Solar Panel Cost Guide in Lambertville, MI (2023 Update)
- Lambertville Solar Installation Cost: $11,822
- 25-Year Savings: $19,900
- Payback Period: 9.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lambertville
Let's take a look at the average cost of solar in Lambertville.
The national average cost of solar panels is $2.66 per watt, but in Lambertville it's 2.81 per watt. Using this figure, a typical 6.0-kW system would cost about $11,822 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of making the switch to solar can vary based on a few factors, such as what size system you need, your energy consumption and what solar installer you go with. With average savings of about $20,000 on energy bills over 20 years, many homeowners in Lambertville find going solar can be quite rewarding.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Lambertville
| Year | Return on Investment |
|---|---|
| 1 years | $-10,553 |
| 3 years | $-8,015 |
| 5 years | $-5,477 |
| 7 years | $-2,940 |
| 9 years | $-402 |
| 11 years | $2,136 |
| 13 years | $4,673 |
| 15 years | $7,211 |
| 17 years | $9,749 |
| 19 years | $12,286 |
| 21 years | $14,824 |
| 23 years | $17,362 |
| 25 years | $19,900 |
Top Solar Installers in Lambertville
When making the switch to solar, many homeowners decide to go with a solar installer since installing solar panels yourself can be a time-consuming project. The expertise that solar companies provide can be valuable as well, particularly if you don't quite know what kind of solar equipment would be right for your home.
If you're on the hunt for a solar company in Lambertville, we've organized a list of our top suggestions here:
Solar Veteran
Michigan Solar Solutions
- Great warranty coverage
- Outstanding customer service
- Offers products from leading manufacturers
- Slightly limited service offerings
- No leases or PPAs
Outstanding Local Installer
Strawberry Solar
- Outstanding customer service
- Representatives are experts on local policies
- Educational, no-pressure sales approach
- Limited warranty coverage
- No leases or PPAs
- Limited brands of solar equipment available
See all of the solar companies in Lambertville
Factors that Affect Solar Panel Costs in Lambertville
There are many factors that can determine your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That's why it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. The type of solar panels and equipment you get is another factor that will significantly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Lambertville to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in higher prices over time because of interest. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The remaining key cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Lambertville, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Lambertville are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.92 | $12,274 | $19,412 | 9.7 years |
| 8 kW | $2.87 | $16,051 | $26,198 | 9.5 years |
| 10 kW | $2.81 | $19,670 | $33,140 | 9.3 years |
| 12 kW | $2.75 | $23,132 | $40,241 | 9.1 years |
| 14 kW | $2.70 | $26,436 | $47,498 | 8.9 years |
| 16 kW | $2.64 | $29,584 | $54,913 | 8.8 years |
| 18 kW | $2.59 | $32,574 | $62,485 | 8.6 years |
| 20 kW | $2.53 | $35,406 | $70,215 | 8.4 years |
How to Save on Solar Panels
There are numerous companies available in Lambertville, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: Warranties that provide coverage for defective panels and repairs over around 25 years are the gold standard in the business, and offering such a warranty is one sign of a good company.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Solar Panel Brands: The model of solar panel you'd like to install plays a part in which company you should choose, since different companies have access to different panels.
- Contract: Before you sign a contract with a solar company, be sure to read it through fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
Solar Veteran
Michigan Solar Solutions
- Great warranty coverage
- Outstanding customer service
- Offers products from leading manufacturers
- Slightly limited service offerings
- No leases or PPAs
Outstanding Local Installer
Strawberry Solar
- Outstanding customer service
- Representatives are experts on local policies
- Educational, no-pressure sales approach
- Limited warranty coverage
- No leases or PPAs
- Limited brands of solar equipment available
EcoWatch's Lambertville, MI Solar Cost FAQs
What is the average cost of installing solar panels in Lambertville?
The average cost of solar panels in Lambertville is about $14,050 for a 5-kW system and $28,100 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Lambertville?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Do solar panels increase the value of your home?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.