Solar Panel Cost Guide in Pine Lake Park, NJ (2023 Update)
- Pine Lake Park Solar Installation Cost: $8,604
- 25-Year Savings: $9,772
- Payback Period: 11.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Pine Lake Park
Let's have a look at the average cost of solar panels in Pine Lake Park.
The national average cost of solar panels is $2.66 per watt, but in Pine Lake Park it's 2.77 per watt. The average Pine Lake Park homeowner needs a 4.4-kilowatt system, which would cost about $8,609 with the federal tax credit, or $12,311 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of going solar can vary depending on several factors, such as what size system you need, your energy usage and what installation company you go with. Many homeowners find installing a solar system is a rewarding investment. The average homeowner in Pine Lake Park can save around $16,000 on their energy bills over 20 years.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Pine Lake Park
| Year | Return on Investment |
|---|---|
| 1 years | $-7,325 |
| 3 years | $-4,768 |
| 5 years | $-2,210 |
| 7 years | $347 |
| 9 years | $2,904 |
| 11 years | $5,462 |
| 13 years | $8,019 |
| 15 years | $10,577 |
| 17 years | $13,134 |
| 19 years | $15,691 |
| 21 years | $18,249 |
| 23 years | $20,806 |
| 25 years | $23,363 |
Top Solar Installers in Pine Lake Park
Although it's possible to install solar panels yourself, it involves extra effort and know-how. That's why almost all homeowners choose to hire a solar panel installer. The expertise that solar companies offer can be useful as well, particularly if you don't quite know what kind of solar equipment you need.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
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 Pine Lake Park
Factors that Affect Solar Panel Costs in Pine Lake Park
The cost of installing a solar system in Pine Lake Park can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest 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 affects the overall cost of going solar. For that reason, it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are an affordable option because they cut back your upfront costs and allow you to pay for your system over five to seven years on average. 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 company you select will play a role in your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and decide on the company that provides the products, warranties and services you're looking for and also is within your budget.
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 | $12,748 | 12.2 years |
| 8 kW | $2.83 | $15,822 | $17,308 | 11.9 years |
| 10 kW | $2.77 | $19,390 | $22,023 | 11.7 years |
| 12 kW | $2.71 | $22,803 | $26,893 | 11.5 years |
| 14 kW | $2.66 | $26,060 | $31,918 | 11.2 years |
| 16 kW | $2.60 | $29,163 | $37,098 | 11.0 years |
| 18 kW | $2.55 | $32,110 | $42,433 | 10.8 years |
| 20 kW | $2.49 | $34,902 | $47,924 | 10.5 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Installation Process: When going solar, it's important to keep an open line of communication with your solar panel company. Confirm that you understand how the installation process works and the project timeline.
- Contract: Though reading through a contract can be tedious, it's important to do it thoroughly so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- 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 most likely has a good reputation and is qualified to do the job well. Another way you can research your installer's reputation is by reading reviews.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
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 Pine Lake Park, NJ Solar Cost FAQs
How much does it cost to install solar panels in Pine Lake Park?
This is a difficult question to answer precisely, because the cost depends on a few different 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. It will cost more if you want additional 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 expensive solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is making the switch to solar worth it?
Solar panels can be a fruitful investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home needs 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.