Solar Panel Cost Guide in Lincoln Park, NJ (2024 Update)
- Lincoln Park Solar Installation Cost: $11,808
- 25-Year Savings: $7,751
- Payback Period: 17.3 Years
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Average Cost of Solar Panels in Lincoln Park
Find out what the average cost of a solar system is 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 4 per watt.The average solar panel system size in Lincoln Park is around 4.8 kilowatts, meaning a cost of about $11,808 for a solar installation, or $16,885 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of going solar can vary quite a bit depending on multiple factors, such as how many panels you need, your energy consumption and what solar installer you go with.Despite the large upfront 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.
To get a free quote from a vetted solar installation company in Lincoln Park, you can click the button below.
Solar savings over time in Lincoln Park
| Year | Return on Investment |
|---|---|
| 1 years | $-10,749 |
| 3 years | $-8,630 |
| 5 years | $-6,512 |
| 7 years | $-4,394 |
| 9 years | $-2,275 |
| 11 years | $-157 |
| 13 years | $1,962 |
| 15 years | $4,080 |
| 17 years | $6,198 |
| 19 years | $8,317 |
| 21 years | $10,435 |
| 23 years | $12,554 |
| 25 years | $14,672 |
Top Solar Installers in Lincoln Park
When going solar, many homeowners opt to use a solar installation company since installing solar panels yourself can be a challenging project. Since solar panels are exposed to temperature swings and extreme weather, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Lincoln Park
Factors that Affect Solar Panel Costs in Lincoln Park
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few major factors that determine your overall cost in Lincoln Park: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
The cost of solar panels 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 that have greater efficiency or power generation 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 $3,530.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 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. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Lincoln Park to be prohibitively costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in higher prices over time due to interest.You’ll have to consider the long-term cost of financing options, including the total 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 more than the original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you hire 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 different amounts for labor and equipment.You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $5,947 | 18.0 years |
| 8 kW | $3.60 | $20,163 | $8,325 | 17.7 years |
| 10 kW | $3.53 | $24,710 | $10,901 | 17.3 years |
| 12 kW | $3.46 | $29,059 | $13,674 | 17.0 years |
| 14 kW | $3.39 | $33,210 | $16,645 | 16.7 years |
| 16 kW | $3.32 | $37,164 | $19,813 | 16.3 years |
| 18 kW | $3.25 | $40,920 | $23,180 | 16.0 years |
| 20 kW | $3.18 | $44,478 | $26,744 | 15.6 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose considerably affects 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:
- Reputation: Well-established companies likely have a good 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.
- Contract: When reading over your solar company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Warranty: If you’re worried about the endurance of your solar panel system, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: When making the switch to solar energy, it’s important to keep an open line of communication with your solar company. Confirm that you understand how the installation process works and the project timeline.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Lincoln Park, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Lincoln Park?
The average cost of solar panels in Lincoln Park is about $17,650 for a 5-kW system and $35,300 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.
Are solar panels free in Lincoln Park?
A solar panel system isn’t free in Lincoln Park, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
How will installing solar panels impact the value of my home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lincoln Park is currently $461,815, so you can expect a value of about $18,934 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Lincoln Park is a rewarding investment.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home uses 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 house 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.