Solar Panel Cost Guide in Mountain Lakes, NJ (2024 Update)
- Mountain Lakes Solar Installation Cost: $11,808
- 25-Year Savings: $6,918
- Payback Period: 18.2 Years
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Average Cost of Solar Panels in Mountain Lakes
We go over average solar pricing in Mountain Lakes.
The average cost of a solar system in Mountain Lakes is 4 per watt.To account for the typical energy needs of the average home in Mountain Lakes, most homeowners require a 4.8-kilowatt system. Using the figure above, a solar installation costs about $11,808, or $16,885 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The true cost of making the switch to solar can vary based on several factors, such as how many panels you need, your energy usage and what solar installer you go with.For most homeowners, the upfront cost of solar is worth paying. On average Mountain Lakes homeowners see about $13,000 in savings on utility bills over 20 years.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Mountain Lakes
| Year | Return on Investment |
|---|---|
| 1 years | $-10,749 |
| 3 years | $-8,630 |
| 5 years | $-6,512 |
| 7 years | $-4,394 |
| 9 years | $-2,275 |
| 11 years | $-157 |
| 13 years | $1,962 |
| 15 years | $4,080 |
| 17 years | $6,198 |
| 19 years | $8,317 |
| 21 years | $10,435 |
| 23 years | $12,554 |
| 25 years | $14,672 |
Top Solar Installers in Mountain Lakes
When making the switch to solar, many homeowners choose to go with a solar installation company since installing solar panels yourself can be a challenging project. Some solar companies, especially local ones, can help you better understand incentives in Mountain Lakes, thereby optimizing your ROI.
If you’d like to switch to solar energy but still aren’t sure which solar system company to go with, here are our suggestions 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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
See all of the solar companies in Mountain Lakes
Factors that Affect Solar Panel Costs in Mountain Lakes
Even though the average cost of a solar system in Mountain Lakes is $11,808, your final cost may be above or below the average. There are quite a few factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The size of the solar 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 $3,530. The type of solar panels and equipment you choose is another factor that will greatly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Mountain Lakes to be prohibitively costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also lead to paying more over time because of interest.It’s a good idea to include the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
The solar panel installer you choose will influence your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Mountain Lakes have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $3.67 | $15,419 | $4,901 | 19.0 years |
| 8 kW | $3.60 | $20,163 | $6,930 | 18.6 years |
| 10 kW | $3.53 | $24,710 | $9,157 | 18.2 years |
| 12 kW | $3.46 | $29,059 | $11,581 | 17.9 years |
| 14 kW | $3.39 | $33,210 | $14,203 | 17.5 years |
| 16 kW | $3.32 | $37,164 | $17,023 | 17.1 years |
| 18 kW | $3.25 | $40,920 | $20,041 | 16.8 years |
| 20 kW | $3.18 | $44,478 | $23,256 | 16.4 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be difficult, we have some tips to help you, such as:
- Installation Process: Make sure you’re on the same page with the company regarding how the installation process will go and what needs to be done before your solar system is installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you opt for.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can check your installer’s reputation is by reading reviews.
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
EcoWatch's Mountain Lakes, NJ Solar Cost FAQs
How much does it cost to install solar panels in Mountain Lakes?
The average cost of solar panels in Mountain Lakes 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 kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Mountain Lakes?
Leasing solar panels can be an attractive choice, as it usually 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 get the most savings.
Do solar panels increase how much your home is worth?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Mountain Lakes is currently $1,030,928, which means you can look forward to a value of about $42,268 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Mountain Lakes is a rewarding investment.
How long do solar panels last in Mountain Lakes?
Even 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 how much energy they produce will have decreased significantly after that point. You can choose to replace them after having 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.