Solar Panel Cost Guide in Lincoln Park, NJ (Sep 2022)

  • Lincoln Park Solar Installation Cost: $9,268
  • 25-Year Savings: $7,749
  • Payback Period: 13.6 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Lincoln Park

Let's have a look at the average cost of solar panels in Lincoln Park.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Lincoln Park, the typical cost of solar panels is $3 per watt. Because a 4.8-kW system is needed to cover the energy usage of a typical home in Lincoln Park, the average price of going solar will be about $9,268 before claiming the federal solar tax credit of 30%.

Bear in mind that the figures above are only estimates based on the average energy use of Lincoln Park homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Even with the large initial cost, the average Lincoln Park homeowner can save around $14,000 on their power bills over 20 years, which is one of the benefits of solar.

For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.

Solar savings over time in Lincoln Park

Year Return on Investment
1 years $-8,588
3 years $-7,226
5 years $-5,865
7 years $-4,504
9 years $-3,142
11 years $-1,781
13 years $-420
15 years $942
17 years $2,303
19 years $3,664
21 years $5,026
23 years $6,387
25 years $7,749

Top Solar Installers in Lincoln Park

Many homeowners opt for a solar panel company since trying to install solar panels yourself can be time-consuming. The expertise that solar companies provide can be helpful as well, particularly if you don't quite know what kind of solar equipment would be right for your home.

There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Lincoln Park

Factors that Affect Solar Panel Costs in Lincoln Park

For many Lincoln Park homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Lincoln Park, 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 Size

When it comes to estimating the cost of solar panels in Lincoln Park, 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 consumption, which you can gauge by looking at past energy bills. Your total cost can increase by around $2,770 for each additional kilowatt you need. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your power bills. Additionally, extra products, such as solar batteries, can bring your total well above the Lincoln Park average.

Solar Financing Terms

Many homeowners find the average cost of solar in Lincoln Park to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in paying more over time due to interest. However, the interest on solar loans also increases your all-in costs, so it's important to keep that in mind as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.

Solar Panel Installation Company

The solar company you choose to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Lincoln Park, and each can charge different amounts for labor and equipment. Larger national companies generally 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 extra 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 $9,267 14.2 years
8 kW $2.83 $15,822 $12,666 13.9 years
10 kW $2.77 $19,390 $16,221 13.6 years
12 kW $2.71 $22,803 $19,930 13.3 years
14 kW $2.66 $26,060 $23,795 13.1 years
16 kW $2.60 $29,163 $27,815 12.8 years
18 kW $2.55 $32,110 $31,990 12.5 years
20 kW $2.49 $34,902 $36,320 12.3 years

Solar Incentives in Lincoln Park

Name NJ Clean Energy- Residential New Construction Program
Incentive Amount Incentives depend on the HERS score and the classification
Single family homes: Ranges from $1,125 to - 24,250
Multi-single homes: Ranges from $1,125 to $18,188
Multifamily homes: Ranges from $625-$12,125
Incentive Max Multifamily: up to $12,125
Individual homes: up to $24,250
Website Visit here
More Info Click here

Name Property Tax Exemption for Renewable Energy Systems
Incentive Amount 100% of value added by renewable system
More Info Click here

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Solar Renewable Energy Certificates (SRECs) Registration Program
Incentive Amount Determined by the market.
In June 2016, SREC traded at an average price of $229.90.
Incentive Max Maximum price set by the SACP for the particular year.
Website Visit here
More Info Click here

Name PSE&G - Solar Loan Program
Website Visit here
More Info Click here

Name Successor Solar Incentive (SuSI) Program
Incentive Amount Net-Metered Residential: $90/SREC-II

Small Net-Metered Non-Residential located on Rooftop, Carport, Canopy and Floating Solar
Projects smaller than 1 MW (dc): $100/SREC-II, $120 for public entities
Projects 1 MW to 5 MW (dc): $90/SREC-II, $110 for public entities

Net Metered Non-Residential Ground Mount
Projects smaller than 1 MW (dc): $85/SREC-II, $105 for public entities
Projects 1 MW to 5 MW (dc): $80/SREC-II, $100 for public entities

Community Solar LMI: $90/SREC-II
Community Solar Non-LMI: $70/SREC-II
Incentive Max MW-DC Capacity Blocks
Net Metered Residential: 150 MW
Net Metered Non-Residential: 150 MW
Community Solar (LMI and Non-LMI): 150 MW
Website Visit here
More Info Click here

Name Solar Energy Sales Tax Exemption
Incentive Amount 100% exemption
Incentive Max None
More Info Click here

How to Save on Solar Panels

The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a tough decision, we have some tips to help you, such as:

  • Warranty: If you're concerned about the longevity of your solar panels, checking your company offers a 25-year, all-inclusive warranty can help put you at ease.
  • Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
  • Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
  • Contract: Though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Lincoln Park, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Lincoln Park?

This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly 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 cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.

Is it better to lease or buy solar panels in Lincoln Park?

Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.

Is it worth going solar in Lincoln Park?

Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.

How many solar panels should I get to power my home?

The exact number of solar panels you need depends on your household energy needs and how much 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.

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