Solar Panel Cost Guide in Lawrence, NJ (Mar 2023)
- Lawrence Solar Installation Cost: $9,152
- 25-Year Savings: $8,698
- Payback Period: 12.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lawrence
Let's have a look at the average cost of solar panels in Lawrence.
The average cost of solar panels in Lawrence is 2.77 per watt. To cover the typical energy usage of the average home in Lawrence, most homeowners require a 4.7-kilowatt system. Using the per-watt figure above, a solar installation costs about $9,152, or $13,087 before the federal solar tax credit of 30% is applied.
These figures are just averages, and your own solar costs will vary based on your energy needs and what company you want to go with. For most homeowners, the upfront cost of solar is worth paying. On average homeowners in Lawrence see about $14,000 in savings on utility bills over 20 years.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Lawrence
| Year | Return on Investment |
|---|---|
| 1 years | $-8,438 |
| 3 years | $-7,010 |
| 5 years | $-5,582 |
| 7 years | $-4,154 |
| 9 years | $-2,726 |
| 11 years | $-1,298 |
| 13 years | $130 |
| 15 years | $1,558 |
| 17 years | $2,986 |
| 19 years | $4,414 |
| 21 years | $5,842 |
| 23 years | $7,270 |
| 25 years | $8,698 |
Top Solar Installers in Lawrence
Although it's possible to install solar panels on your own, it takes extra time and handiness. For that reason, the majority of homeowners choose to hire a solar panel installer. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and system component replacements.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some in Lawrence:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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 Lawrence
Factors that Affect Solar Panel Costs in Lawrence
Though the average cost of a solar system in Lawrence is $9,152, your final cost may be higher or lower than that. There are many factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
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. There are several different solar panel brands and the one you choose also affects the cost. Typically, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are a solid choice because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years. 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 more than the principal cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The solar installation company you pick will influence your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor. The company's size can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down 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 | $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
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:
- Contract: Review the contract terms closely to make sure you understand how much it will cost, project timeline incentives and warranties.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely provide good-quality solar panel installation and expertise.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you go with.
- Warranty: A high-quality company rises above 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
Best Technology
Tesla Energy
- 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 Lawrence, NJ Solar Cost FAQs
How much does it cost to install solar panels in Lawrence?
This is a hard question to answer precisely, because the cost depends on a few different factors. Generally 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 be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Lawrence?
Solar panels aren't free in Lawrence, 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 you can take advantage of.
How will having solar panels impact my home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lawrence is currently $520,161, which means you can expect a value of about $21,327 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Lawrence is a worthwhile investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to account for their typical energy usage.
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.