Solar Panel Cost Guide in Highland Lakes, NJ (Sep 2022)

  • Highland Lakes Solar Installation Cost: $9,327
  • 25-Year Savings: $8,924
  • Payback Period: 12.8 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Highland Lakes

Find out what the average cost of installing solar panels is in Highland Lakes.

Although the national average of solar panels is $2.66 per watt, solar panels in Highland Lakes typically cost around $3. Using this figure, a typical 4.8 would cost about $9,327 before the 30% federal solar tax credit is applied.

These figures are just estimates, and how much solar costs for you will most likely differ based on factors unique to your home and what company you choose to go with. Despite the significant initial cost, the average Highland Lakes homeowner can save around $14,000 on their electricity bills over 20 years, which is one of the benefits of solar.

Click the button below to get connected to a vetted solar company in your area for a custom estimate.

Solar savings over time in Highland Lakes

Year Return on Investment
1 years $-8,597
3 years $-7,137
5 years $-5,677
7 years $-4,217
9 years $-2,756
11 years $-1,296
13 years $164
15 years $1,624
17 years $3,084
19 years $4,544
21 years $6,004
23 years $7,464
25 years $8,924

Top Solar Installers in Highland Lakes

DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Taking advantage of a solar company can make converting to solar power much easier. In addition, if you'd like to maximize your investment in solar, opting for a solar installer can help with that too. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives and net metering programs.

There are a number of licensed solar professionals that can help you install your solar system. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

See all of the solar companies in Highland Lakes

Factors that Affect Solar Panel Costs in Highland Lakes

The cost of installing a solar system in Highland Lakes can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.

Solar Equipment Size

One of the most significant factors to consider when it comes to the cost of installing solar panels 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 pay about $2,770 per kilowatt in Highland Lakes. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price 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 extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are provided by most installers in Highland Lakes, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible. Even though solar loans make adopting solar energy more accessible for Highland Lakes homeowners, they can also raise the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

The solar installer you opt for to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Highland Lakes, and each can charge different amounts for labor and equipment. Additionally, some companies in Highland Lakes are more knowledgeable about local solar incentives and can help you learn about 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 $2.88 $12,099 $10,688 13.3 years
8 kW $2.83 $15,822 $14,561 13.0 years
10 kW $2.77 $19,390 $18,589 12.8 years
12 kW $2.71 $22,803 $22,772 12.5 years
14 kW $2.66 $26,060 $27,111 12.3 years
16 kW $2.60 $29,163 $31,604 12.0 years
18 kW $2.55 $32,110 $36,253 11.7 years
20 kW $2.49 $34,902 $41,056 11.5 years

Solar Incentives in Highland Lakes

Name NJ Clean Energy- Residential New Construction Program
Incentive Amount Incentives depend on the HERS score and the classification
Single family homes: Ranges from $1,125 to - 24,250
Multi-single homes: Ranges from $1,125 to $18,188
Multifamily homes: Ranges from $625-$12,125
Incentive Max Multifamily: up to $12,125
Individual homes: up to $24,250
Website Visit here
More Info Click here

Name Property Tax Exemption for Renewable Energy Systems
Incentive Amount 100% of value added by renewable system
More Info Click here

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Solar Renewable Energy Certificates (SRECs) Registration Program
Incentive Amount Determined by the market.
In June 2016, SREC traded at an average price of $229.90.
Incentive Max Maximum price set by the SACP for the particular year.
Website Visit here
More Info Click here

Name Successor Solar Incentive (SuSI) Program
Incentive Amount Net-Metered Residential: $90/SREC-II

Small Net-Metered Non-Residential located on Rooftop, Carport, Canopy and Floating Solar
Projects smaller than 1 MW (dc): $100/SREC-II, $120 for public entities
Projects 1 MW to 5 MW (dc): $90/SREC-II, $110 for public entities

Net Metered Non-Residential Ground Mount
Projects smaller than 1 MW (dc): $85/SREC-II, $105 for public entities
Projects 1 MW to 5 MW (dc): $80/SREC-II, $100 for public entities

Community Solar LMI: $90/SREC-II
Community Solar Non-LMI: $70/SREC-II
Incentive Max MW-DC Capacity Blocks
Net Metered Residential: 150 MW
Net Metered Non-Residential: 150 MW
Community Solar (LMI and Non-LMI): 150 MW
Website Visit here
More Info Click here

Name Solar Energy Sales Tax Exemption
Incentive Amount 100% exemption
Incentive Max None
More Info Click here

How to Save on Solar Panels

The solar company you go with will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, such as:

  • Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
  • Warranty: Warranties that provide coverage for replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one indication of a quality company.
  • Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Although there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you ask for their list of options before deciding.
  • Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years most likely provide high-quality solar panel installation and expertise.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

EcoWatch's Highland Lakes, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Highland Lakes?

The average cost of solar panels in Highland Lakes is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the actual cost will depend on things like the model of solar panels you want, what size system you need and how much energy you use.

Can you get solar panels for free in Highland Lakes?

A solar panel system isn't free in Highland Lakes, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.

How will installing solar panels impact the value of my home?

Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."

How many solar panels do I need to power my home?

The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.

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.

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