Solar Panel Cost Guide in Lawrence, NJ (2024 Update)
- Lawrence Solar Installation Cost: $11,653
- 25-Year Savings: $8,706
- Payback Period: 16.3 Years
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Average Cost of Solar Panels in Lawrence
Find out what the average cost of solar panel installation is in Lawrence.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lawrence, the average cost of a solar system is 4 per watt.The average solar panel system size in Lawrence is around 4.7 kilowatts, meaning a cost of about $11,653 for a solar installation, or $16,664 before the 0 federal solar tax credit is applied.
The actual price you pay can be higher or lower than the average in Lawrence depending on a few factors, such as the kind of solar panels you choose and the solar contractor you hire.But, after you've paid the upfront cost of installation, the payback for most homeowners is usually rewarding, with a net average savings of about $14,000 over 20 years on energy bills.
Click the button below to get connected to a vetted solar company in Lawrence for a custom quote.
Solar savings over time in Lawrence
| Year | Return on Investment |
|---|---|
| 1 years | $-10,231 |
| 3 years | $-7,386 |
| 5 years | $-4,541 |
| 7 years | $-1,697 |
| 9 years | $1,148 |
| 11 years | $3,993 |
| 13 years | $6,838 |
| 15 years | $9,682 |
| 17 years | $12,527 |
| 19 years | $15,372 |
| 21 years | $18,217 |
| 23 years | $21,061 |
| 25 years | $23,906 |
Top Solar Installers in Lawrence
DIY solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Going with an installer can make your swap to solar power much easier. Plus, if you aren’t sure what brand of solar panels and equipment you may need, a solar company can help you figure that out after a site survey and consultation.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some near you:
Best National Provider
SunPower
- 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
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Lawrence
Factors that Affect Solar Panel Costs in Lawrence
The cost of installing a solar system in Lawrence 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 equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of a solar system in Lawrence, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy usage, which you can determine by looking at past energy bills. Your overall cost can increase by about $3,530 for each additional kilowatt you need.The type of solar panels and equipment you choose is another factor that will greatly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment is more than 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 looking for a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Lawrence to be prohibitively steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest.When estimating your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you go with to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar panel companies in Lawrence, and each can charge different amounts for labor and equipment.Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and go with the company that offers the products, warranties and services you’re looking for and also is within 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 | $3.67 | $15,419 | $7,292 | 17.0 years |
| 8 kW | $3.60 | $20,163 | $10,117 | 16.6 years |
| 10 kW | $3.53 | $24,710 | $13,141 | 16.3 years |
| 12 kW | $3.46 | $29,059 | $16,362 | 16.0 years |
| 14 kW | $3.39 | $33,210 | $19,781 | 15.7 years |
| 16 kW | $3.32 | $37,164 | $23,398 | 15.3 years |
| 18 kW | $3.25 | $40,920 | $27,212 | 15.0 years |
| 20 kW | $3.18 | $44,478 | $31,224 | 14.7 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you opt for.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should acquire and how long the project will take.
- 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 project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
Best National Provider
SunPower
- 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
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Lawrence, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Lawrence?
The average cost of solar panels in Lawrence 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 certain factors like the kind of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Lawrence?
You can’t get solar panels for free in Lawrence. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Does Lawrence 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 give you credit toward your future utility bills.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can 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 cover 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.