Solar Panel Cost Guide in Lawrence, NJ (2025 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.
The national average cost of solar panels is $2.66 per watt, but in Lawrence it’s 4 per watt.The average Lawrence homeowner needs a 4.7-kilowatt system, which would cost about $11,653 with the federal tax credit, or $16,664 before the 0 tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Lawrence homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.For most homeowners, the upfront cost of solar power is worth paying. On average homeowners in Lawrence see about $14,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a top solar company in Lawrence that can help you get a more accurate cost estimate for your home.
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
Many homeowners choose to hire a solar panel installer since installing solar panels by yourself can be time-consuming. Companies can also offer access to quality options of the best solar panels and help you choose which one will be right for your home.
Working with a professional solar installer can help your solar project go smoothly. Here are our recommendations:
See all of the solar companies in Lawrence
Factors that Affect Solar Panel Costs in Lawrence
While the average cost of a solar system in Lawrence is $11,653, your actual cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
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 largely based on your home’s energy usage, which you can determine by looking at past energy bills. Your overall cost can increase by around $3,530 for each additional kilowatt you need.The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That’s why many Lawrence homeowners opt to finance their solar panel systems to offset upfront costs.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can affect the cost. Lawrence’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Lawrence are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
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 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:
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: When making the switch to solar, it’s crucial to maintain an open line of communication with your solar panel company. See to it that you understand how the installation process will go and the completion timeline.
- 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 past customers and solar experts like EcoWatch.
EcoWatch's Lawrence, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Lawrence?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Are solar panels free in Lawrence?
A solar panel system isn’t free in Lawrence, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Does Lawrence have a net metering program?
Each state has some kind 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 power bills.
What solar power system size is right for 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 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.