Solar Panel Cost Guide in Lincoln Park, NJ (2023 Update)
- Lincoln Park Solar Installation Cost: $9,268
- 25-Year Savings: $7,749
- Payback Period: 13.6 Years
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Updated May 04, 2023
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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.
The national average cost of solar panels is $2.66 per watt, but in Lincoln Park it's 2.77 per watt. Using this figure, a typical 4.8-kW system would cost about $9,268 before the 30% federal solar tax credit is applied.
How much you pay can be higher or lower than the average in Lincoln Park based on a few factors, such as the brand of solar panels you choose and the solar contractor you hire. Many homeowners find going solar is a sound investment. The average homeowner in Lincoln Park can save around $14,000 on their electricity bills over 20 years.
You can click the button below to get connected with a vetted solar company in Lincoln Park for a quote for your home.
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
Installing solar panels yourself can be a time-consuming task, which is why using a solar installation company is a good option for many homeowners. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and system component replacements.
If you'd like to make the switch to solar but still aren't sure which solar panel company to go with, here are our recommendations for providers nearby:
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 Lincoln Park
Factors that Affect Solar Panel Costs in Lincoln Park
The cost of installing a solar system in Lincoln Park can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production use 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. The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a 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 a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar companies in Lincoln Park offer solar loans, which reduce your upfront costs of installing a solar system. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The solar company you opt for to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar panel companies in Lincoln Park, and each can charge varying amounts for labor and equipment. The company's size sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because of greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
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 |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: Although reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
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 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 exactly, because the cost depends on many 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. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
What other factors should I consider apart from cost when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it's the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
How will installing solar panels impact my property value?
Solar panels can increase your property's value significantly 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% after installing a solar system."
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 uses 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.