Solar Panel Cost Guide in Lakewood, NJ (2023 Update)

  • Lakewood Solar Installation Cost: $10,964
  • 25-Year Savings: $7,580
  • Payback Period: 16.9 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Lakewood

We break down average solar pricing in Lakewood.

In Lakewood, solar panels cost about 4 per watt on average.To account for the typical energy needs of the average home in Lakewood, most homeowners require a 4.4-kilowatt system. Using the per-watt figure above, a solar installation costs about $10,964, or $15,679 before the federal solar tax credit of 0 is applied.

These figures are just estimates, and your own solar costs will most likely vary based on your specific situation and what company you choose to go with.With average savings of about $14,000 on power bills over 20 years, many homeowners in Lakewood find going solar has a decent ROI.

To get a free estimate from a pre-vetted solar installer in Lakewood, you can click the button below.

Solar savings over time in Lakewood

Year Return on Investment
1 years $-9,905
3 years $-7,787
5 years $-5,668
7 years $-3,550
9 years $-1,432
11 years $687
13 years $2,805
15 years $4,923
17 years $7,042
19 years $9,160
21 years $11,279
23 years $13,397
25 years $15,515

Top Solar Installers in Lakewood

When switching to solar energy, many homeowners decide to use a solar company since putting up a solar system yourself can be a difficult project. Local solar installation companies can also help you optimize your return on investment by assisting with any local incentives and by providing warranties and repairs.

You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some near you:

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 for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

See all of the solar companies in Lakewood

Factors that Affect Solar Panel Costs in Lakewood

There are several criteria that can determine 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

System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That’s why it’s a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.The kind of solar panels and equipment you choose is another factor that will considerably impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions 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 looking for a solar system that falls within your budget.

Solar Financing Terms

Solar panels can save you money on power bills over time, but they can also be a significant investment. That’s why many Lakewood homeowners choose to finance their solar panel systems to make paying for solar more affordable.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 can only 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 securing a solar loan with a low APR could reduce your costs significantly.

Solar Panel Installation Company

The solar installation company you select will influence your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor.The size of the company sometimes plays the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to greater resources and better 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 $3.67 $15,419 $6,464 17.6 years
8 kW $3.60 $20,163 $9,014 17.3 years
10 kW $3.53 $24,710 $11,762 16.9 years
12 kW $3.46 $29,059 $14,708 16.6 years
14 kW $3.39 $33,210 $17,851 16.3 years
16 kW $3.32 $37,164 $21,192 15.9 years
18 kW $3.25 $40,920 $24,730 15.6 years
20 kW $3.18 $44,478 $28,466 15.2 years

How to Save on Solar Panels

There are many companies available in Lakewood, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:

  • Solar Panel Brands: The type of solar panel you’d like plays a role in which installer you should go with, since different companies have access to different panels.
  • Contract: It’s important to look over your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about your solar system’s energy production.
  • Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
  • Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.

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 for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

EcoWatch's Lakewood, NJ Solar Cost FAQs

How much does it cost to install solar panels in Lakewood?

The average cost of solar panels in Lakewood is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you use.

Are solar panels free in Lakewood?

You can’t get solar panels for free in Lakewood. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.

Does Lakewood have a net metering program?

Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future electricity bills.

How long do solar panels last in Lakewood?

On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.

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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