Solar Panel Cost Guide in Lake Mohawk, NJ (2023 Update)
- Lake Mohawk Solar Installation Cost: $9,317
- 25-Year Savings: $8,149
- Payback Period: 13.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lake Mohawk
Let's take a look at the average cost of solar panels in Lake Mohawk.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lake Mohawk, the average cost of a solar system is 2.77 per watt. The average Lake Mohawk 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.
These figures are just averages, and how much solar costs for you will vary based on your energy needs and what company you go with. But, once you've paid the upfront cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $14,000 over 20 years on electricity bills.
To receive a free quote from a top solar installer in Lake Mohawk, you can click the button below.
Solar savings over time in Lake Mohawk
| Year | Return on Investment |
|---|---|
| 1 years | $-9,259 |
| 3 years | $-9,143 |
| 5 years | $-9,026 |
| 7 years | $-8,910 |
| 9 years | $-8,793 |
| 11 years | $-8,677 |
| 13 years | $-8,561 |
| 15 years | $-8,444 |
| 17 years | $-8,328 |
| 19 years | $-8,211 |
| 21 years | $-8,095 |
| 23 years | $-7,978 |
| 25 years | $-7,862 |
Top Solar Installers in Lake Mohawk
Installing solar panels on your own can be a difficult project, which is why getting a solar installation company is a good option for many homeowners. The expertise that solar companies offer can be invaluable as well, particularly if you don't quite know what type of solar equipment would be right for your home.
If you'd like to go solar but still aren't certain which solar system company to go with, here are our recommendations for providers nearby:
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 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 most significant one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your power bills. Additionally, extra products, such as solar batteries, can bring your total well above the Lake Mohawk average.
Solar Financing Terms
Most solar installers in Lake Mohawk offer solar loans, which reduce your upfront costs of installing solar. Although solar loans make going solar more accessible for Lake Mohawk homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Lake Mohawk is the company you hire to install your PV system. Similar to choosing a company to renovate your kitchen, for instance, there's no shortage of solar installers that offer a range of services at different price points. Additionally, some companies in Lake Mohawk are more knowledgeable about local solar incentives and can help you make good use of 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 | $9,709 | 13.9 years |
| 8 kW | $2.83 | $15,822 | $13,256 | 13.6 years |
| 10 kW | $2.77 | $19,390 | $16,958 | 13.3 years |
| 12 kW | $2.71 | $22,803 | $20,815 | 13.1 years |
| 14 kW | $2.66 | $26,060 | $24,827 | 12.8 years |
| 16 kW | $2.60 | $29,163 | $28,994 | 12.5 years |
| 18 kW | $2.55 | $32,110 | $33,316 | 12.3 years |
| 20 kW | $2.49 | $34,902 | $37,794 | 12.0 years |
How to Save on Solar Panels
There are many companies available in Lake Mohawk, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years likely offer quality solar panel installation and expertise.
- Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Installation Process: Make sure you're aligned with the company in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating your electrical system or roof.
- Solar Panel Brands: Different companies carry different brands and types of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
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 Lake Mohawk, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Lake Mohawk?
The average cost of solar panels in Lake Mohawk is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Lake Mohawk?
A solar panel system isn't free in Lake Mohawk, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
How will having solar panels impact my property value?
Solar panels can increase your property's value considerably as long as you buy or finance your panels and don't go for 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 a solar system."
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.