Solar Panel Cost Guide in Medford Lakes, NJ (Feb 2023)
- Medford Lakes Solar Installation Cost: $8,939
- 25-Year Savings: $11,367
- Payback Period: 11.0 Years
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Top Solar Installers in Medford Lakes
Installing solar panels on your own can be a dangerous undertaking, which is why hiring a solar installation company is a good option for many homeowners. The expertise that solar installers offer can be invaluable as well, especially if you don't quite know what brand of solar equipment would be right for your home.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
See all of the solar companies in Medford Lakes
Factors that Affect Solar Panel Costs in Medford Lakes
There are a number of factors that can determine your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
When it comes to estimating the cost of a solar panel system in Medford Lakes, one of the most important 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 power bills. Your total cost can increase by about $2,770 for each additional kilowatt you need. The model of solar panels and equipment you want is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Further, solar equipment is more than just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are an affordable route because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also adds to your overall costs, so it's vital to consider that as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Medford Lakes is the company you get to install your solar panel system. As with choosing a company to renovate your kitchen, for example, you'll have many options for solar installers that offer a range of services for different budgets. The company's size sometimes plays the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and better 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 discount can bring their pricing down to compete with bigger companies.
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||$14,333||11.4 years|
|8 kW||$2.83||$15,822||$19,421||11.2 years|
|10 kW||$2.77||$19,390||$24,664||11.0 years|
|12 kW||$2.71||$22,803||$30,062||10.8 years|
|14 kW||$2.66||$26,060||$35,616||10.6 years|
|16 kW||$2.60||$29,163||$41,324||10.3 years|
|18 kW||$2.55||$32,110||$47,188||10.1 years|
|20 kW||$2.49||$34,902||$53,206||9.9 years|
How to Save on Solar Panels
The solar installer you opt for will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should take into account, including:
- Solar Panel Brands: The model of solar panel you want to install plays a part in which company you should opt for, since different companies provide different panels.
- Contract: Review the contract terms thoroughly to make sure you understand how much it will cost, project completion timeline rebates and warranties.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Reputation: Companies that have been operating for many years 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.
EcoWatch's Medford Lakes, NJ Solar Cost FAQs
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.