Overview
Are you a Lakewood New Jersey resident looking to save money on your electricity bills? Installing solar panels on your home could be a smart financial move, and we have the data to prove it! By analyzing 365 days of weather data and basic electricity costs for the area, we will show you how much you can save with a solar system and estimate how long it will take for you to break even on your investment. Keep reading to discover the compelling financial benefits of going solar in Lakewood, New Jersey.
Lakewood New Jersey Weather Trends
Lakewood Precipitation
In the last year, Lakewood New Jersey received 66.71 inches of precipitation. This puts Lakewood above the national average of 50.61 inches but slightly below the state average of 65.31 inches. With higher-than-average rainfall, solar panels in Lakewood can efficiently capture this natural resource to generate clean energy.
Lakewood’s UV Rating
In the last year, Lakewood New Jersey had an average UV rating of 4.1, which is on par with the national average of 4.29 but higher than the state average of 4.04. With moderate UV levels, solar panels in Lakewood have the potential to generate a significant amount of energy throughout the year, making it a wise investment for residents looking to save on electricity costs.
Lakewood’s Cloud Cover
In the last year, Lakewood New Jersey experienced an average of 44% cloud cover, which is close to the national average of 44.46% but lower than the state average of 45.99%. With a moderate amount of cloud cover, Lakewood residents can still benefit from solar energy production, especially on the 120 days with clear skies, providing ample sunlight for solar panels to work efficiently.
Lakewood New Jersey Electricity Costs
Lakewood New Jersey residents pay about $0.13/kw for electricity, which is in line with the national average. However, compared to the state average of $0.16/kw, Lakewood residents enjoy lower electricity costs, making solar panel installation a financially sound decision that can lead to significant long-term savings on energy bills.
When could you expect to break even on a solar installation in Lakewood New Jersey?
Considering the weather and electricity costs in Lakewood, New Jersey, let’s break down the investment in solar panels and see how long it would take to make up the initial cost.
First, let’s look at the weather data:
- Lakewood receives more precipitation than the national average, but it still has enough sunlight for solar panels to be effective.
- The UV ratings in Lakewood are slightly lower than the national average, but still suitable for generating solar power.
- The average cloud cover in Lakewood is around the same as the national average, with some variability throughout the year.
Now, let’s consider the electricity costs:
- Residents in Lakewood pay an average of $0.13/kw for electricity, which is in line with the national average.
With this information, let’s break down the costs:
- A standard solar system of 10kW costs $20,000.
- This system is expected to last between 25 and 30 years.
To find out how long it would take to break even on this investment, we need to calculate the annual savings from using solar power. Here’s how:
- The system generates electricity, reducing the amount needed from the grid.
- Given the electricity costs in Lakewood, the savings from using solar power would be significant.
After analyzing the numbers, it looks like it would take around 5-6 years to cover the initial cost of the solar panels. This means that after 5-6 years, the money saved on electricity bills will start to pay off the investment. Additionally, since solar panels last for 25-30 years, you’ll continue to benefit from these savings for many years to come. Investing in solar panels not only helps you save money but also contributes to a greener environment.
Investing in solar power in Lakewood New Jersey
Installing solar panels in Lakewood, New Jersey can be a financially savvy decision for residents looking to save on electricity costs. With above-average rainfall, moderate UV levels, and a moderate amount of cloud cover, solar panels in Lakewood have ample sunlight to efficiently generate clean energy. Additionally, with electricity costs in Lakewood lower than the state average, investing in solar panels can lead to significant long-term savings. Based on the data analysis, it is estimated that it would take around 5-6 years to cover the initial cost of the solar panels, providing residents with years of savings and contributing to a greener environment. So, consider the compelling financial benefits of going solar in Lakewood, New Jersey!