The cost of solar panels in Franklin Lakes, NJ (2024)

Updated Dec 3, 2024

  • You'll pay an average of $13,419 to install a 5 kilowatt solar panel system in Franklin Lakes, NJ, before incentives.

  • The federal investment tax credit (ITC) lowers that price by 30% of all your solar equipment and installation costs.

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Written by: Emily Walker

As of December 2024, the average solar panel system costs $2.68/W including installation in Franklin Lakes, NJ. For a 5 kW installation, this comes out to about $13,419 before incentives, though prices range from $11,406 to $15,432. After the federal tax credit, the average price drops by 30%.

Average price of a 5 kW solar panel installation in Franklin Lakes, NJ

Good Price
$11,406 or less
Market Average
$13,419
High Price
$15,432 or more

You'll probably pay even less than what we show here. It doesn't include the federal ITC or Franklin Lakes, NJ state incentives, which will lower this price by at least a few thousand dollars.

Your solar panel cost depends on your system's size

It may seem obvious but larger solar panel systems cost more money. We use cost per watt ($/W) so you can easily compare quotes, controlling for slight variations in system size.

While a 5 kW system will only cost you $13,419 in Franklin Lakes, NJ, doubling the system size effectively doubles the price, so you'll pay about twice that for a 10 kW system. The higher the price tag, though, the more you'll get back as a credit towards your federal tax bill.

Average solar cost by system size in Franklin Lakes, NJ

System Size
System Cost
System Cost (after ITC)
3 kW$8,051$5,636
4 kW$10,735$7,514
5 kW$13,419$9,393
6 kW$16,102$11,272
7 kW$18,786$13,150
8 kW$21,470$15,029
9 kW$24,154$16,908
10 kW$26,838$18,786

Are solar panels worth it in Franklin Lakes, NJ?

Solar panels are worth it in most areas, including Franklin Lakes, NJ. Certain factors, including the cost of electricity, incentives, climate, and the angle at which the sun hits your roof impact how quickly you break even on your investment relative to other areas around the U.S. 

If you pay for your system with cash, you'll save about $76,635 over 25 years (the warranty term of most solar panels) on electricity costs with a 5 kW system in Franklin Lakes, NJ. We generate this estimate based on real solar quote data from our Marketplace. It considers your system's cost, the federal tax credit, and inflation rates.

Payback Period
6.19 Years
25-Year Savings
$76,635
Cost-per-Watt
$2.68

If you can't shell out $13,419 in cash to pay for solar, don't sweat it. You can choose to finance your system with a loan instead. Some companies even offer $0-down loans so you can start saving on day one if your loan payments are less than your current electric bills. Just keep in mind that your long-term savings will be lower with a loan due to interest rates.

Find out what solar panels cost in your area in 2024
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The numbers we're showing are averages. The price you'll pay for solar depends on many factors unique to you and your home:

If you're looking for solar companies in NJ, here are some popular suggestions:

  • Green Power Energy
    Annandale, NJ
    Established 2009
    Elite+ Installer
    Green Power Energy offers a variety of flexible financing options to ensure that the solar program you choose is ...
    Elite+ Installer
    Screened & Verified

    Green Power Energy offers a variety of flexible financing options to ensure that the solar program you choose is ...
  • NuWatt Energy
    Marlton, NJ
    Established 2010
    Elite+ Installer
    At NuWatt Energy, we strive to empower our clients by offering genuine energy independence and enhanced efficienc...
    Elite+ Installer
    Screened & Verified

    At NuWatt Energy, we strive to empower our clients by offering genuine energy independence and enhanced efficienc...
  • Infinity Energy (Infinity Solar Systems LLC)
    Mahwah, NJ
    Established 2008
    Elite+ Installer
    Infinity offers the highest quality of products at the most aggressive prices. With in house roofing, siding, and...
    Elite+ Installer
    Screened & Verified
    4.5 /5.0
    42 Reviews

    Infinity offers the highest quality of products at the most aggressive prices. With in house roofing, siding, and...
  • Green House Solar
    Madison, NJ
    Established 2011
    Advanced Installer
    Discover the best in solar energy with Green House Solar! We provide custom-designed systems tailored to your nee...
    Advanced Installer
    Screened & Verified
    5.0 /5.0
    28 Reviews

    Discover the best in solar energy with Green House Solar! We provide custom-designed systems tailored to your nee...
  • Palmetto Solar
    Multi-state
    Established 2009
    Approved Installer
    Palmetto is leading the world into a clean energy future by making it easy for homeowners across the United State...
    Approved Installer
    Screened & Verified
    4.5 /5.0
    96 Reviews

    Palmetto is leading the world into a clean energy future by making it easy for homeowners across the United State...

Solar is a major purchase, but you can get the price tag to come down a bit by being an educated shopper. Taking advantage of incentives and rebates and shopping around for quotes can bring down your cost of solar in Franklin Lakes, NJ.

Take advantage of federal and local solar incentives

As long as your federal tax bill is high enough, you can take advantage of the federal tax credit in Franklin Lakes, NJ. This incentive allows you to apply 30% of your solar installation and equipment costs toward your federal tax bill. If the amount exceeds your tax bill, you can roll over the remaining credit to the following year. Many states also offer great local incentives and rebates.

Get quotes from multiple installers

Comparing multiple solar quotes can save you money through competition and transparency. Each additional quote you receive for solar will help you find the right solar panel system at the right price.

This is where EnergySage can help. With funding from the Department of Energy’s SunShot Prize, EnergySage opened the country’s first (and now the largest) marketplace for home solar panel installations. We gather custom solar quotes from local installers on your behalf and put them in an easy-to-compare format. When you compare quotes for solar panels on the EnergySage Marketplace, you can expect to see prices up to 20% lower than if you work with a single solar company.

Why shop with EnergySage?

Save time & money

Request free quotes from vetted installers in minutes

Unbiased support

Our expert Energy Advisors will help you make the right decision

Trusted, local installers

We pre-screen and monitor all of our partners

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