Solar Panel Cost Guide in Lacey, NJ (2023 Update)
- Lacey Solar Installation Cost: $8,604
- 25-Year Savings: $8,895
- Payback Period: 12.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lacey
Find out what the average cost of solar panel installation is in Lacey.
The average cost of a solar system in Lacey is 2.77 per watt. Because a 4.4-kW system is needed to cover the energy usage of a typical home in Lacey, the average price of going solar will be about $8,609 after claiming the federal solar tax credit of 30%.
The actual price you pay can be higher or lower than the average in Lacey based on a few factors, such as the kind of solar panels you choose and the solar installer you hire. For many homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $15,000 in savings on electricity bills over 20 years.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Lacey
| Year | Return on Investment |
|---|---|
| 1 years | $-8,546 |
| 3 years | $-8,429 |
| 5 years | $-8,312 |
| 7 years | $-8,196 |
| 9 years | $-8,079 |
| 11 years | $-7,962 |
| 13 years | $-7,846 |
| 15 years | $-7,729 |
| 17 years | $-7,612 |
| 19 years | $-7,496 |
| 21 years | $-7,379 |
| 23 years | $-7,262 |
| 25 years | $-7,146 |
Top Solar Installers in Lacey
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Going with an installer can make your switch to solar power much easier. Plus, if you aren't sure what brand of solar panels and equipment you may need, a solar installer can help you find the right equipment for you after a site survey and consultation.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Lacey
Factors that Affect Solar Panel Costs in Lacey
There are several factors that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
When it comes to estimating the price of solar panels in Lacey, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can gauge by looking at past power bills. Your overall cost can increase by around $2,770 for each additional kilowatt you need. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Lacey, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are an affordable choice because they cut back your upfront costs and let you pay for your system over five to seven years on average. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
Finally, the company you hire to install your solar panels can influence how much it costs. Lacey's solar companies all have different labor costs and add varying upcharges to equipment. The company's size can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.88 | $12,099 | $11,563 | 12.8 years |
| 8 kW | $2.83 | $15,822 | $15,727 | 12.5 years |
| 10 kW | $2.77 | $19,390 | $20,047 | 12.3 years |
| 12 kW | $2.71 | $22,803 | $24,521 | 12.0 years |
| 14 kW | $2.66 | $26,060 | $29,151 | 11.8 years |
| 16 kW | $2.60 | $29,163 | $33,936 | 11.6 years |
| 18 kW | $2.55 | $32,110 | $38,876 | 11.3 years |
| 20 kW | $2.49 | $34,902 | $43,971 | 11.1 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose greatly impacts your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: The brand of solar panel you'd like to install plays a part in which company you should go with, since different companies have access to different panels.
- Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should acquire and what the project timeline is.
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Lacey, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Lacey?
The average cost of solar panels in Lacey is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Lacey?
Solar panels aren't free in Lacey, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Is switching to solar power worth it?
Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.