Solar Panel Cost Guide in Pine Lake Park, NJ (Mar 2023)
- Pine Lake Park Solar Installation Cost: $8,609
- 25-Year Savings: $9,767
- Payback Period: 11.7 Years
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Updated March 14, 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.
Although the national average of solar panels is $2.66 per watt, solar panels in Pine Lake Park typically cost around 2.77. Because a 4.4-kW system is needed to cover the energy needs of a typical home in Pine Lake Park, the average price of going solar will be about $8,609 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The true cost of making the switch to solar can vary quite a bit based on several factors, such as how many panels you need, your energy usage and what company you go with. For many homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $16,000 in savings on electricity bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Pine Lake Park
| Year | Return on Investment |
|---|---|
| 1 years | $-7,874 |
| 3 years | $-6,404 |
| 5 years | $-4,934 |
| 7 years | $-3,464 |
| 9 years | $-1,994 |
| 11 years | $-524 |
| 13 years | $946 |
| 15 years | $2,416 |
| 17 years | $3,887 |
| 19 years | $5,357 |
| 21 years | $6,827 |
| 23 years | $8,297 |
| 25 years | $9,767 |
Top Solar Installers in Pine Lake Park
Many homeowners opt for a solar installer since trying to put up solar panels by yourself can be challenging. A solar company can also help save you money in the long run by offering warranties, repairs and part replacements.
If you'd like to go solar but still aren't sure which solar system installer to go with, here are our suggestions for providers near you:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Pine Lake Park
Factors that Affect Solar Panel Costs in Pine Lake Park
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few key factors that affect your total cost in Pine Lake Park: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,770. The kind of solar panels and equipment you get is another factor that will substantially affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment is more than just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that's in your budget.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a solid option because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. Even though solar loans make adopting solar energy more accessible for Pine Lake Park homeowners, they can also raise the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Pine Lake Park is the company you hire to install your solar system. Similar to choosing a company to build a deck or pool, for example, you'll have many options for solar installers that provide a range of services for different budgets. The size of the company sometimes plays the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion 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 | $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
Since the kind of solar panels and the installer you choose significantly impacts your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Before you sign a contract with a solar company, make sure you read it through completely so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Installation Process: When making the switch to solar, it's important to keep an open line of communication with your solar panel company. Confirm that you understand how the installation process will go and the project completion timeline.
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Pine Lake Park, NJ Solar Cost FAQs
How much does it cost to install solar panels in Pine Lake Park?
The average cost of solar panels in Pine Lake Park 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 things like the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Pine Lake Park?
Leasing solar panels can be an appealing choice, because it often comes with low or $0 upfront payments. The downside 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
How will having solar panels impact how much my home is worth?
Solar panels can increase your property's value considerably as long as you buy or finance your panels and don't opt 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."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.