How Much Does Solar Cost?

How Much Do Solar Panels Cost

The cost of solar panels depends on a few factors:

  • The state you live in.
  • How much electricity your system will produce.
  • What finance options for which you qualify.

Trinity Vice President, Bill Granger, explains the economics behind the cost of solar power installation for your home.

The table below provides an illustration of the costs of purchasing a system outright in New Jersey, along with applicable incentives one would receive with the activation of an SREC-producing system.

System Size 6 kW
System Production, kilowatt-hours 6,900 kWhrs
Annual Electric Savings
($0.18/kw electric rate)
$1,242
Annual SREC Income
(conservative $125/SREC)
$863
Total Annual Income $2,105
Cost of system $21,000
Less 30% Federal Tax Credit $6,300
Cost after tax credit $14,700
Return on Investment 14.3%