Solar Panel Cost Guide in Lacey, NJ (Sep 2022)

  • Lacey Solar Installation Cost: $8,609
  • 25-Year Savings: $8,890
  • Payback Period: 12.3 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Lacey

Find out what the average cost of solar panels are in Lacey.

In Lacey, solar panels cost about $3 per watt on average. The average solar panel system size in Lacey is around 4.4 kilowatts, meaning a cost of about $8,609 for a solar installation, or $6,371 after the 30% federal solar tax credit is applied.

These figures are only averages, and your own solar costs will vary based on your specific situation and what company you go with. For most homeowners, the upfront cost of solar power is worth paying. On average Lacey homeowners see about $15,000 in savings on electricity bills over 20 years.

To see your potential ROI and connect with a local solar company, 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

DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Hiring an installer can make your switch to solar power much easier. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.

If you're on the hunt for a solar company in Lacey, the EcoWatch team has organized a list of our top suggestions here:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

See all of the solar companies in Lacey

Factors that Affect Solar Panel Costs in Lacey

Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that will push your cost above or below the average in Lacey: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.

Solar Equipment Size

One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend around $2,770 per kilowatt in Lacey. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price 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 will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra 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 out of reach, solar loans are a popular option because they reduce your upfront costs and let you pay for your system over five to seven years on average. Although solar loans make adopting solar energy more accessible for Lacey homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.

Solar Panel Installation Company

The last major cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Lacey, you'll have many options to choose from, but each comes at various price points for labor and equipment. The company's size can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to greater 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 down 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

Solar Incentives in Lacey

Name NJ Clean Energy- Residential New Construction Program
Incentive Amount Incentives depend on the HERS score and the classification
Single family homes: Ranges from $1,125 to - 24,250
Multi-single homes: Ranges from $1,125 to $18,188
Multifamily homes: Ranges from $625-$12,125
Incentive Max Multifamily: up to $12,125
Individual homes: up to $24,250
Website Visit here
More Info Click here

Name Property Tax Exemption for Renewable Energy Systems
Incentive Amount 100% of value added by renewable system
More Info Click here

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Solar Renewable Energy Certificates (SRECs) Registration Program
Incentive Amount Determined by the market.
In June 2016, SREC traded at an average price of $229.90.
Incentive Max Maximum price set by the SACP for the particular year.
Website Visit here
More Info Click here

Name Successor Solar Incentive (SuSI) Program
Incentive Amount Net-Metered Residential: $90/SREC-II

Small Net-Metered Non-Residential located on Rooftop, Carport, Canopy and Floating Solar
Projects smaller than 1 MW (dc): $100/SREC-II, $120 for public entities
Projects 1 MW to 5 MW (dc): $90/SREC-II, $110 for public entities

Net Metered Non-Residential Ground Mount
Projects smaller than 1 MW (dc): $85/SREC-II, $105 for public entities
Projects 1 MW to 5 MW (dc): $80/SREC-II, $100 for public entities

Community Solar LMI: $90/SREC-II
Community Solar Non-LMI: $70/SREC-II
Incentive Max MW-DC Capacity Blocks
Net Metered Residential: 150 MW
Net Metered Non-Residential: 150 MW
Community Solar (LMI and Non-LMI): 150 MW
Website Visit here
More Info Click here

Name Solar Energy Sales Tax Exemption
Incentive Amount 100% exemption
Incentive Max None
More Info Click here

How to Save on Solar Panels

The solar company you choose will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should keep in mind, such as:

  • Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should secure and how long the project will take.
  • Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
  • Warranty: If you're concerned about the endurance of your solar panel system, making sure your installer offers a 25-year, all-inclusive warranty can help put you at ease.
  • Contract: When looking over your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

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 stuff such as the model of solar panels you want, what size system you need and how much energy you use.

Is it better to lease or buy solar panels in Lacey?

Leasing solar panels can be an attractive choice, because it commonly comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.

How much can I save on power bills after installing solar panels?

It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Lacey, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.

How many solar panels do I need to power 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.

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