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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By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

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Average Cost of Solar Panels in Medford Lakes

We go over average solar pricing in Medford Lakes.

The national average cost of solar panels is $2.66 per watt, but in Medford Lakes it's $3 per watt. To account for the typical energy usage of the average home in Medford Lakes, most homeowners require a 4.6-kilowatt system. Using the figure above, a solar installation costs around $8,939, or $6,615 after the federal solar tax credit of 30% is applied.

Bear in mind that the figures above are only estimates based on the average energy use of Medford Lakes homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. For many homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $17,000 in savings on electricity bills over 20 years.

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

Solar savings over time in Medford Lakes

Year Return on Investment
1 years $-8,127
3 years $-6,502
5 years $-4,878
7 years $-3,253
9 years $-1,629
11 years $-4
13 years $1,620
15 years $3,245
17 years $4,869
19 years $6,493
21 years $8,118
23 years $9,742
25 years $11,367

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:

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

Tesla Energy

★★★★★
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 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.

Solar Equipment

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.

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

Tesla Energy

★★★★★
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 Medford Lakes, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Medford Lakes?

This is a tough question to answer precisely, because the cost depends on a few different factors. Generally 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 be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.

Should I lease or buy solar panels in Medford Lakes?

Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home 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 bang for your buck from going solar.

Does Medford Lakes have a net metering program?

Most states have net metering programs of some kind. Through these, you can either get paid for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.

How many solar panels do I need to power my home?

To figure out what solar panel system size you need, you need to know how much energy your home requires 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 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.

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