At Sea Bright Star, we often get the question of how much would it cost to “go solar” and generate one’s own energy. If you are wondering how much it costs to get solar panels installed on your home, we have the information you will need.
The majority of the price is the soft costs, including installation and permitting, rather than the actual costs of the solar panel. In the latest US Solar Market Insight report, costs have been decreasing and are currently $3.88/W (as of June, 2016), but can go upwards of $8.00/W.
The cost will, however, greatly depend on several factors including:
- Current electricity rates
- The size of your home
- Your electricity needs
Federal / State Incentives for Going Solar
Many states offer incentive programs for installing solar panels on your home and using them as your energy source. There is an aggressive push to get individuals to go solar in New Jersey. By the year 2021, the state is requiring NJ utility companies to get 22.5% of their electricity from a renewable source and has therefore offered a generous rebate.
The state offers Solar Renewable Energy Certificates (SRECS) as an incentive. The prices depend on market availability as well as costs for Solar Alternative Compliance Payment (SACP) and Renewable Portfolio Standard (RPS).
When you run solar as a homeowner, you can get 30% off the cost of solar as a federal energy tax credit called the Investment Tax Credit (ITC).
At Sea Bright Solar, we offer a New Jersey solar panel installation warranties. The panels we install include industry-leading warranties so there is no need to worry about costs to keep them operating.
Here is a list of our warranties:
- Panels: 24-year tiered manufacturer’s warranty
- Solar Racks: 10-year manufacturer’s warranty
- Inventers: 10-year manufacturer’s warranty
- Installation: 10-year Sea Bright Solar warranty
If anything happens to go wrong with any component covered under the warranty, our team will take all necessary steps to bring it back to normal working order.
Financing Options Available Through Sea Bright Star
We are able to offer financing options through SunPower Lease. If you are a homeowner or business owner who is thinking about going solar but are unsure about how to finance the project, one of our financing options may be right for you.
Our financing options include:
- Zero-down options with full or partial payment plans
- Flexible end-of-lease options to buy or remove the system, or renew your lease
- Personalized monthly payment plans