Solar Panel Cost Guide in Medford Lakes, NJ (2024 Update)
- Medford Lakes Solar Installation Cost: $11,389
- 25-Year Savings: $11,368
- Payback Period: 14.0 Years
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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 national average cost of solar panels is $2.66 per watt, but in Medford Lakes it’s 4 per watt.The average solar panel system size in Medford Lakes is around 4.6 kilowatts, meaning a cost of about $11,389 for a solar installation, or $16,286 before the 0 federal solar tax credit is applied.
These figures are only estimates, and how much solar costs for you will look different based on your energy needs and what company you want to go with.But, once you've paid the initial cost of installation, the return on investment for most homeowners is typically good, with a net average savings of about $17,000 over 20 years on energy bills.
Click the button below to get connected to a reputable solar company in Medford Lakes for a custom quote.
Solar savings over time in Medford Lakes
| Year | Return on Investment |
|---|---|
| 1 years | $-9,891 |
| 3 years | $-6,895 |
| 5 years | $-3,898 |
| 7 years | $-902 |
| 9 years | $2,094 |
| 11 years | $5,091 |
| 13 years | $8,087 |
| 15 years | $11,083 |
| 17 years | $14,080 |
| 19 years | $17,076 |
| 21 years | $20,073 |
| 23 years | $23,069 |
| 25 years | $26,065 |
Top Solar Installers in Medford Lakes
Although you can install solar panels by yourself, it requires extra time and expertise. That's one of the reasons most people choose to go with a solar panel installer. Companies can also have access to various kinds of the best solar panels and help you choose which one will be right for you.
If you’d like to start using solar energy but still aren’t certain which solar panel installer to go with, here are our recommendations for providers near you:
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
See all of the solar companies in Medford Lakes
Factors that Affect Solar Panel Costs in Medford Lakes
For many Medford Lakes homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Medford Lakes, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of solar panels 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 mainly based on your home’s energy consumption, which you can determine by looking at past electricity bills. Your total cost can increase by around $3,530 for each additional kilowatt you need.There are many different solar panel brands and the one you pick also changes the cost. Usually, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you’re looking to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That’s why many Medford Lakes homeowners decide to finance their solar panel systems to make paying for solar more affordable.When figuring out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The remaining significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of sustainable energy solutions in Medford Lakes, you’ll have many options to choose from, but each comes at varying price points for labor and equipment.You may come across national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $11,013 | 14.6 years |
| 8 kW | $3.60 | $20,163 | $15,080 | 14.3 years |
| 10 kW | $3.53 | $24,710 | $19,344 | 14.0 years |
| 12 kW | $3.46 | $29,059 | $23,806 | 13.7 years |
| 14 kW | $3.39 | $33,210 | $28,466 | 13.5 years |
| 16 kW | $3.32 | $37,164 | $33,323 | 13.2 years |
| 18 kW | $3.25 | $40,920 | $38,378 | 12.9 years |
| 20 kW | $3.18 | $44,478 | $43,630 | 12.6 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose greatly impacts your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Review the contract terms closely to make sure you understand the overall cost, completion timeline incentives and warranties.
- Warranty: If you care about the durability of your solar energy system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
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 $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 stuff such as the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Medford Lakes?
Leasing solar panels can be an attractive choice, because it commonly comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Is making the switch to solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How long do solar panels last in Medford Lakes?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.