Solar Panel Cost Guide in Lakewood, NJ (2023 Update)
- Lakewood Solar Installation Cost: $8,609
- 25-Year Savings: $7,575
- Payback Period: 13.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lakewood
We go over average solar pricing in Lakewood.
The national average cost of solar panels is $2.66 per watt, but in Lakewood it's 2.77 per watt. The average solar panel system size in Lakewood is around 4.4 kilowatts, meaning a cost of about $8,609 for a solar installation, or $12,311 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of making the switch to solar can vary depending on multiple factors, such as what size system you need, your energy consumption and what solar installer you go with. With typical savings of about $14,000 on power bills over 20 years, many homeowners in Lakewood find investing in solar can be quite rewarding.
You can click the button below to get connected with a top solar company in Lakewood that can help you get a more accurate cost estimate for your home.
Solar savings over time in Lakewood
| Year | Return on Investment |
|---|---|
| 1 years | $-7,962 |
| 3 years | $-6,667 |
| 5 years | $-5,372 |
| 7 years | $-4,078 |
| 9 years | $-2,783 |
| 11 years | $-1,488 |
| 13 years | $-194 |
| 15 years | $1,101 |
| 17 years | $2,396 |
| 19 years | $3,690 |
| 21 years | $4,985 |
| 23 years | $6,280 |
| 25 years | $7,575 |
Top Solar Installers in Lakewood
When making the switch to solar, many homeowners choose to go with a solar company since overseeing your solar installation yourself can be a difficult project. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some near you:
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 Lakewood
Factors that Affect Solar Panel Costs in Lakewood
The cost of installing a solar system in Lakewood can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,770. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your energy bills. In addition, add-on products, like solar batteries, can bring your total well above the Lakewood average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are offered by most installers in Lakewood, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of loans, including the amount of 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 more than the principal cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
Finally, the company you choose to install your solar panels can influence how much you pay. Lakewood's solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and decide on the company that has the products, warranties and services you're looking for and also fit into 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 | $9,784 | 13.8 years |
| 8 kW | $2.83 | $15,822 | $13,355 | 13.6 years |
| 10 kW | $2.77 | $19,390 | $17,082 | 13.3 years |
| 12 kW | $2.71 | $22,803 | $20,964 | 13.0 years |
| 14 kW | $2.66 | $26,060 | $25,001 | 12.8 years |
| 16 kW | $2.60 | $29,163 | $29,193 | 12.5 years |
| 18 kW | $2.55 | $32,110 | $33,540 | 12.2 years |
| 20 kW | $2.49 | $34,902 | $38,042 | 12.0 years |
How to Save on Solar Panels
There are many companies available in Lakewood, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Contract: Before signing a contract with a solar installer, make sure you look it over completely so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Solar Panel Brands: Different companies will have various brands and kinds of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
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 Lakewood, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Lakewood?
The average cost of solar panels in Lakewood 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 certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Lakewood?
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 give you credit toward your future electricity bills.
How many solar panels should I get to power my home?
To figure out what solar panel system size 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 usually 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.