Is $40,560 to install a solar system with battery storage a fair price?
Project Details
I'm seeking opinions on this solar and battery quote, specifically regarding the financing APR, battery cost, and price per watt for the solar portion before incentives. I'm also considering if it would be more sensible to install the battery at a later date. The total gross cost for the combined solar and battery system is $40,560, and I wanted to highlight that the battery component alone accounts for $20,995 of this.
Quote Details
This quote is for the installation of a solar energy system combined with battery storage, including financing options and details on potential incentives. - Solar Panels: 14 x SEG-430-BTD-BG (430W each, SEG Solar Inc.) - Inverters: 14 x Enphase IQ8MC-72-M-US - System Size: 6.02 kW - Estimated Annual Production: 7,738 kWh (103% of annual usage target) - Battery Storage Model: Enphase IQ Battery 10C - Battery Capacity: 10 kWh - Battery Power Output: 7.08 kW - Estimated Annual Savings: $2,026.55 - Estimated Payback Period (Cash): ~9.48 years - Financing Option: Sungage Loan - Financing APR: 8.49% - Financing Term: 20 years - Estimated Monthly Payment: $260.62 - Total System Price Financed: $40,560 - Federal ITC (30%): -$12,168 - NJ SuSI (SREC-II @ $0.09/kWh): -$9,561.21 (over time) - Net Cost (after incentives): $18,830.79
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More Details
Category
Solar
Price
$40,560
Quote Date
August 20, 2025
Location
New Jersey
Battery Storage?
No
# of Panels
14
System Size (kW)
6.02
Warranty (yrs)
0
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