Solar Panel Cost Guide in Silver Lake, NJ (Oct 2022)

  • Silver Lake Solar Installation Cost: $9,171
  • 25-Year Savings: $8,679
  • Payback Period: 12.8 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Silver Lake

Find out what the average cost of a solar system is in Silver Lake.

In Silver Lake, solar panels cost about $3 per watt on average. Since a 4.7-kW system is needed to cover the energy consumption of a typical home in Silver Lake, the average price of going solar will be about $9,171 before claiming the federal solar tax credit of 30%.

These figures are just estimates, and the cost of going solar for you will look different based on factors unique to your home and what company you want to go with. Many homeowners find going solar is a rewarding investment. The average homeowner in Silver Lake can save around $14,000 on their power bills over 20 years.

To calculate your potential ROI and connect with a local solar expert, click the button below.

Solar savings over time in Silver Lake

Year Return on Investment
1 years $-8,457
3 years $-7,029
5 years $-5,601
7 years $-4,173
9 years $-2,745
11 years $-1,317
13 years $111
15 years $1,539
17 years $2,967
19 years $4,395
21 years $5,823
23 years $7,251
25 years $8,679

Top Solar Installers in Silver Lake

Although it's possible to install solar panels yourself, it involves extra time and expertise. For that reason, almost all homeowners choose to hire a solar panel installer. Another good thing about using a reputable solar installer is that it'll usually provide warranties and free repairs, which help protect your solar system over time.

If you're looking for a solar installer in Silver Lake, we've put together a list of our top suggestions here:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Silver Lake

Factors that Affect Solar Panel Costs in Silver Lake

There are a number of criteria that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.

Solar Equipment Size

The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the major factors is the system size. Solar power systems that have greater efficiency or power generation 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. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Silver Lake, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

Many homeowners find the average cost of solar in Silver Lake to be too steep, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in paying more over time due to interest. Although solar loans make adopting solar energy more accessible for Silver Lake 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

The solar installation company you select will impact your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor. The company's size can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to more 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 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 $2.88 $12,099 $10,536 13.4 years
8 kW $2.83 $15,822 $14,358 13.1 years
10 kW $2.77 $19,390 $18,335 12.8 years
12 kW $2.71 $22,803 $22,468 12.6 years
14 kW $2.66 $26,060 $26,755 12.3 years
16 kW $2.60 $29,163 $31,198 12.1 years
18 kW $2.55 $32,110 $35,795 11.8 years
20 kW $2.49 $34,902 $40,548 11.6 years

Solar Incentives in Silver Lake

Name Successor Solar Incentive (SuSI) Program
Website Visit here
More Info Click here

Name Solar Energy Sales Tax Exemption
Incentive Amount 100% exemption
More Info Click here

Name Property Tax Exemption for Renewable Energy Systems
More Info Click here

Name Solar Renewable Energy Certificates (SRECs) Registration Program
Website Visit here
More Info Click here

Name PSE&G - Solar Loan Program
Website Visit here
More Info Click here

Name NJ Clean Energy- Residential New Construction Program
Website Visit here
More Info Click here

Name Home Performance with ENERGY STAR Program
Website Visit here
More Info Click here

Name Home Performance with ENERGY STAR Program
Website Visit here
More Info Click here

Name COOLAdvantage Program
Website Visit here
More Info Click here

Name NJ Clean Energy- WARMAdvantage Program (Electric and Gas)
Website Visit here
More Info Click here

Name New Jersey Renewable Energy Incentive Program (Sustainable Biopower)
Website Visit here
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

How to Save on Solar Panels

Since the type of solar panels and the company you choose considerably 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: Different companies will carry various brands and kinds of panels. If you want a specific brand, make sure the solar installer you're considering has it.
  • 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 that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
  • Contract: It's important to read your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
  • Installation Process: When making the switch to solar energy, it's crucial to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process works and the project timeline.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Silver Lake, NJ Solar Cost FAQs

How much does it cost to install solar panels in Silver Lake?

This is a hard question to answer exactly, 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. It will cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.

Is cost the most important thing to keep in mind when buying solar panels?

Cost is a very important factor to consider, but whether it's the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.

Do solar panels increase your property value?

Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Silver Lake is currently $315,377, so you can expect about a value of about $12,930 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Silver Lake is a fruitful investment.

How long do solar panels last in Silver Lake?

Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use them at a lower efficiency.

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.

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