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.To cover the typical energy needs of the average home in Silver Lake, most homeowners require a 4.7-kilowatt system. Using the per-watt figure above, a solar installation costs around $11,692, or $16,720 before the federal solar tax credit of 0 is applied.
These figures are only averages, and the cost of going solar for you will look different based on your specific situation and what company you choose to go with.With typical savings of about $14,000 on energy bills over 20 years, many homeowners in Silver Lake find going solar can pay off big.
Click the button below to get connected to a reputable solar panel company in Silver Lake for a personalized estimate.
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
Putting up solar panels yourself can be a difficult task, which is why hiring a solar installer is a good option for many homeowners. In addition, if you’d like to maximize your investment in solar energy, opting for a solar installer can help with that too. Different providers can offer warranties, expertise on installation and sometimes even information on local incentives and net metering programs.
Working with a professional solar installer can make going solar easier. 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
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
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few primary factors that affect your total cost in Silver Lake: 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 variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,530.There are a lot of different solar panel brands and the one you pick also affects the cost. In many cases, the brands that are more efficient tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Silver Lake have solar loans, which reduce your upfront costs of installing solar.However, the interest on solar loans also adds to your all-in costs, so it’s important to consider that as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The final major cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in Silver Lake, you’ll have plenty of options to choose from, but each comes at varying price points for labor and equipment.The size of the company sometimes plays the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to greater resources and bulk 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 down 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 | $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
The solar panel company you choose will impact not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, including:
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Contract: Before you sign a contract with a solar installer, make sure you look it over completely so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Solar Panel Brands: Different companies will have different brands and types of panels. If you prefer a specific brand, make sure the solar company you’re considering has it.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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
How much does it cost to install solar panels in Silver Lake?
The average cost of solar panels in Silver Lake is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the actual cost will depend on things like the model of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to consider when buying solar panels?
The upfront cost is a key factor to consider, but whether it’s the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about 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 a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of 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 install between 20 and 35 panels to cover 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.