Is $29,256 to install a solar panel system a fair price?
Project Details
I'm considering going solar and I'm looking for some guidance. I've used approximately 11,400 kWh over the past 12 months. Apparently, PSE&G has a hard limit of 100% offset. I plan on prepaying the loan.
Quote Details
This quote is for the installation of a solar panel system. - System Size: 11.04 kW - Solar Panels: 24 REC 460w panels - Microinverters: Enphase IQ8X - Estimated Annual Production: 11,183 kWh (98% offset from PSEG) - Warranties: - Roof Penetrations: 25 years - Workmanship: 25 years - Labor for Solar Part Replacement: 25 years - REC 460w Solar Panels: 25 years - Enphase IQ8X Microinverters: 25 Years - Money-back Production Guarantee: 25 years - Financing Details: - Climate First Loan Origination Charge: $1,125 - Total Loan Amount: $30,381 (with $0 down payment) - Estimated Monthly Payments: $216.62 (7.50%, 360 months), $244.49 (7.24%, 240 months), $359.00 (6.99%, 120 months) - No prepayment penalties; tax credit amount can be applied to re-amortize the loan. - Estimated Incentives: - Federal Tax Credit: -$9,114 - NJ SREC II: -$14,258 (paid over 180 months) - Estimated Net System Cost after incentives: $7,009 (before interest) - Simple Estimated Payback: 2.42 years (based on $2,896/year savings from 11,183 kWh production at $0.259/kWh PSEG rate effective 6/1/25).
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More Details
Category
Solar
Price
$29,256
Quote Date
June 20, 2025
Location
New Jersey
Battery Storage?
No
# of Panels
24
System Size (kW)
11.04
Warranty (yrs)
25
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