Solar Panel Cost Guide in Lakewood, NJ (2024 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 June 24, 2024

Why you can trust EcoWatch

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.The average solar panel system size in Lakewood is around 4.4 kilowatts, meaning a cost of about $10,964 for a solar installation, or $15,679 before the 0 federal solar tax credit is applied.

These figures are just estimates, and your own solar costs may look different based on your energy needs and what company you want to go with.Many homeowners find installing solar panels is a rewarding investment. The average homeowner in Lakewood can save around $14,000 on their electricity bills over 20 years.

To see your potential savings and connect with a local solar installer, click the button below.

Solar savings over time in Lakewood

YearReturn 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

Although you can install solar panels on your own, it takes extra energy and handiness. That's why most homeowners choose a solar panel installer. Some solar companies, particularly local ones, can help you take advantage of incentives in Lakewood, therefore optimizing your ROI.

If you’d like to make the switch to solar but still aren’t certain which solar panel installer to go with, here are our recommendations for providers 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

Solar Veteran

Trinity Solar

★★★★★
4.0
  • Many financing options
  • Family-owned and -operated
  • Makes charitable contributions
  • Limited service area
  • Relatively short workmanship warranty

See all of the solar companies in Lakewood

Factors that Affect Solar Panel Costs in Lakewood

For many Lakewood homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Lakewood, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you’ll pay, which we'll go over below.

Solar Equipment

System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. Because of that, it’s crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs.The type 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. However, higher efficiency could save you more in the long run on your electric bills. In addition, extra products, such as solar batteries, can bring your total well above the Lakewood average.

Solar Financing Terms

Most solar companies in Lakewood offer solar loans, which reduce your upfront costs of installing solar.It’s a good idea to include the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it’ll take to pay off the loan.

Solar Panel Installation Company

The solar company you hire to handle your switch to solar energy can play a role in your total costs. There are about 3 solar panel companies operating throughout Lakewood, and each can charge different amounts for labor and equipment.Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.

Solar Panel Cost Data by System Size

System sizeCost per system wattSolar system cost25-Year savingsPayback period
6 kW$3.67$15,419$6,46417.6 years
8 kW$3.60$20,163$9,01417.3 years
10 kW$3.53$24,710$11,76216.9 years
12 kW$3.46$29,059$14,70816.6 years
14 kW$3.39$33,210$17,85116.3 years
16 kW$3.32$37,164$21,19215.9 years
18 kW$3.25$40,920$24,73015.6 years
20 kW$3.18$44,478$28,46615.2 years

How to Save on Solar Panels

There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:

  • Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you choose.
  • Contract: When reading through your solar installer’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
  • Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running for years to come and save you money on part replacement and repairs.
  • Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business 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

Solar Veteran

Trinity Solar

★★★★★
4.0
  • Many financing options
  • Family-owned and -operated
  • Makes charitable contributions
  • Limited service area
  • Relatively short workmanship warranty

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 $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 things such as the type of solar panels you want, what size system you need and how much energy you consume.

Can you get solar panels for free in Lakewood?

Solar panels aren’t free in Lakewood, 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 further reduce the cost.

Does Lakewood have a net metering program?

Each state has some form 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 energy bills.

How long do solar panels last in Lakewood?

Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use them at a lower efficiency.

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.