Solar Panel Cost Guide in Hackettstown, NJ (Sep 2022)

  • Hackettstown Solar Installation Cost: $9,307
  • 25-Year Savings: $6,877
  • Payback Period: 14.4 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Hackettstown

Find out what the average cost of solar panels are in Hackettstown.

The national average cost of solar panels is $2.66 per watt, but in Hackettstown it's $3 per watt. The average solar panel system size in Hackettstown is around 4.8 kilowatts, meaning a cost of about $9,307 for a solar installation, or $6,887 after the 30% federal solar tax credit is applied.

Keep in mind that the figures above are only estimates based on the average Hackettstown homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. But, once you've paid the upfront cost of installation, the ROI for most homeowners is quite fruitful, with a net average savings of about $13,000 over 20 years on electricity bills.

To get a free estimate from a highly rated solar company in Hackettstown, you can click the button below.

Solar savings over time in Hackettstown

Year Return on Investment
1 years $-8,660
3 years $-7,365
5 years $-6,070
7 years $-4,776
9 years $-3,481
11 years $-2,186
13 years $-892
15 years $403
17 years $1,698
19 years $2,992
21 years $4,287
23 years $5,582
25 years $6,877

Top Solar Installers in Hackettstown

Although you can install solar panels by yourself, it takes extra energy and knowledge. Because of that, most people choose to hire a solar panel installer. The payback period of solar panels will vary depending on factors like your location and energy use, but working with a solar company can shorten that period. Your provider will be able to help you identify incentives available in your area.

Working with a licensed solar installer can help you make the most of your investment in solar. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Hackettstown

Factors that Affect Solar Panel Costs in Hackettstown

There are many criteria that can determine your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.

Solar Equipment Size

The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the key factors is the system size. Solar power systems with higher efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,770. The type of solar panels and equipment you get is another factor that will substantially impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment is more than just the solar panels themselves. You'll also need to think 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 looking for a solar system that's in your budget.

Solar Financing Terms

Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Hackettstown homeowners decide to finance their solar panel systems to make paying for solar more affordable. However, the interest on solar loans also adds to your total costs, so it's crucial to include that in your estimate as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.

Solar Panel Installation Company

Lastly, the company you get to install your solar panel system can play a role in determining your pricing. Hackettstown's solar companies all have different labor costs and add varying upcharges to equipment. The company's size sometimes plays the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more resources and bulk 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 lower 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 $8,140 14.9 years
8 kW $2.83 $15,822 $11,163 14.7 years
10 kW $2.77 $19,390 $14,342 14.4 years
12 kW $2.71 $22,803 $17,675 14.1 years
14 kW $2.66 $26,060 $21,164 13.8 years
16 kW $2.60 $29,163 $24,808 13.5 years
18 kW $2.55 $32,110 $28,607 13.2 years
20 kW $2.49 $34,902 $32,561 12.9 years

Solar Incentives in Hackettstown

Name NJ Clean Energy- Residential New Construction Program
Incentive Amount Incentives depend on the HERS score and the classification
Single family homes: Ranges from $1,125 to - 24,250
Multi-single homes: Ranges from $1,125 to $18,188
Multifamily homes: Ranges from $625-$12,125
Incentive Max Multifamily: up to $12,125
Individual homes: up to $24,250
Website Visit here
More Info Click here

Name Property Tax Exemption for Renewable Energy Systems
Incentive Amount 100% of value added by renewable system
More Info Click here

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Solar Renewable Energy Certificates (SRECs) Registration Program
Incentive Amount Determined by the market.
In June 2016, SREC traded at an average price of $229.90.
Incentive Max Maximum price set by the SACP for the particular year.
Website Visit here
More Info Click here

Name Successor Solar Incentive (SuSI) Program
Incentive Amount Net-Metered Residential: $90/SREC-II

Small Net-Metered Non-Residential located on Rooftop, Carport, Canopy and Floating Solar
Projects smaller than 1 MW (dc): $100/SREC-II, $120 for public entities
Projects 1 MW to 5 MW (dc): $90/SREC-II, $110 for public entities

Net Metered Non-Residential Ground Mount
Projects smaller than 1 MW (dc): $85/SREC-II, $105 for public entities
Projects 1 MW to 5 MW (dc): $80/SREC-II, $100 for public entities

Community Solar LMI: $90/SREC-II
Community Solar Non-LMI: $70/SREC-II
Incentive Max MW-DC Capacity Blocks
Net Metered Residential: 150 MW
Net Metered Non-Residential: 150 MW
Community Solar (LMI and Non-LMI): 150 MW
Website Visit here
More Info Click here

Name Solar Energy Sales Tax Exemption
Incentive Amount 100% exemption
Incentive Max None
More Info Click here

How to Save on Solar Panels

The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:

  • Contract: Even though reading through a contract can take a lot of time, 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.
  • Solar Panel Brands: The type of solar panel you'd like to get plays a part in which installer you should opt for, since different companies have different panels.
  • Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for years to come and save you money on repairs and maintenance.
  • Reputation: Long-standing companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Hackettstown, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Hackettstown?

This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly 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 extra solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.

Is it better to lease or buy solar panels in Hackettstown?

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 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.

How will having solar panels impact my home value?

Solar panels can increase your home value significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."

How long do solar panels last in Hackettstown?

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 larger 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.

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