Solar Panel Cost Guide in Lebanon, NJ (2023 Update)
- Lebanon Solar Installation Cost: $9,221
- 25-Year Savings: $6,963
- Payback Period: 14.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lebanon
Let's have a look at the average cost of solar panels in Lebanon.
Although the national average of solar panels is $2.66 per watt, solar panels in Lebanon generally cost around 2.77. To cover the typical energy needs of the average home in Lebanon, most homeowners require a 4.8-kilowatt system. Using the figure above, a solar installation costs around $9,230, or $13,199 before the federal solar tax credit of 30% is applied.
These figures are just averages, and the cost of going solar for you will most likely differ based on your specific situation and what company you want to go with. Many homeowners find adopting solar power is a sound investment. The average homeowner in Lebanon can save around $13,000 on their electricity bills over 20 years.
Click the button below to get connected to a top solar panel company in your area for a personalized quote.
Solar savings over time in Lebanon
| Year | Return on Investment |
|---|---|
| 1 years | $-8,162 |
| 3 years | $-6,044 |
| 5 years | $-3,925 |
| 7 years | $-1,807 |
| 9 years | $312 |
| 11 years | $2,430 |
| 13 years | $4,548 |
| 15 years | $6,667 |
| 17 years | $8,785 |
| 19 years | $10,904 |
| 21 years | $13,022 |
| 23 years | $15,140 |
| 25 years | $17,259 |
Top Solar Installers in Lebanon
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Hiring a solar panel installer can make your swap to solar power much easier. The payback period on an investment in solar panels will vary based on factors like your location and energy use, but working with a solar company can help you reach a break-even point sooner. Your provider will be able to help you get the most out of incentives available in your area.
If you're on the hunt for a solar company in Lebanon, the EcoWatch team has compiled a list of our top suggestions here:
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 Lebanon
Factors that Affect Solar Panel Costs in Lebanon
For many Lebanon homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Lebanon, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. For that reason, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. There are a lot of different solar panel brands and the one you pick also changes the cost. Usually, the brands that are more efficient tend to also be more expensive. Plus, the type of equipment you're looking to get 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 power bills over time, but they can also be a significant investment. That's why many Lebanon homeowners opt to finance their solar panel systems to make going solar more affordable. You'll have to consider the long-term cost of financing options, 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 finding a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Lebanon is the company you get to install your solar system. Similar to choosing a company to renovate your kitchen, for example, you'll have no shortage of solar installers that offer a range of services for different budgets. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and find a company that has the products, warranties and services you're looking for and also fit into 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 | $2.88 | $12,099 | $8,319 | 14.8 years |
| 8 kW | $2.83 | $15,822 | $11,402 | 14.5 years |
| 10 kW | $2.77 | $19,390 | $14,640 | 14.2 years |
| 12 kW | $2.71 | $22,803 | $18,034 | 14.0 years |
| 14 kW | $2.66 | $26,060 | $21,582 | 13.7 years |
| 16 kW | $2.60 | $29,163 | $25,286 | 13.4 years |
| 18 kW | $2.55 | $32,110 | $29,145 | 13.1 years |
| 20 kW | $2.49 | $34,902 | $33,159 | 12.8 years |
How to Save on Solar Panels
Since the kind of solar panels and the installation 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 tips to keep in mind to help with your decision:
- Warranty: Warranties that cover replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one mark of a good company.
- Contract: Read the contract terms thoroughly to make sure you understand how much it will cost, completion timeline incentives and warranties.
- Reputation: Long-standing companies likely have a good 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.
- Solar Panel Brands: Different companies will carry various brands and models of panels. If you want 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 Lebanon, NJ Solar Cost FAQs
How much does it cost to install solar panels in Lebanon?
The average cost of solar panels in Lebanon is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the real cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Lebanon?
Leasing solar panels can be an attractive 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 way to go if you want to maximize your savings.
Can you sell solar power back to the grid in Lebanon?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future energy bills.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know 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 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.