Solar Panel Cost Guide in Medford Lakes, NJ (2023 Update)
- Medford Lakes Solar Installation Cost: $8,937
- 25-Year Savings: $11,368
- Payback Period: 11.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Medford Lakes
Find out what the average cost of solar panel installation is in Medford Lakes.
The average cost of a solar system in Medford Lakes is 2.77 per watt. The average Medford Lakes homeowner needs a 4.6-kilowatt system, which would cost about $8,939 with the federal tax credit, or $12,783 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of making the switch to solar can vary based on several factors, such as how many panels you need, your energy usage and what installation company you go with. Even with the high upfront cost, the average Medford Lakes homeowner can save around $17,000 on their electricity bills over 20 years, which is one of the positives of solar.
Click the button below to get connected to a vetted solar installer in your area for a personalized estimate.
Solar savings over time in Medford Lakes
| Year | Return on Investment |
|---|---|
| 1 years | $-7,439 |
| 3 years | $-4,443 |
| 5 years | $-1,446 |
| 7 years | $1,550 |
| 9 years | $4,546 |
| 11 years | $7,543 |
| 13 years | $10,539 |
| 15 years | $13,536 |
| 17 years | $16,532 |
| 19 years | $19,528 |
| 21 years | $22,525 |
| 23 years | $25,521 |
| 25 years | $28,517 |
Top Solar Installers in Medford Lakes
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a headache. Using a solar company can make switching to solar power much easier. Plus, if you aren't sure what brand of solar panels and equipment you may need, a solar expert can help you find the right equipment for you after a site survey and consultation.
Working with a professional solar installer can help your solar project go smoothly. Here are our recommendations:
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 Medford Lakes
Factors that Affect Solar Panel Costs in Medford Lakes
There are a number of criteria that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. For that reason, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. The kind of 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, more efficient panels could save you more over time on your energy bills. Additionally, extra products, like solar batteries, can bring your total well above the Medford Lakes average.
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. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar panel installer you select will affect your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor. Larger national companies usually have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car 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 | $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 panel company you opt for will affect not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, including:
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the project timeline.
- Contract: Before you sign a contract with a solar company, be sure to read it through carefully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Even though there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of offerings before making your decision.
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 Medford Lakes, NJ Solar Cost FAQs
How much does it cost to install solar panels in Medford Lakes?
The average cost of solar panels in Medford Lakes 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 certain factors like the model of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Does Medford Lakes have a net metering program?
Each state has some form 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 power bills.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.