Solar Panel Cost Guide in Lawrence, NJ (2023 Update)
- Lawrence Solar Installation Cost: $9,144
- 25-Year Savings: $8,706
- Payback Period: 12.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lawrence
We break down average solar pricing in Lawrence.
In Lawrence, solar panels cost about 2.77 per watt on average. The average solar panel system size in Lawrence is around 4.7 kilowatts, meaning a cost of about $9,152 for a solar installation, or $13,087 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy use, the type of solar system you want to get, your solar contractor and more. Many homeowners find installing solar panels is a sound investment. The average homeowner in Lawrence can save about $14,000 on their energy bills over 20 years.
To receive a free estimate from a top solar installation company in Lawrence, you can click the button below.
Solar savings over time in Lawrence
| Year | Return on Investment |
|---|---|
| 1 years | $-9,085 |
| 3 years | $-8,966 |
| 5 years | $-8,847 |
| 7 years | $-8,728 |
| 9 years | $-8,609 |
| 11 years | $-8,490 |
| 13 years | $-8,371 |
| 15 years | $-8,252 |
| 17 years | $-8,133 |
| 19 years | $-8,014 |
| 21 years | $-7,895 |
| 23 years | $-7,776 |
| 25 years | $-7,657 |
Top Solar Installers in Lawrence
When making the switch to solar, many homeowners decide to go with a solar installation company since handling can be a time-consuming project. The expertise that solar companies offer can be useful as well, particularly if you don't quite know what kind of solar equipment you need.
Working with a licensed solar company can make going solar easier. Here are our recommendations:
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 Lawrence
Factors that Affect Solar Panel Costs in Lawrence
There are a number of criteria that can determine your solar system 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
When it comes to estimating the cost of a solar system in Lawrence, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can gauge by looking at past energy bills. Your overall cost can increase by about $2,770 for each additional kilowatt you need. The kind of solar panels and equipment you want is another factor that will largely affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Plus, solar equipment consists of more than just the solar panels themselves. You'll also need to consider 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's in your budget.
Solar Financing Terms
Most solar companies in Lawrence have solar loans, which reduce the initial cost of installing a solar system. When figuring out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Lawrence is the company you get to install your PV system. Similar to choosing a company to install new cabinets, for example, there are plenty of solar installers that provide a range of services at different costs. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $10,611 | 13.3 years |
| 8 kW | $2.83 | $15,822 | $14,459 | 13.1 years |
| 10 kW | $2.77 | $19,390 | $18,461 | 12.8 years |
| 12 kW | $2.71 | $22,803 | $22,618 | 12.6 years |
| 14 kW | $2.66 | $26,060 | $26,931 | 12.3 years |
| 16 kW | $2.60 | $29,163 | $31,399 | 12.0 years |
| 18 kW | $2.55 | $32,110 | $36,022 | 11.8 years |
| 20 kW | $2.49 | $34,902 | $40,800 | 11.5 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you go with.
- 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 like a system part breaking or if the company goes out of business.
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Lawrence, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Lawrence?
This is a hard question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Lawrence?
Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The drawback 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
How much can I save on power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $757.02 per year.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires 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 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.