Solar Panel Cost Guide in Pine Lake Park, NJ (2024 Update)
- Pine Lake Park Solar Installation Cost: $10,964
- 25-Year Savings: $9,772
- Payback Period: 14.9 Years
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Average Cost of Solar Panels in Pine Lake Park
Find out what the average cost of solar panels are in Pine Lake Park.
The average cost of a solar panel system in Pine Lake Park is 4 per watt.The average solar panel system size in Pine Lake Park is around 4.4 kilowatts, meaning a cost of about $10,964 for a solar installation, or $15,679 before the 0 federal solar tax credit is applied.
How much you pay can go higher or lower than the average in Pine Lake Park depending on a variety of factors, such as the type of solar panels you choose and the solar contractor you hire.But, after you've paid the initial cost of installation, the savings for most homeowners is usually fruitful, with a net average savings of about $16,000 over 20 years on power bills.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Pine Lake Park
| Year | Return on Investment |
|---|---|
| 1 years | $-9,686 |
| 3 years | $-7,128 |
| 5 years | $-4,571 |
| 7 years | $-2,014 |
| 9 years | $544 |
| 11 years | $3,101 |
| 13 years | $5,659 |
| 15 years | $8,216 |
| 17 years | $10,773 |
| 19 years | $13,331 |
| 21 years | $15,888 |
| 23 years | $18,445 |
| 25 years | $21,003 |
Top Solar Installers in Pine Lake Park
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Going with a solar panel installer can make swapping over to solar power much easier. Also, if you’d like to maximize your investment in solar energy, using a solar installer can help with that as well. Different providers can offer repairs, expertise on installation and sometimes even information on local incentives.
You can work with a local solar installer to get a free quote on how much solar panels could cost for your home. Here are some near you:
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
See all of the solar companies in Pine Lake Park
Factors that Affect Solar Panel Costs in Pine Lake Park
Although the average cost of a solar system in Pine Lake Park is $10,964, your actual cost may be above or below the average. There are many 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 consider.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it’s crucial to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs.The brand of solar panels and equipment you want is another factor that will significantly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that’s in your budget.
Solar Financing Terms
Most solar companies in Pine Lake Park provide solar loans, which reduce the initial cost of installing a solar system.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 getting a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The solar installer you choose will affect your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Pine Lake Park have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
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 | $9,429 | 15.5 years |
| 8 kW | $3.60 | $20,163 | $12,967 | 15.2 years |
| 10 kW | $3.53 | $24,710 | $16,703 | 14.9 years |
| 12 kW | $3.46 | $29,059 | $20,636 | 14.6 years |
| 14 kW | $3.39 | $33,210 | $24,768 | 14.3 years |
| 16 kW | $3.32 | $37,164 | $29,097 | 14.0 years |
| 18 kW | $3.25 | $40,920 | $33,623 | 13.7 years |
| 20 kW | $3.18 | $44,478 | $38,348 | 13.4 years |
How to Save on Solar Panels
Since the model of solar panels and the installer 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 tips to keep in mind to help with your decision:
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
- Contract: When looking through your solar installer’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you choose.
- Reputation: Long-running companies likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
EcoWatch's Pine Lake Park, NJ Solar Cost FAQs
How much does it cost to install solar panels in Pine Lake Park?
This is a tough question to answer exactly, because the cost depends on a variety of 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 be more expensive if you want other 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.
Is it better to lease or buy solar panels in Pine Lake Park?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Can you sell solar power back to the grid in Pine Lake Park?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future electricity bills.
How long do solar panels last in Pine Lake Park?
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 choose to replace them once you've had 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.