How much does a solar panel cost in New Jersey?

The biggest factor determining solar panel cost is system size. This varies based on your home’s size and energy needs. Solar energy systems are measured in kilowatts (kW). Most New Jersey homeowners require a 5–8 kW system at an average cost of $2.75* per watt, slightly higher than the national average of $2.66 per watt.

Are solar panels cost-effective in New Jersey?

Solar panels can cost a lot of money, but they may be more cost-effective than your usual electricity bill over the long run. You're not on your own when it comes to paying for solar in New Jersey. A combination of federal, state and local rebates can shave a significant portion of the cost off your project.

How to save money on solar panels in New Jersey?

System size: The more panels and batteries you need to power your home, the higher your total cost. You can save money on a solar panel system by using solar incentives. Tax credits and rebates are available in most states at the local, state, and federal levels. Some of the best New Jersey solar incentives include:

Why is solar so expensive in New Jersey?

And of course, there are the big-picture factors. Supply and demand in the solar market is always shifting costs on the equipment itself and the labor needed to install it. "Just like all other states, the cost of solar is going to fluctuate, and we're vulnerable to that like anybody else," Oliver said of New Jersey.

What size solar panels do I need in New Jersey?

A solar panel system of 5 to 8 kW is a good size for most New Jersey homeowners. The cost of solar panels may vary depending on the size of your system, the type and brand of solar panels you choose and other rebates available.

Can you buy a solar system in New Jersey?

Those savings are expected to add up to $32,398 over your system lifespan in New Jersey. Below, we’ll summarize the pros and cons of using cash to buy your solar power system in Jersey. Using a loan for solar equipment is the preferred method for many New Jersey residents, especially since financing reduces your initial costs — often down to $0.