Solar Panels Cost 4.8k-14k in Elizabeth, NJ | November, 2024

Solar Panels Cost $4.8k-$14k in Elizabeth, NJ | November, 2024

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How much do solar panels cost in Elizabeth, NJ in 2024?

Going solar in the month of November, 2024 in Elizabeth, NJ costs $3.47/W.

Expect costs to be $3,470, on average, for every 1000 watts (or 1 kW) of solar energy your solar panels will need to generate. We are able to come to this conclusion by using the rate price cost. In Elizabeth, the cost of a 5 kW system is generally $12,145, after a 30% federal tax credit. A more powerful system could be needed to ensure your energy requirements are met.

To the left, you have the option to select your county and see the typical roof size along with the average maximum capacity for residential solar in homes in your area. Below is a detailed summary of the costs, payback period, and 20-year average savings for a 5 kW system installed in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Elizabeth: $12,145US Average: $12,523
Average Payback Period The number of years until you break even on the solar investment.
Elizabeth: 6 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Elizabeth: $21,388US Average: $16,169

Solar Potential in Elizabeth

Estimated system size and solar electricity production per median viable roof in
Elizabeth.

Roof size 465sq. ft.
Capacity 6.5kW DC
Electricity 7.3kkWh AC per yr.

Electricity Costs in Elizabeth, NJ & What that Means for Your Solar Panel Pricing

The typical energy consumer in Elizabeth has a monthly electric bill of $161.41 and uses 634 kWh on average. Compact apartments are also encompassed in the numbers noted in the prior sentence. The lower energy use in these types of dwellings impacts those averages.

As of November 2024, the average rate for electricity per kWh in Elizabeth, NJ is 25.47¢.

In Elizabeth, average users has to have a system size of 6 kW or greater to fully take care of all of their energy usage requirements. Before incentives, a 6 kW solar system is around $20,820, with the federal tax credit returning 30% of your investment amount, reducing the price to $14,574.

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Average solar panel costs by system size in Elizabeth

To the left and below, you can find a detailed pricing breakdown for various solar panel system sizes installed in Elizabeth. While a larger solar installation does come with a higher price tag, it also offers increased electricity savings and larger income tax credits.

Check a cost benefit analysis in the solar panel cost calculator down and to the right, for an average electric bill of $161.41 in Elizabeth. Modify the $161.41 to your usual electricity bill payment for customized results.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $687 a year
Est. Price
$4,858
Savings from a 2kWthis system
  • Est. yearly production 2,749 kWh
  • Est. monthly savings $57
  • Full payback in 3 years
Environmental Impacts
  • Reduces CO2 emissions by 0.65 tons a year
  • Equivalent to planting 30 trees a year
  • Equivalent to driving 1,614 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $1,031 a year
Est. Price
$7,287
Savings from a 3kWthis system
  • Est. yearly production 4,124 kWh
  • Est. monthly savings $86
  • Full payback in 4 years
Environmental Impacts
  • Reduces CO2 emissions by 0.98 tons a year
  • Equivalent to planting 45 trees a year
  • Equivalent to driving 2,421 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $1,375 a year
Est. Price
$9,716
Savings from a 4kWthis system
  • Est. yearly production 5,499 kWh
  • Est. monthly savings $115
  • Full payback in 5 years
Environmental Impacts
  • Reduces CO2 emissions by 1.3 tons a year
  • Equivalent to planting 60 trees a year
  • Equivalent to driving 3,229 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,718 a year
Est. Price
$12,145
Savings from a 5kWthis system
  • Est. yearly production 6,874 kWh
  • Est. monthly savings $143
  • Full payback in 6 years
Environmental Impacts
  • Reduces CO2 emissions by 1.63 tons a year
  • Equivalent to planting 75 trees a year
  • Equivalent to driving 4,036 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $2,062 a year
Est. Price
$14,574
Savings from a 6kWthis system
  • Est. yearly production 8,248 kWh
  • Est. monthly savings $161
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 1.83 tons a year
  • Equivalent to planting 84 trees a year
  • Equivalent to driving 4,537 mi less a year

Elizabeth Solar Panel Installation Incentives & Rebates | 2024

For rural farms and small businesses, the REAP Grant might currently cover between 80% and 100% of the expenses for installing solar or wind energy systems. Curious if you fit this category? Confirm your eligibility with our REAP Grant eligibility tool.

Nearly all residents are eligible for the 30% federal income tax credit for residential solar, which makes it a practical option in many states in the country. In addition to the federal incentives, state and local programs also aim to boost solar energy uptake.

New Jersey provides 12 solar rebates and incentives from multiple utility companies and government organizations.

