Cost of Solar Panels in New Hampshire: Local Solar Installation Prices (2022)
Here’s a quick look at the estimated cost of solar in New Hampshire:
- Average Cost Per Watt: $2.91
- Cost of Average System: $13,997*
- Cost of Energy Without Solar: $47,324
- Payback Period: 9 Years**
- Lifetime Savings of Going Solar: $28,409
*Average system size is calculated using data from the Energy Information Administration. This price is after tax credit.
**Payback period is calculated assuming the system is purchased in cash.
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Cost of Solar Panels in New Hampshire
Solar panels in New Hampshire average around $2.91 per watt, above the national average of $2.66 per watt. Most homeowners in the Granite State find that they need a 6.5-kW system to offset electricity costs entirely. Based on the average per-watt price, that means most systems will cost around $18,915 before the federal tax credit or $13,997 after.
This total cost is well below the national average because the system size needed is smaller than in most states. New Hampshire residents don’t use much energy, comparatively, but the electricity rates are high — 21.17 cents per kilowatt-hour as opposed to a national average of 14.7 cents — making solar a worthwhile investment for most.
Solar Panel System Installation Cost in New Hampshire
When you’re estimating the cost of your solar power system, the most crucial factor to consider is the size of the solar system, which is based on your monthly energy needs. Every kilowatt you need to add to your system will bump up your total costs by nearly $3,000, so the system size is the most significant cost factor. The table below provides standard system sizes in NH, along with pricing before and after the federal tax credit.
|Size of Solar Panel System||New Hampshire Solar Panel Cost||Cost After Federal Tax Credit|
Want to get a free quote for solar but not sure which company to turn to in New Hampshire? Click here to see our review of the top solar installers in your area.
What Determines the Cost of Solar Panels in New Hampshire?
System size is the most impactful cost factor when it comes to your solar system, but there are other things that can have a massive impact on your total as well. We’ll discuss three other major cost factors in New Hampshire below.
You’ll pay labor and equipment charges for your solar panel installation. While labor is a factor that can affect your price, the equipment you select will have a greater impact on costs.
First, you need to consider the brand of equipment you want. Every solar equipment brand varies in durability, energy production and, most importantly, cost. Selecting one of the most efficient solar panel brands — like Maxeon panels from SunPower — will usually lead to higher upfront costs. However, higher efficiency could pay off in the long run and help you save more on electric bills than choosing one of the more affordable solar panel brands.
Second, you’ll want to balance the equipment that you want with your budget. Most solar installations include panels and inverters for interconnection and net metering. Some homeowners opt for add-on equipment to customize their setup. For example, installing a Tesla Powerwall or other solar battery to provide power during an outage or an electric vehicle charger could increase your costs by thousands or even tens of thousands of dollars.
Many homeowners in New Hampshire will undoubtedly look at the average $18,915 price tag for going solar and decide against clean energy for financial reasons. Thankfully, solar loans are available from most solar installers and from third-party lenders. Solar loans make going solar far more accessible, but they do come at a cost: you’ll have to pay interest on top of your equipment and labor charges.
Some people will only be able to secure a high-APR loan, which could tack on thousands of dollars over the life of the loan, which is usually between five and seven years. Even low-APR loan options will likely add quite a bit to your total costs. Regardless of your APR, you can reduce your all-in costs, including interest, by increasing your down payment. The more you pay now, the less you’ll pay in interest over time.
Solar Installation Company
Finally, the solar installer you choose will have an effect on your pricing. No company charges precisely the same for labor, equipment and warranties, so the same system from two companies will come with different costs, service and warranty coverage.
You’ll have to assess companies on value as well as cost, though. Some companies only provide access to high-quality equipment, like SunPower panels or Tesla Powerwalls. These installers will naturally be more expensive but could be worth the added investment in the long run.
You can start by determining the size of the company. Larger national installers usually have lower prices but sometimes don’t have many equipment brands or customization options available. Smaller local companies sometimes offer deals and sales to undercut the bigger competitors, and they typically have better customer service and more flexibility with equipment brands and types.
New Hampshire Solar Incentives
New Hampshire is considered a very solar-friendly state, which is to say that there is a multitude of tax incentives, credits and rebate programs available to homeowners. We’ll discuss all of the solar incentives available in New Hampshire below.
Federal Solar Tax Credit For New Hampshire Homeowners
The most sizable credit or rebate that New Hampshire residents will receive for going solar is the federal solar investment tax credit (ITC). The federal government incentivizes converting to renewable energy by offering a 26% rebate for all solar equipment and installation costs. In New Hampshire, that averages out to a typical rebate of $4,918.
