Solar Panel Cost Guide in Lawrenceville, NJ (2023 Update)
- Lawrenceville Solar Installation Cost: $9,152
- 25-Year Savings: $8,698
- Payback Period: 12.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lawrenceville
Let's take a look at the average cost of solar panels in Lawrenceville.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lawrenceville, the average cost of solar panels is 2.77 per watt. The average Lawrenceville homeowner needs a 4.7-kilowatt system, which would cost about $9,152 with the federal tax credit, or $13,087 before the 30% tax credit is applied.
These figures are only estimates, and the cost of going solar for you will most likely differ based on your specific situation and what company you go with. Many homeowners find adopting solar power is a solid investment. The average homeowner in Lawrenceville can save about $14,000 on their electricity bills over 20 years.
Click the button below to get connected to a reputable solar company in your area for a personalized quote.
Solar savings over time in Lawrenceville
| 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 Lawrenceville
When going solar, many homeowners decide to hire a solar installation company since handling can be a challenging project. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
Working with a vetted 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 Lawrenceville
Factors that Affect Solar Panel Costs in Lawrenceville
There are many criteria that can play into your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,770. There are several different solar panel brands and the one you pick also affects the cost. Generally speaking, the brands that are more efficient tend to also cost more. Plus, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
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 Lawrenceville homeowners decide to finance their solar panel systems to offset upfront costs. However, the interest on solar loans also increases your total costs, so it's important to take that into consideration 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 installer you opt for to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies operating in Lawrenceville, and each can charge varying amounts for labor and equipment. Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to 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 | $12,099 | $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 models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Installation Process: Make sure you're aligned with the installer with regard to how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
- Contract: Review the contract terms carefully to make sure you understand the total cost, project completion timeline rebates and warranties.
- Solar Panel Brands: Different companies offer various brands and models of panels. If you prefer a specific brand, make sure the solar company you're considering has it.
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 Lawrenceville, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Lawrenceville?
The average cost of solar panels in Lawrenceville is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the actual cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider apart from cost when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase how much your home is worth?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't go for 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 what solar panel system size you need, you need to know 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 household 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.