Solar Panel Cost Guide in Mountain Lakes, NJ (2023 Update)
- Mountain Lakes Solar Installation Cost: $9,268
- 25-Year Savings: $6,915
- Payback Period: 14.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Mountain Lakes
Let's take a look at the average cost of solar panels in Mountain Lakes.
Although the national average of solar panels is $2.66 per watt, solar panels in Mountain Lakes typically cost around 2.77. The average Mountain Lakes homeowner needs a 4.8-kilowatt system, which would cost about $9,268 with the federal tax credit, or $13,253 before the 30% tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Mountain Lakes homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Many homeowners find going solar is a sound investment. The average homeowner in Mountain Lakes can save about $13,000 on their energy bills over 20 years.
You can click the button below to get connected with a vetted solar company in Mountain Lakes for a quote for your home.
Solar savings over time in Mountain Lakes
| Year | Return on Investment |
|---|---|
| 1 years | $-8,621 |
| 3 years | $-7,326 |
| 5 years | $-6,032 |
| 7 years | $-4,737 |
| 9 years | $-3,442 |
| 11 years | $-2,148 |
| 13 years | $-853 |
| 15 years | $442 |
| 17 years | $1,737 |
| 19 years | $3,031 |
| 21 years | $4,326 |
| 23 years | $5,621 |
| 25 years | $6,915 |
Top Solar Installers in Mountain Lakes
When making the switch to solar, many homeowners opt to go with a solar installation company since installing solar panels yourself can be a challenging project. The payback period of solar panels will vary depending on factors like your location and energy use, but going with a solar company can help you reach a break-even point sooner. Your provider will be able to help you identify incentives available in your area.
If you're searching for a solar installer in Mountain Lakes, the EcoWatch team has put together a list of our top suggestions here:
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 Mountain Lakes
Factors that Affect Solar Panel Costs in Mountain Lakes
There are a number of criteria that can influence your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. For that reason, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose 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 in the long run on your power bills. In addition, extra products, like solar batteries, can bump up your total well above the Mountain Lakes average.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are an affordable option because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. When estimating your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you go with to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Mountain Lakes, and each can charge varying amounts for labor and equipment. The size of the company can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to greater 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 promotion can bring their pricing lower to compete with bigger 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 | $8,221 | 14.9 years |
| 8 kW | $2.83 | $15,822 | $11,271 | 14.6 years |
| 10 kW | $2.77 | $19,390 | $14,477 | 14.3 years |
| 12 kW | $2.71 | $22,803 | $17,838 | 14.0 years |
| 14 kW | $2.66 | $26,060 | $21,354 | 13.7 years |
| 16 kW | $2.60 | $29,163 | $25,025 | 13.5 years |
| 18 kW | $2.55 | $32,110 | $28,851 | 13.2 years |
| 20 kW | $2.49 | $34,902 | $32,832 | 12.9 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose significantly influences your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years in most cases offer 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
EcoWatch's Mountain Lakes, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Mountain Lakes?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Mountain Lakes?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Can you sell solar power back to the grid in Mountain Lakes?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future utility bills.
How long do solar panels last in Mountain Lakes?
On average, the lifespan of solar panels is 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 larger level 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.