How much does a 5 kilowatt solar system cost in New Jersey?

You'll pay an average of $13,059 to install a 5 kilowatt solar panel system in New Jersey, before incentives. The federal investment tax credit (ITC) lowers that price by 30% of all your solar equipment and installation costs. Why trust EnergySage? As subject matter experts, we provide only objective information.

How much do solar panels cost in New Jersey?

As of November 2024, the average solar panel system costs $2.61/W including installation in New Jersey. For a 5 kW installation, this comes out to about $13,059 before incentives, though prices range from $11,100 to $15,018. After the federal tax credit, the average price drops by 30%. You'll probably pay even less than what we show here.

How much does a 15 kW solar system cost?

Given that the average cost of solar in the U.S. is $2.75 per watt, a 15-kilowatt system will cost about $41,250, with the 30% federal solar tax credit reducing the cost to around $28,875. How much does a 15 kW solar system cost in your state?

How much does a solar system cost?

This is higher than the average price of residential solar power systems across the United States, which is currently $3.03 per watt. The size of a solar panel system also plays a role in how much the installation will cost. Larger solar installations typically have a lower cost per watt because the panels can be purchased at a ‘bulk price.’

How much does a solar system cost in Newark?

Factoring in the solar tax credit and 15 years of SuSI incentives (worth $935 per year), the net cost of a 9.3 kW system drops to just under $7,000 while the expected cost of grid electricity in the Newark-Jersey City metro area is over $90,000.

Does New Jersey need a solar system?

New Jersey has slightly lower solar potential than states like Arizona or California. Therefore, homes may need a larger system, which costs more. Available solar incentives: Solar incentives can slash the price of a solar system by a significant margin.