Cost of solar in Newark, NJ

Electricity Consumption in Newark

Electricity Consumption by New Jersey residents averages 691 kWh per month. It ranks #4 in the nation for savings from installing solar panels on the home.

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Solar power in Newark, New Jersey

Public Service Electric & Gas offer net metering and an SREC system to remain compliant with New Jersey's renewable portfolio standard of which a certain percentage must be met by home solar. If utilities fail to meet their RPS requirements they can be heavily fined. All this creates an SREC market. One REC is equal to 1000kWh of solar prodution. A common 5kW system pruduces about 6 REC's per year and at an average price of $180-$240 that's about $1,080 to $1,440 in your pocket every year!

Public Service Electric & Gas' net metering program gives you 1 for 1 with the retail power price for unused solar generation exported to the grid. After covering your bill credit is carried forward at the same value to future months. Remainging credit at the end of the yearly billing cycle is deposited into your account at the avoided cost rate (about 3-4 cents per kWh). Net metering works well since solar produces the most when during the day when little power is being used.

On top of two already excellent incentives Newark residents are also eligible for the 30% federal solar tax credit covering 30% of the system cost. With these 3 amazing incentives solar is a must have and be sure to act soon since these incentives will only dissapear with time and your electric bill will only go up. Even if you still aren't convinced a free estimate by entering your zip code below can be great to work out where you stand.

Even if you are not convinced about solar we recommend that at the very least you use the solar panel calculator to find out:

 

Estimate your solar savings

 

Solar power in New Jersey

The average cost of installing residential solar panels in Newark, New Jersey in 2018 is $3.66 per watt. The average system size in the US is 6 kilowatts, which means the average price of a solar system in Newark, NJ is $18,300. (before claiming 30% tax credit and other rebates)

What does the cost of a real solar system look like?

Facts about installing a 7.47kW solar system in Newark, NJ

This system would offset 100% of your energy usage if your typical monthly bill is $130, however your situation may vary so try our solar calculator to get a result tailored to you.

$18,302

Net cost of system
Cash - after 30% solar tax credit

5 Years 1 Month

Average payback time

8,571
kWh

Annual power production


/kWh

levilized cost of solar energy

32¢
/kWh

If you don't get solar
The forecast average utility price over the next 25 years

Cash flow graph based on cash purchase of this 7.47kW system

Life-time savings on this system over the next 25 years

$71,197

(Prices shown after repayments of capital)

 


 

Solar companies in Newark, NJ that provide pricing through the Solar-Estimate marketplace

46

 


Solar calculator and quote comparison tool

Average total cost of solar panel installation in New Jersey

System Size Cash purchase
After 30% solar tax credit
Financed purchase
After 30% solar tax credit
3kw $8,400 $9,072
4kw $10,892 $11,763
5kw $13,230 $14,288
6kw $15,372 $16,602
7kw $17,395 $18,787
8kw $19,264 $20,805
9kw $20,979 $22,657
10kw $22,540 $24,343

 

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Going solar in New Jersey

Check out all of the ways energy providers of New Jersey can help you be more energy efficient and save money.

The following programs are available:
Incentive Name Eligibility Type
Residential Renewable Energy Tax Credit Federal Personal Tax Credit
Solar Renewable Energy Certificates (SRECs) Registration Program State Solar Renewable Energy Credit Program
NJ Clean Energy- Residential New Construction Program State Rebate Program
Find your local rebates and incentives

Please keep in mind that the best source of up-to-date information on incentives are the solar installers who specialize in your area.