Solar Panel Cost Guide in Highland Lakes, NJ (Mar 2023)
- Highland Lakes Solar Installation Cost: $9,327
- 25-Year Savings: $8,924
- Payback Period: 12.8 Years
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Updated March 14, 2023
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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 2.77. Using this figure, a typical 4.8-kW system 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 Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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
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 |
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 Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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?
This is a hard question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. 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 Highland Lakes?
Leasing solar panels can be an appealing choice, as it usually comes with low or $0 upfront payments. The downside 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.
Do solar panels increase your property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Highland Lakes is currently $218,240, so you can look forward to a value of about $8,948 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Highland Lakes is a worthwhile investment.
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 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.