Solar Panel Cost Guide in Highland Lakes, NJ (2024 Update)
- Highland Lakes Solar Installation Cost: $11,874
- 25-Year Savings: $8,933
- Payback Period: 16.3 Years
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Average Cost of Solar Panels in Highland Lakes
Here’s how much it might cost to install solar panels in Highland Lakes.
The average cost of solar panels in Highland Lakes is 4 per watt.Using this figure, a typical 4.8-kW system would cost about $11,874 before the 0 federal solar tax credit is applied.
These figures are only averages, and how much solar costs for you will look different based on factors unique to your home and what company you choose to go with.Many homeowners find installing a solar panel system is a sound investment. The average homeowner in Highland Lakes can save around $14,000 on their energy bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Highland Lakes
| Year | Return on Investment |
|---|---|
| 1 years | $-10,815 |
| 3 years | $-8,696 |
| 5 years | $-6,578 |
| 7 years | $-4,460 |
| 9 years | $-2,341 |
| 11 years | $-223 |
| 13 years | $1,896 |
| 15 years | $4,014 |
| 17 years | $6,132 |
| 19 years | $8,251 |
| 21 years | $10,369 |
| 23 years | $12,488 |
| 25 years | $14,606 |
Top Solar Installers in Highland Lakes
Although you can install solar panels yourself, it takes extra time and know-how. That's one of the reasons most homeowners choose a solar panel installer. Another advantage of using a solar installer is that they can help you make the most of your investment by bringing down your future costs of repairs and replacements due to warranties and helping you learn about local incentives you can take advantage of.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Highland Lakes:
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 Highland Lakes
Factors that Affect Solar Panel Costs in Highland Lakes
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that determine your overall cost in Highland Lakes: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Highland Lakes, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy usage, which you can determine by looking at past electricity bills. Your total cost can increase by about $3,530 for each additional kilowatt you need.The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar companies in Highland Lakes have solar loans, which reduce the initial cost of installing solar.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The solar company you choose to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Highland Lakes, and each can charge varying amounts for labor and equipment.The company’s size sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because of greater 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 promotion can bring their pricing down to compete with bigger names.
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 | $7,368 | 16.9 years |
| 8 kW | $3.60 | $20,163 | $10,220 | 16.6 years |
| 10 kW | $3.53 | $24,710 | $13,269 | 16.3 years |
| 12 kW | $3.46 | $29,059 | $16,516 | 15.9 years |
| 14 kW | $3.39 | $33,210 | $19,961 | 15.6 years |
| 16 kW | $3.32 | $37,164 | $23,603 | 15.3 years |
| 18 kW | $3.25 | $40,920 | $27,443 | 15.0 years |
| 20 kW | $3.18 | $44,478 | $31,480 | 14.6 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Well-established companies likely have a high 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.
- Installation Process: Make sure you’re on the same page with the installer regarding how the installation process will go and what you need to do before your solar panels are installed, such as updating your electrical system or roof.
- Contract: Read the contract terms thoroughly to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Warranty: Many companies offer different types 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 Highland Lakes, NJ Solar Cost FAQs
How much does it cost to install solar panels in Highland Lakes?
This is a tough question to answer precisely, because the cost depends on a few different 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 other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Highland Lakes?
Leasing solar panels can be an appealing choice, as it usually 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 way to go if you want to get the most savings.
Does Highland Lakes have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can get paid for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Highland Lakes?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.