Solar Panel Cost Guide in Hanover, MA (2023 Update)
- Hanover Solar Installation Cost: $8,516
- 25-Year Savings: $17,408
- Payback Period: 8.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Hanover
We break down average solar pricing in Hanover.
Although the national average of solar panels is $2.66 per watt, solar panels in Hanover typically cost around 2.94. The average solar panel system size in Hanover is around 4.1 kilowatts, meaning a cost of about $8,520 for a solar installation, or $12,184 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Hanover homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find installing solar panels is a sound investment. The average homeowner in Hanover can save around $24,000 on their power bills over 20 years.
To get a free quote from a pre-vetted solar company in Hanover, you can click the button below.
Solar savings over time in Hanover
| Year | Return on Investment |
|---|---|
| 1 years | $-8,430 |
| 3 years | $-8,257 |
| 5 years | $-8,084 |
| 7 years | $-7,911 |
| 9 years | $-7,738 |
| 11 years | $-7,566 |
| 13 years | $-7,393 |
| 15 years | $-7,220 |
| 17 years | $-7,047 |
| 19 years | $-6,874 |
| 21 years | $-6,701 |
| 23 years | $-6,529 |
| 25 years | $-6,356 |
Top Solar Installers in Hanover
When going solar, many homeowners opt to go with a solar company since installing a solar system yourself can be a challenging project. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you're on the hunt for a solar company in Hanover, we've compiled 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
See all of the solar companies in Hanover
Factors that Affect Solar Panel Costs in Hanover
Though the average cost of a solar system in Hanover is $8,520, your final cost may differ. There are many factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
When it comes to estimating the price of a solar system in Hanover, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can gauge by looking at past power bills. Your overall cost can increase by about $2,940 for each additional kilowatt you need. The brand of solar panels and equipment you get is another factor that will considerably impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Plus, 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 looking for a solar system that's in your budget.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are an affordable choice because they lower your upfront costs and let you pay for your system over five to seven years on average. Although solar loans make going solar more accessible for Hanover homeowners, they can also add to 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 panel installation company you pick will impact your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Hanover have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $3.06 | $12,842 | $24,747 | 8.5 years |
| 8 kW | $3.00 | $16,793 | $33,326 | 8.4 years |
| 10 kW | $2.94 | $20,580 | $42,069 | 8.2 years |
| 12 kW | $2.88 | $24,202 | $50,977 | 8.0 years |
| 14 kW | $2.82 | $27,660 | $60,049 | 7.9 years |
| 16 kW | $2.76 | $30,952 | $69,286 | 7.7 years |
| 18 kW | $2.70 | $34,080 | $78,687 | 7.6 years |
| 20 kW | $2.65 | $37,044 | $88,254 | 7.4 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose significantly affects 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:
- Contract: Before you sign a contract with a solar installer, make sure to read it through carefully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Installation Process: Make sure you're on the same page with the company regarding how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Reputation: Companies that have been operating for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Hanover, MA Solar Cost FAQs
How much does it cost to install solar panels in Hanover?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $14,700 for a 5-kW system and $29,400 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 consumption. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Hanover?
Leasing solar panels can be an option if you can't afford 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 property 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 bang for your buck from going solar.
Can you sell solar power back to the grid in Hanover?
Each state has some kind 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 Hanover?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.