Is $32,000 to install a 16 kWh solar panel system a fair price?
Project Details
I am considering a solar project with Infinity Energy in northern NJ. My roof was replaced last year. I plan to be in this house for another 5 to 7 years. The quirk is that I am not the owner of the house, but it is our primary residence, a family house. I am unsure if I would still get the federal tax credit, which is the only way this project is worth it for me. I plan on paying off the loan in 6 years or less, ideally, since there's no prepayment penalty. The loan itself has a high APR and a 25-year term, which feels insane to me. I'm wondering if others in NJ are happy with their systems, have gotten regular SRECs, and how the experience of selling them has been. From my calculations, the expected cash flow from SRECs is around $1500-$1600 per year, which I don't think would substantially help pay for the solar panels themselves.
Quote Details
This quote is for the installation of a solar panel system. - System Size: 16 kWh - Number of Panels: Approximately 30 - Usage Coverage: Projected to cover 110% of current usage - Gross Cost: $47,000 - Cost with Federal Tax Credit: $32,000 - Financing Partner: Sungage - Financing APR: 7.9% - Financing Term: 25 years (no prepayment penalty) - Guarantees: Production, roof, and panels for the term of the loan - Estimated SREC Cash Flow: $1,500 - $1,600 per year
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More Details
Category
Solar
Price
$32,000
Quote Date
October 2, 2025
Location
New Jersey
Battery Storage?
No
# of Panels
30
System Size (kW)
16
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