Solar incentives in NJ

High Performance Schools Policy

Value:Varies

Since 2002, new public school buildings in New Jersey have been required to meet green building standards sufficient to achieve a minimum LEED score of 29. As of 2009, schools should also pursue formal LEED certification from the US Green Building Council. Facilities constructed between 2002 and 2009 are exempt from the formal certification requirement due to a historical surge in school improvement projects. Additional information is available from the New Jersey Schools Construction Corporation website.

Societal Benefits Charge

Value:Varies

Since 1999, all residential and commercial utility customers in New Jersey have been assessed a Societal Benefits surcharge on their monthly electric bills. Surcharges support the Clean Energy Program, a central fund managing grant programs, rebates, and other incentives for energy efficiency projects and new renewable energy systems for low-income customers and neighborhoods. Annual reports detailing surcharge revenue and spending are available from the Clean Energy Program website.

Edison Innovation Clean Energy Manufacturing Fund - Grants and Loans

Value:Varies

NOTE: This program ended in 2012. The entry remains available for archival purposes. New Jersey's Economic Development Authority (EDA) manages the Edison Innovation Clean Energy Manufacturing Fund. Eligible businesses that manufacture components for Class I renewable energy systems may be eligible for financial assistance from the Fund. A maximum of $3.3 million is available in the form of both grants and loans. Grant funding supports proposals and site planning for new manufacturing facilities, while the loan supports new construction and improvements at existing plants. Additional information is available through the EDA website.

Assessment of Farmland Hosting Renewable Energy Systems

Value:Varies

Farmers in New Jersey who use on-site renewable energy may be eligible for special property tax incentives under the state's Farmland Assessment Act. The law requires local taxation authorities to assess farmland by its productivity rather than its actual value. Should a renewable system (including solar, wind, or self-grown biomass) meet qualifying technical standards, sales of energy or heat from the system will not be assessed for tax purposes. Additional information is available from the New Jersey Department of Agriculture.

Edison Innovation Green Growth Fund Loans

Value:Varies

New Jersey's Economic Development Authority (EDA) manages the Edison Green Growth Fund (EIGGF). Eligible businesses investing in new solar, wind, hydroelectric, biomass, or landfill gas energy devices may be eligible for a loan from the Fund. A maximum principal of $2 million is available, some of which takes the form of grant money. Over the course of the equipment's installation, the business should commit to creating at least 10 jobs pertinent to sustainability, which can include equipment maintenance. Additional information is available from the EDA website.

Interconnection Standards

Value:Varies

In New Jersey, interconnection and distributed generation are standardized across private utilities only. Local public utilities and utility cooperatives are not subject to interconnection guidelines but may adopt them voluntarily. Any system using a Class I renewable technology (solar, wind, biomass, geothermal, wave/tidal hydroelectric, landfill gas) may be connected to the power grid. Each system will be sorted into one of three capacity tiers governing permit processes, fees, review turnaround time, and the IEEE/UL performance and safety standards to which the system is subject. For Level 3 interconnection (the highest capacity level,) utilities may require disconnect switch installation or a minimum liability insurance policy. Additional information is available from the NJ Clean Energy website.

NJ Clean Energy- Residential New Construction Program

Value:Varies

Through the Clean Energy Program, New Jersey homebuilders may qualify for special cash incentives if they follow certain green construction standards. Most homes can meet the criteria for an incentive by achieving ENERGY STAR certification. The rebate amount will be based on the property's Home Energy Rating System score. Higher incentives may apply if the home achieves energy net-zero, follows IECC 2015 insulation/weatherization standards, obtains 100% of its energy from on-site renewables, and/or follows EPA indoor air quality benchmarks. Additional programs, including similar incentives for multi-family residential property, are listed on the NJ Clean Energy website.

PSE&G - Solar Loan Program

Value:Varies

Since 2008, Public Service Electric and Gas has provided its residential and business customers special financing for new solar PV systems. Funding for the loan program is earmarked into five groups supporting different panel array types and sizes. The maximum principal available to a customer, as well as their interest rates, will depend on expected electricity production. Repayments can be made in cash or by the customer relinquishing ownership of the solar renewable energy credits (SRECs) their system generates. As SREC value fluctuates with market forces, customers will keep the SRECs not applicable to the loan. Additional information is available from the PSEG website.

NJ Clean Energy- WARMAdvantage Program (Electric and Gas)

Value:Varies

Through the Clean Energy WARMAdvantage Program, New Jersey homeowners may be entitled to rebates on HVAC and thermal systems meeting energy efficiency standards. Any ENERGY STAR certified water heater, central HVAC system, or heat pump can qualify. Rebates are flat cash payments. Their amount depends on the type of system being installed. Bonus incentives may apply to solar water heaters or other systems powered using solar energy. Additional information is available from the NJ Clean Energy website.

