Solar Panel Cost Guide in East Hanover, NJ (2023 Update)
- East Hanover Solar Installation Cost: $9,266
- 25-Year Savings: $7,751
- Payback Period: 13.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in East Hanover
We go over average solar pricing in East Hanover.
Currently, the national average cost of solar panels is $2.66 per watt. However, in East Hanover, the average cost of a solar system is 2.77 per watt. The average East Hanover homeowner needs a 4.8-kilowatt system, which would cost about $9,268 with the federal tax credit, or $13,253 before the 30% tax credit is applied.
The actual price you pay can be higher or lower than the average in East Hanover based on several factors, such as the model of solar panels you choose and the solar contractor you hire. Many homeowners find installing solar panels is a rewarding investment. The average homeowner in East Hanover can save about $14,000 on their power bills over 20 years.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in East Hanover
| Year | Return on Investment |
|---|---|
| 1 years | $-8,207 |
| 3 years | $-6,088 |
| 5 years | $-3,970 |
| 7 years | $-1,851 |
| 9 years | $267 |
| 11 years | $2,385 |
| 13 years | $4,504 |
| 15 years | $6,622 |
| 17 years | $8,741 |
| 19 years | $10,859 |
| 21 years | $12,977 |
| 23 years | $15,096 |
| 25 years | $17,214 |
Top Solar Installers in East Hanover
Although you can install solar panels yourself, it requires extra time and knowledge. Because of that, the majority of homeowners choose a solar panel installer. The expertise that solar installers offer can be useful as well, particularly if you don't quite know what type of solar equipment you need.
Working with a vetted solar installer can make going solar easier. Here are our recommendations:
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 East Hanover
Factors that Affect Solar Panel Costs in East Hanover
The cost of installing a solar system in East Hanover can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend around $2,770 per kilowatt in East Hanover. The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are an affordable choice because they cut back your upfront costs and let you pay for your system over five to seven years on average. You'll have to consider the long-term cost of loans, 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 more than the principal cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The solar company you choose to handle your switch to clean energy can play a part in your total costs. There are about 3 solar installation companies in East Hanover, and each can charge varying amounts for labor and equipment. The company's size can sometimes play the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion 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 | $2.88 | $12,099 | $9,267 | 14.2 years |
| 8 kW | $2.83 | $15,822 | $12,666 | 13.9 years |
| 10 kW | $2.77 | $19,390 | $16,221 | 13.6 years |
| 12 kW | $2.71 | $22,803 | $19,930 | 13.3 years |
| 14 kW | $2.66 | $26,060 | $23,795 | 13.1 years |
| 16 kW | $2.60 | $29,163 | $27,815 | 12.8 years |
| 18 kW | $2.55 | $32,110 | $31,990 | 12.5 years |
| 20 kW | $2.49 | $34,902 | $36,320 | 12.3 years |
How to Save on Solar Panels
The solar company you choose will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, such as:
- Contract: Review the contract terms carefully to make sure you understand the overall cost, project timeline rebates and warranties.
- Installation Process: When making the switch to solar power, it's crucial to keep an open line of communication with your solar panel company. Make sure you understand how the installation process will go and the completion timeline.
- Reputation: Companies that have been in business for many years likely have a good 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: The brand of solar panel you want plays a role in which company you should choose, since different companies provide different panels.
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 East Hanover, NJ Solar Cost FAQs
What is the average cost of installing solar panels in East Hanover?
The average cost of solar panels in East Hanover is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in East Hanover?
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 don't have access to 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 financial benefits from going solar.
Can you sell solar power back to the grid in East Hanover?
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 East Hanover?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.