Solar Panel Cost Guide in Hanover, NH (Mar 2023)
- Hanover Solar Installation Cost: $10,511
- 25-Year Savings: $16,289
- Payback Period: 9.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Hanover
Here's how much it might cost to switch to solar power in Hanover.
In Hanover, solar panels cost about 2.91 per watt on average. The average solar panel system size in Hanover is around 5.2 kilowatts, meaning a cost of about $10,511 for a solar installation, or $15,031 before the 30% federal solar tax credit is applied.
These figures are just averages, and the cost of going solar for you will look different based on your energy needs and what company you want to go with. For most homeowners, the upfront cost of solar is worth paying. On average Hanover homeowners see about $20,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a top solar company in Hanover that can help you get a more accurate cost estimate for your home.
Solar savings over time in Hanover
| Year | Return on Investment |
|---|---|
| 1 years | $-9,439 |
| 3 years | $-7,295 |
| 5 years | $-5,151 |
| 7 years | $-3,007 |
| 9 years | $-863 |
| 11 years | $1,281 |
| 13 years | $3,425 |
| 15 years | $5,569 |
| 17 years | $7,713 |
| 19 years | $9,857 |
| 21 years | $12,001 |
| 23 years | $14,145 |
| 25 years | $16,289 |
Top Solar Installers in Hanover
Installing solar panels by yourself can be a challenging project, which is why hiring a solar installer is a good option for many homeowners. Some solar companies, particularly local ones, can help you make the most of incentives in Hanover, optimizing your ROI.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Hanover
Factors that Affect Solar Panel Costs in Hanover
The cost of installing a solar system in Hanover can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. Because of that, it's important to accurately gauge 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 get is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Hanover to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar company in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in higher prices over time because of interest. Even though 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 make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Hanover is the company you choose to install your PV system. Similar to choosing a company to build a deck or pool, for example, there are plenty of solar installers that provide a range of services at different costs. The company's size can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing due to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.03 | $12,711 | $18,432 | 10.2 years |
| 8 kW | $2.97 | $16,622 | $24,903 | 10.0 years |
| 10 kW | $2.91 | $20,370 | $31,536 | 9.8 years |
| 12 kW | $2.85 | $23,955 | $38,332 | 9.6 years |
| 14 kW | $2.79 | $27,377 | $45,291 | 9.4 years |
| 16 kW | $2.74 | $30,636 | $52,413 | 9.2 years |
| 18 kW | $2.68 | $33,733 | $59,697 | 9.0 years |
| 20 kW | $2.62 | $36,666 | $67,145 | 8.8 years |
How to Save on Solar Panels
There are numerous companies to choose from in Hanover, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: If you're concerned about the durability of your solar energy system, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Review the contract terms carefully to make sure you understand the cost breakdown, project timeline rebates and warranties.
- Reputation: Make sure your solar company 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.
- Solar Panel Brands: Different companies carry different brands and kinds of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Hanover, NH Solar Cost FAQs
How much does it cost to install solar panels in Hanover?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $14,550 for a 5-kW system and $29,100 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase how much your home is worth?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Hanover is currently $473,305, which means you can expect a value of about $19,406 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Hanover is a fruitful investment.
How long do solar panels last in Hanover?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them after having 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.