As of August 2019 the average solar panel cost in New Jersey is $3.07/W. Given a solar panel system size of 5 kilowatts (kW), an average solar installation in New Jersey ranges in cost from $13,048 to $17,652, with the average gross price for solar in New Jersey coming in at $15,350. After accounting for the 30% Federal Investment Tax Credit (ITC) and other state and local solar incentives, the net price you'll pay for solar can fall by thousands of dollars.
According to energysage.com, a residential household in Burlington County can save between an estimated $52,000 – $72,000 in net 20 year savings. This estimate considers the rising electric rates that have proven a steady increase over the last decade. According to eia.gov (U.S. Energy Information Administration), the average retail price of residential electricity in 2000 was 8.24 cents per kilowatt hour (kWh) while the current average rate is 13.19 cents.
The average payback period for a home solar energy system on average in New Jersey ranges between 4.8 – 6.5 years. This is the amount of years it will take the homeowner to break even on their investment. Each system varies with their gross cost, value of up-front financial incentives, average monthly electric usage, and estimated electricity generation. Once paid off, the home solar system can function as investments with strong rates of return, and homeowners generating solar electricity can avoid paying increased utility rates by eliminating their electricity bills.
Solar panels on homes in New Jersey have been offsetting electric bills by 80%-110%! This percentage is the energy produced by solar that meets the homeowners electric needs. So how can I find out how much a solar system will cost for my home?
Give us a call to set up a consultation with a reputable solar installer in your area.