Solar Panel Cost Guide in Silver Lake, NJ (Mar 2023)
- Silver Lake Solar Installation Cost: $9,171
- 25-Year Savings: $8,679
- Payback Period: 12.8 Years
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Updated March 14, 2023
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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 2.77 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 after 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 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 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
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, which is measured in kilowatts (kW). 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 |
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 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 Silver Lake, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Silver Lake?
The average cost of solar panels in Silver Lake 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 certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Silver Lake?
You can't get solar panels for free in Silver Lake. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and the amount of direct sunlight your roof gets.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can 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 buy 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.