Solar Panel Cost in New Jersey: Get 3 Free Quotes From Top Solar Companies in 2024
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2 minutesWhy having solar panels is a good idea in New Jersey
By going solar, you help create an emission-free world of tomorrow, become energy independent, and save hard-earned money on your next energy bill.
Contact us now and we match you with the top solar companies in New Jersey, guaranteed 100% free of charge.
Benefits of solar in New Jersey
Save money
In the last few years, the cost of solar in New Jersey has dropped to record-lows, making solar a very attractive source of electricity. According to our data, installing 12 kW of solar saves the average household in New Jersey up to $2,056 - $5,139 on yearly energy bills.
Create your own electricity
On average, U.S. electricity consumers experience 7 hours of power interruption per year. With solar panels on your roof, outages are a thing of the past and you will become energy independent.
Increase your home value
Did you know that solar panels increase your home value? Statistics show that a solar system increases your home value by 4.1% on average.
Contribute to an emission-free world
Every kWh of solar energy means 0.846 lbs less carbon emitted into the atmosphere. A standard 10 kW system saves the equivalent of the weight of 49 F-150 pickup trucks throughout its lifetime.
Other Reasons Why New Jersey is a Great Place for Solar
added Solar Capacity 2023
In 2023, New Jersey added 488 MW in solar capacity. This is enough to power approximately 61,000 houses.
Price Drop / last 10 Years
Over the past decade, the cost of solar energy in New Jersey has witnessed a significant drop of 53%.
National Solar Ranking
As per the national solar ranking, New Jersey has proven its dedication to harnessing solar energy effectively.
affected by Blackouts
Over the past years 5.78 M residents in New Jersey were affected by power outages.
Is solar worth it in New Jersey?
Going solar helps you to save a lot of money on your annual energy bill. On average, our data shows that you can expect to save between $2,056 - $5,139 per year, depending on the solar system size and your location.
| System Size | Average Yearly Output | Potential Yearly Savings |
|---|---|---|
8 kW | 11,396 kWh | $ 2,056 |
12 kW | 17,093 kWh | $ 3,084 |
16 kW | 22,791 kWh | $ 4,112 |
20 kW | 28,489 kWh | $ 5,139 |
State-wide solar incentives in New Jersey
| Name | Territory | Incentive Type | Details |
|---|---|---|---|
Solar Energy Sales Tax Exemption | New Jersey | Sales Tax Incentive | |
Property Tax Exemption for Renewable Energy Systems | New Jersey | Property Tax Incentive | |
Assessment of Farmland Hosting Renewable Energy Systems | New Jersey | Property Tax Incentive | |
Edison Innovation Green Growth Fund Loans | New Jersey | Industry Recruitment/Support | |
NJ Clean Energy- Residential New Construction Program | New Jersey | Rebate Program | |
Successor Solar Incentive (SuSI) Program - Administratively Determined Incentive | New Jersey | Performance-Based Incentive | |
Successor Solar Incentive (SuSI) Program - Competitive Solar Incentive | New Jersey | Performance-Based Incentive | |
Residential Energy Conservation Subsidy Exclusion (Personal) | Federal | Personal Tax Exemption | |
Modified Accelerated Cost-Recovery System (MACRS) | Federal | Corporate Depreciation | |
Residential Energy Conservation Subsidy Exclusion (Corporate) | Federal | Corporate Tax Exemption | |
Energy-Efficient Mortgages | Federal | Loan Program | |
USDA - Rural Energy for America Program (REAP) Grants | Federal | Grant Program | |
Office of Indian Energy Policy and Programs - Funding Opportunities | Federal | Grant Program | |
Clean Renewable Energy Bonds (CREBs) | Federal | Loan Program | |
USDA - Rural Energy for America Program (REAP) Loan Guarantees | Federal | Loan Program | |
U.S. Department of Energy - Loan Guarantee Program | Federal | Loan Program | |
Qualified Energy Conservation Bonds (QECBs) | Federal | Loan Program | |
USDA - High Energy Cost Grant Program | Federal | Grant Program | |
Fannie Mae Green Financing – Loan Program | Federal | Loan Program |
How much do solar panels cost in New Jersey?
Currently, the price per watt for solar panels is $2.8/W in New Jersey. Given the average solar system size of 8 kW, this means that your solar panel cost is around $22,395 in New Jersey (latest data: August 2024).*
Taking state and federal incentives into account, you can expect to save further 30% of the initial cost, bringing the cost of solar in New Jersey down to $15,676 (installation size: 8 kW).
About the diagram: The diagram shows the average price for an 8kW solar installation in New Jersey after the 30% federal tax incentive deduction. Get 3 free quotes from Quote For Solar and potentially save up to $2,436 compared to the average solar installation cost in New Jersey ("Good price").
Solar panels in New Jersey at one glance
Is It worth it to go solar in New Jersey?
How much do solar panels cost in New Jersey?
Are there solar incentives for New Jersey?
Do solar panels work in New Jersey during winter?
How long does the installation take in New Jersey?
Are there finance options for solar installations in New Jersey?
Is solar mandatory in New Jersey?
Do solar panels increase property taxes in New Jersey?
Is solar sales tax exempt in New Jersey?
Get 3 Quotes From Reviewed Solar Installers Fast!
For homeowners wishing to install solar energy on their properties, Quote For Solar is the ideal service.
Quote For Solar offers a free and easy single inquiry format for homeowners to obtain multiple offers from local solar companies for their installation needs.
Solar Companies will compete with each other to win your business, which can increase your savings. In addition, you are assured of receiving quotes only from trustworthy and dependable partners with a proven track record.
Furthermore, relevant advice on selecting the right product and installer as well as tax credits available will be included as part of the package.
Installing solar energy through Quote For Solar can result in long-term savings due to lower energy costs, but with no obligation to purchase, there is no cost to obtain the quotes.
