Solar Panel Cost Guide in Highland Lakes, NJ (2023 Update)
- Highland Lakes Solar Installation Cost: $9,317
- 25-Year Savings: $8,933
- Payback Period: 12.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Highland Lakes
Let's take a look at the average cost of solar in Highland Lakes.
In Highland Lakes, solar panels cost about 2.77 per watt on average. The average Highland Lakes homeowner needs a 4.8-kilowatt system, which would cost about $9,327 with the federal tax credit, or $13,338 before the 30% tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy needs, the type of equipment you want to get, your solar contractor and more. But, after you've paid the upfront cost of installation, the payback for most homeowners is usually fruitful, with a net average savings of about $14,000 over 20 years on energy bills.
To receive a free estimate from a vetted solar company in Highland Lakes, you can click the button below.
Solar savings over time in Highland Lakes
| Year | Return on Investment |
|---|---|
| 1 years | $-8,258 |
| 3 years | $-6,140 |
| 5 years | $-4,021 |
| 7 years | $-1,903 |
| 9 years | $215 |
| 11 years | $2,334 |
| 13 years | $4,452 |
| 15 years | $6,570 |
| 17 years | $8,689 |
| 19 years | $10,807 |
| 21 years | $12,926 |
| 23 years | $15,044 |
| 25 years | $17,162 |
Top Solar Installers in Highland Lakes
When switching to solar energy, many homeowners opt to use a solar installation company since putting up a solar system yourself can be a difficult project. Also, if you'd like to maximize your investment in solar, going with a solar company 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.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some in Highland Lakes:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Highland Lakes
Factors that Affect Solar Panel Costs in Highland Lakes
For many Highland Lakes homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Highland Lakes, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,770. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Highland Lakes, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Highland Lakes to be prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to higher prices over time because of interest. Although solar loans make switching to solar energy more accessible for Highland Lakes homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you go with to handle your switch to solar energy can play a part in your total costs. There are about 3 solar installation companies in Highland Lakes, and each can charge varying amounts for labor and equipment. You may come across national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years most likely provide high-quality solar panel installation and expertise.
- Contract: It's important to read your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
- Solar Panel Brands: The model of solar panel you want plays a role in which installer you should opt for, since different companies offer different panels.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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.