Net Metering

Value:Varies

In New Jersey, private/municipal utilities, electric retailers, and utility cooperatives may offer net metering contracts to their distributed renewable energy customers. Any solar PV/heating, wind, hydroelectric, or hydrogen fuel cell system, regardless of rated capacity, will qualify to participate. Upon signing the contract, the utility will install a bidirectional meter on the customer's system at no cost. This meter measures net excess generation (NEG) sent back to the grid. The customer's electric bill will be credited at a fixed avoided-cost rate for NEG generated during each billing cycle. Should generation exceed consumption for any given month, credits may carry forward to subsequent cycles. Customers may keep all solar renewable energy credits they generate.

Solar Renewable Energy Certificates (SRECs) Registration Program

Value:Varies

New Jersey has a solar renewable energy credit (SREC) system to enforce solar carve-out provisions within the renewable portfolio standard. By 2028, solar energy must form 4.1% or more of the retail electric market in the state. Any solar facility in the state will generate SRECs for goal compliance so long as it is registered with the RPS program. Utilities are expected to purchase a portion of their SREC quotas through net metering and private solar array owners within their service area. The state operates a marketplace where utilities can enter power purchasing agreements (PPAs) or net metering contracts. Marketplace activity governs the fluctuating monetary value of individual credits. Additional information is available from the NJ Clean Energy website.

Renewables Portfolio Standard

Value:Varies

New Jersey has a renewable portfolio standard governing statewide clean energy investment. By 2030, 50% of all retail electricity in the state must be generated using renewable technology. Certain "carve-outs" require a portion of the renewable energy to be generated with solar and offshore wind systems. Compliance with the standard is measured using a Renewable Energy Credit (REC) system pegging a fixed amount of electricity to a variable dollar value. Each renewable energy device generates RECs, though utilities are expected to purchase some of their share of RECs from private customers. Solar renewable energy credits (SRECs) are accumulated separately to track carve-out progress. Should a utility fail to meet its REC or SREC quota, it will be assessed an "alternative compliance" penalty fee for each kilowatt it is deficient. Additional information is available from the NJ Clean Energy website.

Are solar panels worth it in New Jersey?

If you foresee living in your home longer than the solar system's payback period, installing solar panels is an smart decision in Elizabeth. By installing a 5 kW solar system in Elizabeth, NJ, you can expect to save approximately $26,593.4 over 20 years, with the break even point typically being 6 years.

The cost of not having solar panels in Elizabeth, NJ

Failing to have solar panels or an alternative backup energy results in missing the savings mentioned earlier and being completely reliant on your electric utility for electricity. Numerous recent examples in the news have highlighted that complete reliance on your utility company is not always the best option.

In recent times, utilities in Elizabeth have recorded an average of 0.64 outages per customer annually. Typically, outages have an average duration of 58.24 minutes. However, during significant events such as thunderstorms, wildlife damage, or grid management errors, these times can drastically increase.

A solar panel system, whether or not it has a backup battery, could reduce the impact of future outages you might experience.

Power Outages

Currently, 0 customers are being tracked in Union County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Elizabeth, NJ?

Your Energy Needs - Investing in larger solar panel systems costs more upfront, but the price per watt is lowered as the system size grows. For most homeowners, setting up a system that can generate enough power to eliminate their entire electric bill is useful, providing significant savings.

Make & Model - Solar panels, like many other products, are available in various makes and models. Your contractor’s potential brand preferences make it crucial to choose a reputable contractor. For buyers desiring a more favorable long-term experience, investing in superior quality makes and models is critical.

Solar Panel Type - The standard in the industry is now monocrystalline panels, and justifiably so. These panels have a higher cost but yield more energy. The majority of installers in the industry work with panels constructed of this material.

Your Property - Trees, uneven landscapes, or other obstacles can increase the complexity of the installation. These days, solar installers can leverage satellite images to assess your home and factor in these factors into the first cost estimate.

Labor Rates - Companies compensate their employees in varying amounts, and these costs are borne by consumers. Companies that invest in higher wages often see higher reviews for their work and customer service.

Permitting & Interconnection - Local permitting and utility interconnection fees, which vary by region, will influence your final installation cost. Reliable local installers will build these figures into your preliminary estimates to prevent any surprises.

See what solar panels cost in other NJ cities

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Who are the best solar installers in Elizabeth?

Freedom Forever

Temecula, CA(800) 685-1850

Services

  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.

Paradise Energy Solutions

Paradise CDP, PA(877) 851-9269

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Consulting on all things solar related.

Academy Energy Group

Newburgh, IN(812) 518-2150

Services

  • Reparation of solar arrays.
  • Solar systems for selling electricity back to the grid.
  • Monitoring of independent energy generation.
  • Auditing of energy requirements for independent energy generation.
  • Installation of solar arrays.

