17 Best Solar Companies in Hanover, NJ (Mar 2023 Review)

The Cost and Benefits of Solar in Hanover

Solar panels run off a free energy source — the sun — but before you can take advantage of this you will need to pay to set up your system. There are a few factors you should take into consideration when trying to determine the overall cost and how much you can save, including:

• Average daily sunlight: Since Hanover gets a decent amount of average daily sunlight, your solar panels can generally generate enough energy to power your whole home, which influences how much your electricity bills will be.
• Choice of solar panels: The type of solar panels you get will affect your total cost. High-efficiency monocrystalline panels will cost more upfront but can also save you more money over the lifetime of your system. If you don't need to maximize efficiency, you can go with a higher number of more affordable panels.
• How much you spend on energy: If your local energy rates are high, there's a better chance you'll end up with a higher return on your investment in solar panels. In Hanover, you can save an average of $61 a month on your electricity bills.
• Incentives: The federal solar investment tax credit currently allows you to lower your taxes by 30% of the project cost. Your state and even local utility companies may also have various incentives that you can benefit from. In addition, you can save about $15,000 over 20 years on your utility bills, not including incentives.

Thanks to the cost of solar panels being lower than before as well as local and federal solar incentives, they are a sound investment for the majority of homeowners.

Solar Incentives in Hanover

Because solar power is more sustainable than fossil fuels, there are several government incentives in place to encourage its adoption. Regardless of what state you live in, you can take advantage of the federal Solar Investment Tax Credit (ITC), which allows you to claim 30% of your project costs when you file taxes, reducing the amount of taxes you owe that year. Additionally, there may be some state and city incentives that stack with the ITC too. Check out our article on solar incentives to learn what incentives are available to you.

Environmental Impact of Switching to Solar in Hanover

There are many reasons to switch to solar power, like saving money on electricity bills and helping to lower your carbon footprint. But you may be wondering — how much exactly can you help by making the switch to solar? In a city like Hanover where commute times can be pretty long, installing solar panels can help offset some of your carbon dioxide emissions from being on the road a lot. Because solar panels don't release carbon dioxide emissions into the atmosphere when creating electricity, they're a good alternative to nonrenewable energy sources. In fact, you could expect to reduce your carbon dioxide emissions by about 50 pounds each year. For those who care about the environment, the upfront cost of solar is a small price to pay for reducing your carbon footprint.