Solar Panel Cost Guide in East Hanover, NJ (Mar 2023)
- East Hanover Solar Installation Cost: $9,268
- 25-Year Savings: $7,749
- Payback Period: 13.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in East Hanover
Find out what the average cost of solar panel installation is in East Hanover.
The average cost of solar panels in East Hanover is 2.77 per watt. To account for the typical energy usage of the average home in East Hanover, most homeowners require a 4.8-kilowatt system. Using the per-watt figure above, a solar installation costs around $9,268, or $13,253 before the federal solar tax credit of 30% is applied.
How much you pay can be above or below the average in East Hanover based on several factors, such as the type of solar panels you choose and the solar installer you hire. But, after you've paid the upfront cost of installation, the payback for most homeowners is typically rewarding, with a net average savings of about $14,000 over 20 years on power bills.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in East Hanover
| Year | Return on Investment |
|---|---|
| 1 years | $-8,588 |
| 3 years | $-7,226 |
| 5 years | $-5,865 |
| 7 years | $-4,504 |
| 9 years | $-3,142 |
| 11 years | $-1,781 |
| 13 years | $-420 |
| 15 years | $942 |
| 17 years | $2,303 |
| 19 years | $3,664 |
| 21 years | $5,026 |
| 23 years | $6,387 |
| 25 years | $7,749 |
Top Solar Installers in East Hanover
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Going with a solar company can make swapping over to solar power much easier. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term due to their warranties, repair services and expert design.
Working with a vetted solar installer can help you make the most of your investment in solar. 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
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 East Hanover
Factors that Affect Solar Panel Costs in East Hanover
Though the average cost of a solar system in East Hanover is $9,268, your final cost may be higher or lower than that. There are quite a few factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend about $2,770 per kilowatt in East Hanover. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your energy bills. Additionally, add-on products, like solar batteries, can bump up your total well above the East Hanover average.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are a popular option because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. Although solar loans make adopting solar energy more accessible for East Hanover homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can affect your pricing. East Hanover's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in East Hanover are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $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
Since the kind of solar panels and the installer you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Different companies will offer different brands and models of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
- Contract: Even though reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 East Hanover, NJ Solar Cost FAQs
What is the average cost of installing solar panels in East Hanover?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in East Hanover?
A solar panel system isn't free in East Hanover, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Do solar panels increase the value of your home?
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 East Hanover is currently $608,700, which means you can look forward to a value of about $24,957 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in East Hanover is a rewarding investment.
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.