Trinity Solar

(732) 780-3779

Services

  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Installation of batteries for energy storage.

ECS Energy

Freehold, NJ(201) 425-6554

Services

  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Powur PBC

Del Mar, CA(866) 467-6987

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.

SunVest Solar

Pewaukee, WI(262) 547-1200

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Micrometer Engineering

Scottsdale, AZ(602) 790-5749

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

Core Development Group

(201) 825-2195

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

Green House Solar

Madison, NJ(973) 986-2844

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.

Green Power Energy

Annandale CDP, NJ(959) 251-1593

Services

  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Monitoring of independent energy generation.

Plug PV

Troy, NY(518) 948-5316

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.
  • Monitoring of independent energy generation.

SI Solar

(844) 747-6527

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.

Solar Energy World

Laurel, MD(866) 856-4580

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.

Dividend Finance

Cincinnati, OH(415) 805-7000

Services

  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.

Sunrise Solar Solutions

Briarcliff Manor, NY(914) 762-7622

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.

Premier Solar Solutions

Farmingdale, NY(631) 482-8303

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Palmetto Solar

Charleston, SC(855) 339-1831

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.

SunPower Corporation

San Jose, CA(800) 786-7693

Services

  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Monitoring of independent energy generation.
  • Installation of batteries for energy storage.
  • Reparation of solar arrays.
  • Installation of solar arrays.

Silver Sun Solar

Deltona, FL(407) 832-42452

Services

  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.

ConEdison Solutions

Valhalla CDP, NY(914) 286-7000

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

EIS Solar

Pittsburgh, PA(888) 633-6451

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.

Independent Power

Wood-Ridge, NJ(914) 619-0625

Services

  • Reparation of solar arrays.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.
  • Monitoring of independent energy generation.
  • Reparation of batteries.
  • Installation of batteries for energy storage.

Venture Home Solar

Hicksville CDP, NY(888) 522-9161

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

Sunnova Energy

Houston, TX(866) 786-6682

Services

  • Monitoring of independent energy generation.
  • Consulting on all things solar related.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Reparation of solar arrays.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Reparation of batteries.

Sunrun

San Francisco, CA(833) 394-3384

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Monitoring of independent energy generation.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.

Sunnyside Solar

(802) 280-7319

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

Entegrity

Little Rock, AR(800) 700-1414

Services

  • Monitoring of independent energy generation.
  • Consulting on all things solar related.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.
  • Auditing of energy requirements for independent energy generation.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

Soltage

Jersey City, NJ(201) 432-1786

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.

Solar Mite Solutions

Neptune City, NJ(732) 796-1996

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Reparation of solar arrays.

Bright Eye Solar

Lancaster, PA(717) 207-8449

Services

  • Installation of batteries for energy storage.
  • Reparation of solar arrays.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Auditing of energy requirements for independent energy generation.
  • Installation of solar arrays.

GenRenew

Freehold, NJ(732) 835-4272

Services

  • Reparation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

Venture Solar

(888) 522-9161

Services

  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.

Ecological Systems

Englishtown, NJ(732) 462-3858

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Consulting on all things solar related.

City Electric Supply

Dallas, TX(866) 634-9853

Services

  • Installation of solar arrays.
  • Monitoring of independent energy generation.
  • Auditing of energy requirements for independent energy generation.
  • Expertise in consulting on advantageous financing for solar.

Lumina Solar

Baltimore, MD(800) 971-6118

Services

  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

ACE Solar

Carlstadt, NJ(201) 507-1110

Services

  • Expertise in consulting on advantageous financing for solar.
  • Reparation of solar arrays.
  • Installation of solar arrays.

Precision Renewables

Snyderville CDP, UT(435) 602-4120

Services

  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.

US Clean Energy

(888) 560-1710

Services

  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

PowerLutions

Lakewood CDP, NJ(732) 987-3939

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

Elizabeth, NJ Solar Panel Cost FAQs

  • The cost per watt for solar panels in Elizabeth, NJ during November of 2024 averages $3.47/W. After federal tax credits, the installation of a 5 kW solar panel system in Elizabeth, NJ is estimated to cost $12,145.
  • Currently, New Jersey residents can benefit from 12 rebates and incentives available through various utilities and government bodies. On top of that, nearly everyone can qualify for the 30% federal tax credit.
  • Even though cash payments yield the greatest savings, several financing options for solar panels today are also financially beneficial. Information about financing options is typically included in initial quotes provided by installers.
  • Yes, in Elizabeth, NJ, 5 kW solar panel systems typically pay off in 6 years, and users save around $26,593.4 in electricity costs over 20 years.
Ginalyn Gelera
Last Reviewed By: Ginalyn Gelera
Published: 2024-11-05