Solar Panel Cost Guide in Lake Mohawk, NJ (2024 Update)
- Lake Mohawk Solar Installation Cost: $11,874
- 25-Year Savings: $8,149
- Payback Period: 17.0 Years
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Average Cost of Solar Panels in Lake Mohawk
See how much it might cost to install solar panels in Lake Mohawk.
While the national average of solar panels is $2.66 per watt, solar panels in Lake Mohawk generally cost about 4.Since a 4.8-kW system is needed to cover the energy costs of a typical home in Lake Mohawk, the average price of going solar will be about $11,874 after claiming the federal solar tax credit of 0.
The true price you pay can go higher or lower than the average in Lake Mohawk based on a variety of factors, such as the model of solar panels you choose and the solar company you hire.Even with the high upfront cost, the average Lake Mohawk homeowner can save around $14,000 on their electricity bills over 20 years, which is one of the positives of solar.
To receive a free quote from a highly rated solar installation company in Lake Mohawk, you can click the button below.
Solar savings over time in Lake Mohawk
| 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 Lake Mohawk
Although it's possible to install solar panels by yourself, it takes extra effort and handiness. Because of that, most people choose a solar panel installer. Solar warranties and repairs are often included in the cost of installation when you opt for a solar company as well, which can save you more money over time.
There are a number of licensed solar professionals that can help you install your solar panels. 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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Lake Mohawk
Factors that Affect Solar Panel Costs in Lake Mohawk
The cost of installing a solar system in Lake Mohawk can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,530.The brand and type of equipment you choose for your solar system can increase or decrease 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 a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar installers in Lake Mohawk offer solar loans, which reduce the initial cost of installing a solar system.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar installation company you select will influence your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor.The company’s size sometimes plays the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to more 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 discount can bring their pricing lower 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 | $6,390 | 17.7 years |
| 8 kW | $3.60 | $20,163 | $8,915 | 17.3 years |
| 10 kW | $3.53 | $24,710 | $11,638 | 17.0 years |
| 12 kW | $3.46 | $29,059 | $14,559 | 16.7 years |
| 14 kW | $3.39 | $33,210 | $17,677 | 16.3 years |
| 16 kW | $3.32 | $37,164 | $20,993 | 16.0 years |
| 18 kW | $3.25 | $40,920 | $24,507 | 15.6 years |
| 20 kW | $3.18 | $44,478 | $28,218 | 15.3 years |
How to Save on Solar Panels
The solar company you go with will impact not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, such as:
- Installation Process: Make sure you’re aligned with the company in regard to 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.
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Read the contract terms closely to make sure you understand the overall cost, project completion timeline rebates and warranties.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Lake Mohawk, NJ Solar Cost FAQs
How much does it cost to install solar panels in Lake Mohawk?
The average cost of solar panels in Lake Mohawk is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the real cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Lake Mohawk?
Leasing solar panels can be an attractive choice, as it commonly 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
Is it worth going solar in Lake Mohawk?
Solar panels can be a good investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.