for each additional kilowatt you need.The type of solar panels and equipment you choose is another factor that will greatly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Further, 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 searching for a solar system that falls within your budget.
Solar Financing Terms
Most solar installers in Prospect Park offer solar loans, which reduce the initial cost of installing solar panels.When estimating your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you pick will impact your total cost to go solar. Different companies will bill different amounts for the equipment and labor.Some companies 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 cost more. It’s best to do some research and go with the company that offers the products, warranties and services you’re looking for and also fits 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 | $3.67 | $15,419 | $7,207 | 17.0 years |
| 8 kW | $3.60 | $20,163 | $10,004 | 16.7 years |
| 10 kW | $3.53 | $24,710 | $12,999 | 16.4 years |
| 12 kW | $3.46 | $29,059 | $16,192 | 16.1 years |
| 14 kW | $3.39 | $33,210 | $19,583 | 15.7 years |
| 16 kW | $3.32 | $37,164 | $23,171 | 15.4 years |
| 18 kW | $3.25 | $40,920 | $26,957 | 15.1 years |
| 20 kW | $3.18 | $44,478 | $30,941 | 14.7 years |
How to Save on Solar Panels
There are many companies to choose from in Prospect Park, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can check your installer’s reputation is by reading reviews.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you choose.
- Warranty: If you care about the durability of your solar energy system, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: Before you sign a contract with a solar company, make sure you read it through carefully so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
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 Prospect Park, NJ Solar Cost FAQs
How much does it cost to install solar panels in Prospect Park?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Generally 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 be more expensive if you want other solar equipment or higher quality 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 less expensive solar panels.
Should I lease or buy solar panels in Prospect Park?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Is going solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
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 stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide 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.