This massive credit will only be available in 2022. In 2023, the rebate percentage will dip to 22% — meaning an average credit of $4,161 — and the benefit will be eliminated in 2024. Congress could renew the bill for installations after 2023, but the rebate amount will likely be lower than 22% even if it does.
Net Metering Policies in New Hampshire
Net metering is a policy that allows two-way energy movement between your home and the electric grid. When your solar panels fail to produce the energy your home is using, the grid will make up the difference, and you’ll be billed for the energy consumed. When your panels are overproducing, the excess goes to the power company, and you earn energy credits. Credits can be used to reduce your bill in future billing cycles.
If you have Eversource, Liberty Utilities, New Hampshire Electric Cooperative or Unitil as your power provider, net metering is available to you. Eversource has the best net metering policy in the state, with no cap on overproduction on systems up to 100 kW — virtually every home solar project — and unlimited roll-over up to 600 kWh per year. This makes it very easy to eliminate your electric bills in New Hampshire.
Local Solar Rebates in New Hampshire
In addition to the benefits of net metering and the federal tax credit, New Hampshire homeowners have access to several other incentives.
First, homeowners throughout the state can earn money with their solar panel systems by accruing and selling Renewable Energy Credits (RECs). RECs are earned naturally for all energy you produce via solar panels or other renewable sources. The state mandates that power companies pay homeowners for RECs annually, so your electric company will pay you rather than the other way around if you produce enough energy.
Perhaps most important to homeowners is the solar property tax exemption in NH. Most home improvements — including going solar — increase the value of your home. When the value increases, so do your property taxes. The property tax exemption, however, means that your taxes won’t increase from installing your solar equipment, even though your home value will. This could save thousands or tens of thousands of dollars over the life of your system.
New Hampshire has also established solar access laws, which guarantee every homeowner access to solar energy. That means that you can install solar panels even if you live in a strict HOA that prohibits other exterior renovations, and you can rest assured that your panels will never be blocked by neighbors or buildings in the area.
There might be additional rebates available for your particular municipality or electric company. You can check the DSIRE database for more information.
Best Solar Panel Brands And Installed Solar System Costs in 2022
The EcoWatch team reviewed many equipment brands to determine the best solar panels available in New Hampshire. The table below provides some of the most popular and most efficient brands, along with a relative pricing guide to help you visualize how each might fit into your budget.
|Solar Panel Brand||Average Cost Per Watt ($-$$$$$)|
People Also Ask
EcoWatch FAQ: Solar Panel Cost New Hampshire
We get tons of questions from New Hampshire homeowners about converting to clean energy and what the process costs. Below are the questions we see most frequently.
The average cost to install a solar panel system in New Hampshire is $18,915 before the federal tax credit or $13,997 after the rebate. This is lower than the national average, given the smaller system size typically needed.
However, every homeowner’s cost will vary depending on home size, roof size, roof orientation, the equipment and installer chosen, monthly energy consumption, and much more. It’s best to get an estimate from a reputable solar company to see where your total will fall.
Yes, absolutely! Installing solar panels will increase home value anywhere but especially in a place like New Hampshire with great net metering and above-average electricity costs. Estimates from Zillow claim that homes receive a 4.1% bump in value from going solar. In New Hampshire, where the average home price is $400,929, that means a typical value increase of around $16,438!
It’s important to note that you’ll only enjoy this value increase if you acquire your panels via cash purchase or solar loan. Signing a solar lease or a Power Purchase Agreement (PPA) will not add value to your home.
In almost every case, it’s better to buy or finance solar panels in NH rather than lease them. Leasing is an attractive option to many homeowners given the minimal or nonexistent upfront cost, but it comes with many downsides.
Unfortunately, solar leases won’t add value to your home, so you’ll miss out on the average $16,438 boost in property value. Remember, this bump in value would be tax-free if you purchased or financed your solar panels, thanks to New Hampshire’s solar property tax exemption!
Additionally, solar leases don’t let you take advantage of the federal solar tax credit, which amounts to another $4,918 you’ll be passing up.
As if that’s not enough, leases lead to the smallest savings overtime on energy bills. Ultimately, buying or financing your panels will save you more money and come with far more benefits that outweigh the low upfront cost of a solar lease for most homeowners.
Yes! The excellent net metering program in New Hampshire and the low energy use across the state make eliminating your energy bills with solar possible and even probable. Provided you get a system size that fits your home — around 6.5 kW for most NH residents — your electric bills will very likely get reduced to $0 per month.
It’s impossible to answer this question accurately without assessing your home first. Solar system size is based on several things, including your monthly energy consumption, home size, the energy efficiency of your house, the direction your roof faces, shading on your property, and much more. The only way to get an accurate estimate is to have a reputable solar company design a system to meet your needs and provide a quote.
With that being said, the average solar energy system size in New Hampshire is around 6.5 kW.