Solar Panel Cost Guide in Lacey, NJ (2023 Update)
- Lacey Solar Installation Cost: $8,609
- 25-Year Savings: $8,890
- Payback Period: 12.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lacey
Find out what the average cost of solar panels are in Lacey.
The average cost of a solar panel system in Lacey is 2.77 per watt. To account for the typical energy needs of the average home in Lacey, most homeowners require a 4.4-kilowatt system. Using the per-watt figure above, a solar installation costs about $8,609, or $12,311 before the federal solar tax credit of 30% is applied.
Bear in mind that the figures above are only estimates based on the average Lacey homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. But, after you've paid the initial cost of installation, the savings for most homeowners is typically rewarding, with a net average savings of about $15,000 over 20 years on energy bills.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Lacey
| Year | Return on Investment |
|---|---|
| 1 years | $-7,909 |
| 3 years | $-6,509 |
| 5 years | $-5,109 |
| 7 years | $-3,709 |
| 9 years | $-2,309 |
| 11 years | $-909 |
| 13 years | $490 |
| 15 years | $1,890 |
| 17 years | $3,290 |
| 19 years | $4,690 |
| 21 years | $6,090 |
| 23 years | $7,490 |
| 25 years | $8,890 |
Top Solar Installers in Lacey
Putting up solar panels yourself can be a time-consuming task, which is why using a solar installation company is a good option for many homeowners. Companies can also have access to a large variety of the best solar panels and help you decide which one will be right for your home.
Working with a professional solar company can help you make the most of your investment in solar. Here are our recommendations:
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 solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
When it comes to estimating the cost of a solar system in Lacey, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can determine by looking at past electricity bills. Your total cost can increase by around $2,770 for each additional kilowatt you need. The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a solid choice because they cut back your upfront costs and allow you to pay for your system over five to seven years on average. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The last major cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Lacey, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and choose a company that has the products, warranties and services you're looking for and also is within your budget.
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 installation company you choose has an impact on your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Installation Process: When making the switch to solar power, it's necessary to maintain an open line of communication with your solar panel company. Make sure you understand how the installation process works and the project completion timeline.
- Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Solar Panel Brands: The brand of solar panel you need to get plays a role in which company you should choose, since different companies offer different panels.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can check your installer's reputation is by reading reviews.
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
How much does it cost to install 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 real cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Lacey?
You can't get solar panels for free in Lacey. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know how much energy your home needs 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 home 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.