Solar Panel Cost Guide in Mount Laurel, NJ (2024 Update)
- Mount Laurel Solar Installation Cost: $11,389
- 25-Year Savings: $8,913
- Payback Period: 16.0 Years
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Average Cost of Solar Panels in Mount Laurel
Here’s how much it might cost to switch to solar power in Mount Laurel.
Although the national average of solar panels is $2.66 per watt, solar panels in Mount Laurel generally cost about 4.Using this figure, a typical 4.6-kW system would cost about $11,389 before the 0 federal solar tax credit is applied.
These figures are just estimates, and how much solar costs for you will differ based on your energy needs and what company you go with.With average savings of about $15,000 on energy bills over 20 years, many homeowners in Mount Laurel find going solar can be quite rewarding.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Mount Laurel
| Year | Return on Investment |
|---|---|
| 1 years | $-9,967 |
| 3 years | $-7,122 |
| 5 years | $-4,278 |
| 7 years | $-1,433 |
| 9 years | $1,412 |
| 11 years | $4,257 |
| 13 years | $7,101 |
| 15 years | $9,946 |
| 17 years | $12,791 |
| 19 years | $15,636 |
| 21 years | $18,480 |
| 23 years | $21,325 |
| 25 years | $24,170 |
Top Solar Installers in Mount Laurel
Installing solar panels yourself can be a stressful undertaking, which is why using a solar installation company is a good option for many homeowners. Another good thing about using a top solar installer is that it'll provide warranties and free repairs, which help protect your investment.
If you're searching for a solar company in Mount Laurel, the EcoWatch team has organized a list of our top suggestions here:
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 Mount Laurel
Factors that Affect Solar Panel Costs in Mount Laurel
For many Mount Laurel homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Mount Laurel, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,530.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose 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 in the long run on your electric bills. Additionally, extra products, such as solar batteries, can bring your total well above the Mount Laurel average.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That’s why many Mount Laurel homeowners decide to finance their solar panel systems to make paying for solar more affordable.However, the interest on solar loans also increases your overall costs, so it’s vital to include that in your estimate as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar panel installer you choose will impact your total cost to go solar. Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Mount Laurel know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $7,817 | 16.6 years |
| 8 kW | $3.60 | $20,163 | $10,819 | 16.3 years |
| 10 kW | $3.53 | $24,710 | $14,017 | 16.0 years |
| 12 kW | $3.46 | $29,059 | $17,414 | 15.6 years |
| 14 kW | $3.39 | $33,210 | $21,008 | 15.3 years |
| 16 kW | $3.32 | $37,164 | $24,800 | 15.0 years |
| 18 kW | $3.25 | $40,920 | $28,790 | 14.7 years |
| 20 kW | $3.18 | $44,478 | $32,977 | 14.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Installation Process: When going solar, it’s crucial to keep an open line of communication with your solar installer. Make sure you understand how the installation process works and the completion timeline.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years most likely offer high-quality solar panel installation and expertise.
- Solar Panel Brands: The model of solar panel you’d like plays a role in which company you should opt for, since different companies offer different panels.
- Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
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 Mount Laurel, NJ Solar Cost FAQs
How much does it cost to install solar panels in Mount Laurel?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Mount Laurel?
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 don’t have access to 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.
Can you sell solar power back to the grid in Mount Laurel?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future energy bills.
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.