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How much do solar panels cost in Hoboken, NJ?

  • Cost: About $2,499 for a 1 kW system to $12,495 for a 5 kW system after tax credit.
  • Savings: 10 year payback; about $11,832 saved over 20 years.
  • Environmental benefits: Potential to reduce your carbon emissions significantly.

Installing a 5 kW solar panel system on your Hoboken home can cost about $12,495 after tax incentives. Solar panel systems are measured by kW production, and the average system costs about $3,570 per kW of installed capacity. Looked at another way, you'll pay about $3.57 per watt for installation.

That said, our data shows an a 5 kW system is the best size for Hoboken residents. This is because people in Hoboken consume 575 kWh per month of energy. The average electric bill is $101.36 per month with an average price of 17.64¢ per kWh. Considering this average, the right solar panel system has the potential to save you money in Hoboken.

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Are solar panels worth it in Hoboken?

Let's take a closer look at whether solar panels are worth it. To figure this out, you'll want to compare your estimated savings after solar to what you'd pay in energy without solar panels.

The payback period is the amount of time until you break even on your investment considering savings from energy bills. And the net 20-year savings is what you save over 20 years minus the upfront costs. Considering energy prices tend to rise over time, it's usually worth it to get solar panels if you can get a good installation price.

5 kWh System Hoboken Average U.S. Average
Upfront Cost $12,495 $12,530
Payback period 10 Years 7 Years
Net 20-year savings $11,832 $22,173
*These are estimates. Getting personalized quotes from local installers is crucial for accurate pricing.

What's the best solar system size in Hoboken, New Jersey?

To find out the right size of the solar system for your home, consider your energy usage, local sun hours, and available roof space. Here's what the average solar potential looks like in Hoboken:

  • Roof size: 572 sq. ft.
  • System capacity: Up to 9,467 kW DC
  • Electricity production: About 1,420 kWh AC per year

The goal with solar panels is to find the sweet spot where you generate the electricity you need and can save enough energy costs to recoup your investment in a reasonable time.

Below you can see power generation, cost, and savings of different system sizes.

1 kW System 2 kW System 3 kW System 4 kW System 5 kW System
Roof Space 72 ft² 143 ft² 215 ft² 286 ft² 358 ft²
Annual power value $250 $501 $751 $1,001 $1,216
Average cost $2,499 $4,998 $7,497 $9,996 $12,495
Average yearly production 1,420 kWh 2,839 kWh 4,259 kWh 5,678 kWh 7,098 kWh
Average monthly savings* $20.86 $41.73 $62.59 $83.45 $101.36
Full payback period 2 years 4 years 6 years 8 years 10 years
CO₂ reduction per year 0.37 tons 0.75 tons 1.12 tons 1.50 tons 1.82 tons
*Savings assume a $101.36 monthly electricity bill

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How to pay for solar panels in Hoboken, New Jersey

Purchasing solar panels is no small task. Here are a few ways you can pay for solar:

  • Cash purchase: This is the best choice if you can afford it. Paying in cash gives you the best long-term savings but requires a larger upfront investment, of course.
  • Solar loans: You can spread the cost over time with a loan, but be mindful of interest rates and loan terms.
  • Solar leases and PPAs: Power purchase agreements (PPA) and leases have lower upfront costs. However, you don't own the system, which means you save the least over time. There can also be complications if you want to sell your home.

What affects the cost of solar panels in Hoboken?

Several factors impact the final price of your solar installation:

  • System size: Larger systems cost more upfront but often yield greater long-term savings.
  • Panel type and efficiency: Monocrystalline panels are generally more efficient and expensive than polycrystalline or thin-film options.
  • Installation complexity: Roof type, shading, and site-specific challenges can increase installation costs. Permitting and inspection fees also factor in.
  • Additional considerations: Battery storage adds to the initial investment but provides backup power and greater energy independence. Labor and installation quality are also essential cost considerations.

How to save on Hoboken, NJ solar panel costs

Getting the most bang for your buck is essential when investing in solar. Here are some strategies to save money:

  • Maximize the federal tax credit: Understand the eligibility requirements and claim the full 30% credit.
  • Shop around for quotes: Get quotes from multiple installers to compare pricing and services. Don't just focus on the lowest price; consider reputation, experience, and warranty.
  • Consider system size: Be careful of going overboard. A properly sized system will meet your energy needs without unnecessary costs. Analyze your energy usage to determine the optimal size.
  • Explore financing options: Compare loan interest rates and terms carefully. If considering a lease or PPA, understand the long-term implications and potential trade-offs. Cash purchases often offer the best long-term savings.
  • Negotiate with installers: Don't be afraid to negotiate on price. Inquire about any discounts or promotions they may offer.
  • Optimize your home's energy efficiency: Before going solar, improve your home's energy efficiency. This will reduce your overall energy consumption and potentially allow you to install a smaller, less expensive solar system. Simple steps like sealing air leaks and upgrading appliances can make a difference.
  • DIY (if possible and permitted): While professional installation is generally recommended, some homeowners may be able to handle certain tasks themselves (like site preparation). Check your local regulations and be honest about your abilities.
  • Ask about rebates and incentives: Many states, cities, and utility companies offer rebates, net metering, and other incentives. Check with your local utility and city/county for any available programs.
  • Time your installation: Sometimes, installers offer discounts during slower periods. Inquiring about seasonal promotions might yield savings.

New Jersey-specific solar considerations

  • Weather Impacts: New Jersey benefits from a mix of sunny days and overcast weather, with the summer providing good solar production and the winter presenting some challenges due to shorter days and occasional snow. Overall, solar systems here can perform reliably with proper design.
  • Regulatory and Legal Considerations: Permitting in New Jersey is guided by clear state and local codes, but as always, it's important to check for any specific local or HOA rules that might affect your installation. This proactive approach will help keep your project running smoothly.

Get a custom solar quote in Hoboken

Solar panels are worth it for many homeowners considering energy costs tend to rise over time. Compare your ongoing energy costs to the cost of a solar panel system to see if it's worth it for your Hoboken home. We recommend getting a few quotes from different solar installers to find the best option.

Go Solar for less than your cell phone bill.

Solar panel pricing in cities near Hoboken, New Jersey

Compare solar panel prices wih neighboring cities.

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Who are the best solar installers in Hoboken, New Jersey?

FAQs about Hoboken, NJ solar panels

How much do solar panels cost in Hoboken, New Jersey?

Our data shows solar panels can range from $2,499 for a 1 kW system to $12,495 for an 5 kW system after tax credits. Total costs depend on the panel brand, type of inverter, installation company, and more.

How do I pay for solar panels?

The best ways to pay for solar panels include using cash or finding a loan with a good interest rate. We recommend avoiding power purchase agreements or solar panel lease programs since these reduce your savings significantly.

How much can I save with solar panels in Hoboken?

How much you save depends on your current energy costs, usage, and the size of the system you need. Our data shows the average 5 kW system in Hoboken saves owners $11,832 over a 20-year period.

Do solar panels work during a power outage?

Grid-tied solar panels typically shut off during a power outage to protect utility workers. If you want security for outages in Hoboken, you can get a battery storage system to have a backup power supply.