Solar Panel Cost Guide in Silver Lake, NJ (2024 Update)
- Silver Lake Solar Installation Cost: $11,692
- 25-Year Savings: $8,676
- Payback Period: 16.4 Years
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Average Cost of Solar Panels in Silver Lake
Here’s how much it might cost to install solar panels in Silver Lake.
The national average cost of solar panels is $2.66 per watt, but in Silver Lake it’s 4 per watt.The average Silver Lake homeowner needs a 4.7-kilowatt system, which would cost about $11,692 with the federal tax credit, or $16,720 before the 0 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 making the switch to solar can vary quite a bit depending on several factors, such as what size system you need, your energy usage and what solar installer you go with.But, after you've paid the initial cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $14,000 over 20 years on utility bills.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Silver Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-10,270 |
| 3 years | $-7,425 |
| 5 years | $-4,580 |
| 7 years | $-1,735 |
| 9 years | $1,109 |
| 11 years | $3,954 |
| 13 years | $6,799 |
| 15 years | $9,644 |
| 17 years | $12,488 |
| 19 years | $15,333 |
| 21 years | $18,178 |
| 23 years | $21,022 |
| 25 years | $23,867 |
Top Solar Installers in Silver Lake
Although you can install solar panels on your own, it requires extra labor and expertise. That's one of the reasons most people choose a solar panel installer. Plus, if you’d like to maximize your investment in solar, opting for a solar installer can help with that as well. Different providers can offer warranties, expertise on installation and sometimes even information on local incentives and net metering programs.
If you’d like to make the switch to solar but still aren’t sure which solar panel installer to go with, here are our suggestions for providers near you:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
See all of the solar companies in Silver Lake
Factors that Affect Solar Panel Costs in Silver Lake
Though the average cost of a solar system in Silver Lake is $11,692, your actual 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 residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. Because of that, it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.The model of solar panels and equipment you choose is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Furthermore, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions 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 searching for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are offered by most installers in Silver Lake, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Silver Lake is the company you hire to install your PV system. Similar to choosing a company to renovate your kitchen, for example, you’ll have many options for solar installers that offer a range of services at different costs.The size of the company sometimes plays the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down 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 | $3.67 | $15,419 | $7,216 | 17.0 years |
| 8 kW | $3.60 | $20,163 | $10,017 | 16.7 years |
| 10 kW | $3.53 | $24,710 | $13,015 | 16.4 years |
| 12 kW | $3.46 | $29,059 | $16,211 | 16.0 years |
| 14 kW | $3.39 | $33,210 | $19,605 | 15.7 years |
| 16 kW | $3.32 | $37,164 | $23,196 | 15.4 years |
| 18 kW | $3.25 | $40,920 | $26,985 | 15.1 years |
| 20 kW | $3.18 | $44,478 | $30,972 | 14.7 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Contract: It’s important to look over your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Even though there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of options before making your decision.
- Warranty: Warranties that cover panel repairs and maintenance over a couple decades are the gold standard in the business, and offering such a warranty is one sign of a quality company.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
EcoWatch's Silver Lake, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Silver Lake?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
What other factors should I consider other than cost when buying solar panels?
The upfront cost is a key factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Is it worth going solar in Silver Lake?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household 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.