The Cost of Solar Panels in New Jersey: What to Know

With the cost of everything increasing, electricity is no different. Luckily, now more than ever, alternative electric options such as solar panels are cheaper than ever with plenty of incentives. New Jersey ranks 12th in consumer electricity costs in the country. And the NJ Board of Public Utilities voted to hike electricity rates in September 2022. While that’s not good news, do you know what is? The cost of going solar, which has dropped over 60% since 2010!

Solar Panel Cost

The cost for solar panels will depend upon a number of different variables. The most important variable is the amount of and type of solar panels used. After that, you will need to consider additional options for solar panels, installation fees, and local permitting costs to get an accurate amount. There may be another fee or cost that pops up here and there depending on the company or location you are looking to install the solar panels, but those are the major variables that will affect the cost.

Luckily, there is some data available to give you an estimate. In New Jersey, the average price per watt is $3.76. The average system size is about 6 kilowatts, as well. This makes the total cost of the average system in New Jersey about $22,560. In comparison, the average system size across the US is 8 kilowatts, at $2.99 per watt, for a total cost of $23,920. As you can see our average system is smaller, likely due to our space constraints here. And while the price per watt is a little more expensive, the ultimate cost is cheaper on average.

Solar Panel Incentives

If the price is too much to bear, and the thought of saving hundreds on your electricity bill over the years is not enough, there are also plenty of financial incentives to install solar panels. There is currently the federal Residential Clean Energy Credit that allows you to deduct 30% of the cost of your solar system from your federal tax returns. There are also lots of incentives from the State of New Jersey available such as Solar Panel System Sales Tax Exemption and Successor Solar Incentive Program So if you think the cost of solar panels in New Jersey is a great deal, call us at (732) 269-0308 to get yours!