Solar Panel Cost Guide in Lakewood, NJ (Aug 2022)

  • Lakewood Solar Installation Cost: $9,101
  • 25-Year Savings: $7,083
  • Payback Period: 14.1 Years

See cost of a solar system near you:

GET QUOTES
EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 7/19/2022

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

Find out how much it might cost to install solar panels in Lakewood.

In Lakewood, solar panels cost about $3 per watt on average. Using this figure, a typical 4.4 would cost about $9,101 before the federal solar tax credit is applied.

Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy needs, the type of solar panels you want, your solar contractor and more. For many homeowners, the upfront cost of solar panels is worth paying. On average Lakewood homeowners see about $14,000 in savings on electricity bills over 20 years.

You can click the button below to get connected with a pre-vetted solar installer 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 $-8,454
3 years $-7,159
5 years $-5,864
7 years $-4,570
9 years $-3,275
11 years $-1,980
13 years $-686
15 years $609
17 years $1,904
19 years $3,199
21 years $4,493
23 years $5,788
25 years $7,083

Top Solar Installers in Lakewood

Although you can install solar panels on your own, it involves extra labor and knowledge. Because of that, the majority of homeowners choose to go with a solar panel installer. Plus, if you're not certain what kind of solar panels and equipment you need, a solar expert can help you figure that out after a site survey and consultation.

If you're on the hunt for a solar company in Lakewood, we've compiled 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 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 depends on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.

Solar Equipment Size

When it comes to estimating the price of a solar panel system in Lakewood, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, 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 kind of solar panels and equipment you want is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that's in your budget.

Solar Financing Terms

Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Lakewood homeowners opt to finance their solar panel systems to make paying for solar more affordable. However, the interest on solar loans also adds to your all-in costs, so it's important to consider that as well. You can always bring down the total you pay in interest and sometimes even your APR by putting more money down.

Solar Panel Installation Company

The solar installation company you pick will impact your total cost to make the switch to solar . Different companies will bill different amounts for the equipment and labor. Larger national companies usually 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 additional services like electric vehicle charger installation, they might be cheaper overall.

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 $12,791 $9,093 14.6 years
8 kW $2.83 $16,726 $12,451 14.3 years
10 kW $2.77 $20,498 $15,974 14.1 years
12 kW $2.71 $24,106 $19,661 13.8 years
14 kW $2.66 $27,549 $23,512 13.5 years
16 kW $2.60 $30,829 $27,526 13.2 years
18 kW $2.55 $33,945 $31,705 12.9 years
20 kW $2.49 $36,896 $36,048 12.6 years

Solar Incentives in Lakewood

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

Since the brand of solar panels and the installer you choose considerably influence 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:

  • Contract: Read the contract terms closely to make sure you understand the cost breakdown, completion timeline incentives and warranties.
  • Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. While there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of options before making your decision.
  • Installation Process: When making the switch to solar power, it's necessary to keep an open line of communication with your solar panel installer. See to it that you understand how the installation process works and the project completion timeline.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely have a good reputation and are qualified to do the job well. Another way you can research your installer's reputation is by reading reviews.

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 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 stuff like the model 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 help lower the cost.

Do solar panels increase the value of your home?

Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."

What solar power system size is right for my home?

To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.

solar panel and sunny sky
Invest in clean solar energy, save thousands of dollars.

Save $$ on your electricity bill by getting a free quote today.

Follow us