Solar Panel Cost Guide in Highland Lakes, NJ (2024 Update)
- Highland Lakes Solar Installation Cost: $11,874
- 25-Year Savings: $8,933
- Payback Period: 16.3 Years
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Average Cost of Solar Panels in Highland Lakes
Here’s how much it might cost to install solar panels in Highland Lakes.
The average cost of a solar system in Highland Lakes is 4 per watt.Using this figure, a typical 4.8-kW system would cost about $11,874 before the 0 federal solar tax credit is applied.
These figures are just estimates, and the cost of going solar for you will most likely look different based on your specific situation and what company you go with.Many homeowners find going solar is a solid investment. The average homeowner in Highland Lakes can save around $14,000 on their power bills over 20 years.
You can click the button below to get connected with a top solar installer in Highland Lakes that can help you get a more accurate cost estimate for your home.
Solar savings over time in Highland Lakes
| Year | Return on Investment |
|---|---|
| 1 years | $-10,815 |
| 3 years | $-8,696 |
| 5 years | $-6,578 |
| 7 years | $-4,460 |
| 9 years | $-2,341 |
| 11 years | $-223 |
| 13 years | $1,896 |
| 15 years | $4,014 |
| 17 years | $6,132 |
| 19 years | $8,251 |
| 21 years | $10,369 |
| 23 years | $12,488 |
| 25 years | $14,606 |
Top Solar Installers in Highland Lakes
When making the switch to solar, many homeowners opt to go with a solar company since handling can be a difficult project. Another advantage of going with a solar installer is that they can help you maximize your return of investment by lowering your future costs of repairs and replacements with the help of warranties and giving you information on local incentives you can take advantage of.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Highland Lakes
Factors that Affect Solar Panel Costs in Highland Lakes
There are several factors that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Highland Lakes, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy consumption, which you can determine by looking at past power bills. Your total cost can increase by about $3,530 for each additional kilowatt you need.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Highland Lakes, where sunlight is relatively abundant, efficiency can quickly pay off. Also, 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
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are available from most installers in Highland Lakes, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable.While solar loans make switching to solar energy more accessible for Highland Lakes homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Highland Lakes, you’ll have a great number of options to choose from, but each comes at different price points for labor and equipment.You may come across national solar installers that have lower prices due to their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $7,368 | 16.9 years |
| 8 kW | $3.60 | $20,163 | $10,220 | 16.6 years |
| 10 kW | $3.53 | $24,710 | $13,269 | 16.3 years |
| 12 kW | $3.46 | $29,059 | $16,516 | 15.9 years |
| 14 kW | $3.39 | $33,210 | $19,961 | 15.6 years |
| 16 kW | $3.32 | $37,164 | $23,603 | 15.3 years |
| 18 kW | $3.25 | $40,920 | $27,443 | 15.0 years |
| 20 kW | $3.18 | $44,478 | $31,480 | 14.6 years |
How to Save on Solar Panels
The solar panel company you opt for will affect not only your overall costs, but also the kinds 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, such as:
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Installation Process: When making the switch to solar energy, it’s essential to keep an open line of communication with your solar company. Make sure you understand how the installation process will go and the completion timeline.
- Contract: Even though reading through a contract can be tedious, it’s important to do it carefully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: If you’re worried about the endurance of your solar system, making sure your installer offers a 25-year, all-inclusive warranty can help put you at ease.
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 Highland Lakes, NJ Solar Cost FAQs
How much does it cost to install solar panels in Highland Lakes?
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. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Highland Lakes?
Leasing solar panels can be an attractive choice, as it usually 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.
Does Highland Lakes have a net metering program?
Most states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Highland Lakes?
Even 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 their energy production will have decreased significantly after that point. You can opt to replace them after having them for that long or you can keep using 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.