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.To cover 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 $11,389, or $16,286 before the federal solar tax credit of 0 is applied.
The true price you pay can go higher or lower than the average in Medford Lakes depending on a variety of factors, such as the model of solar panels you choose and the solar contractor you hire.Despite the significant 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.
To see your potential ROI and connect with a local solar installer, click the button below.
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
Many homeowners opt for a solar installation company since trying to install solar panels yourself can be time-consuming. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you’d like to switch to solar energy but still aren’t sure which solar installer to go with, here are our suggestions for providers nearby:
Best National Provider
SunPower
- 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
- 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
See all of the solar companies in Medford Lakes
Factors that Affect Solar Panel Costs in Medford Lakes
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that will push your cost above or below the average in Medford Lakes: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend around $3,530 per kilowatt in Medford Lakes.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Medford Lakes, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Medford Lakes provide solar loans, which reduce your upfront costs of installing a solar system.You’ll have to consider the long-term cost of loans, including the amount of 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 principal cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The remaining key cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Medford Lakes, you’ll have plenty of options to choose from, but each comes at different price points for labor and equipment.You may come across national solar installers that have lower prices due to their larger brand name and access to bulk 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 | $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 significantly influences your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Look through the contract terms carefully to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Installation Process: When going solar, it’s necessary to maintain an open line of communication with your solar panel installer. See to it that you understand how the installation process will go and the completion timeline.
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
Best National Provider
SunPower
- 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
- 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
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 real cost will depend on things like the type 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 option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property 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.
Is it worth going solar in Medford Lakes?
Solar panels can be a beneficial investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.