Solar Panel Cost Guide in Hamilton, NJ (2023 Update)
- Hamilton Solar Installation Cost: $9,144
- 25-Year Savings: $8,322
- Payback Period: 13.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Hamilton
Let's take a look at the average cost of solar in Hamilton.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hamilton, the average cost of solar panels is 2.77 per watt. To cover the typical energy usage of the average home in Hamilton, most homeowners require a 4.7-kilowatt system. Using the per-watt figure above, a solar installation costs about $9,152, or $13,087 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of going solar can vary quite a bit depending on multiple factors, such as what size system you need, your energy consumption and what company you go with. With average savings of about $14,000 on power bills over 20 years, many homeowners in Hamilton find investing in solar can be quite rewarding.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Hamilton
| Year | Return on Investment |
|---|---|
| 1 years | $-9,086 |
| 3 years | $-8,970 |
| 5 years | $-8,853 |
| 7 years | $-8,737 |
| 9 years | $-8,620 |
| 11 years | $-8,504 |
| 13 years | $-8,387 |
| 15 years | $-8,271 |
| 17 years | $-8,154 |
| 19 years | $-8,038 |
| 21 years | $-7,922 |
| 23 years | $-7,805 |
| 25 years | $-7,689 |
Top Solar Installers in Hamilton
Although you can install solar panels yourself, it requires extra time and handiness. That's one of the reasons most people choose to hire a solar panel installer. Companies can also provide access to a large variety of the best solar panels and help you choose which one will be right for you.
If you're looking for a solar company in Hamilton, we've put together a list of our top suggestions here:
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 Hamilton
Factors that Affect Solar Panel Costs in Hamilton
The cost of installing a solar system in Hamilton can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. For that reason, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. The type of solar equipment you choose can increase or decrease your cost 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 power bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Hamilton average.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are an affordable route because they cut back your upfront costs and let you pay for your system over five to seven years on average. While solar loans make adopting solar energy more accessible for Hamilton homeowners, they can also increase 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
The solar company you go with to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar panel companies operating in Hamilton, and each can charge different amounts for labor and equipment. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and choose a company that provides the products, warranties and services you're looking for and also fit into your budget.
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 | $10,122 | 13.6 years |
| 8 kW | $2.83 | $15,822 | $13,806 | 13.4 years |
| 10 kW | $2.77 | $19,390 | $17,645 | 13.1 years |
| 12 kW | $2.71 | $22,803 | $21,640 | 12.8 years |
| 14 kW | $2.66 | $26,060 | $25,789 | 12.6 years |
| 16 kW | $2.60 | $29,163 | $30,094 | 12.3 years |
| 18 kW | $2.55 | $32,110 | $34,554 | 12.0 years |
| 20 kW | $2.49 | $34,902 | $39,169 | 11.8 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be difficult, we have some tips to help you, such as:
- Warranty: Warranties that cover panel repairs and maintenance over around 25 years are the best you can get in the business, and offering that kind of warranty is one sign of a good company.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can verify your installer's reputation is by reading reviews.
- Contract: It's important to read your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
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 Hamilton, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Hamilton?
This is a tough 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 be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Are solar panels free in Hamilton?
You can't get solar panels for free in Hamilton. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
How will having solar panels impact my home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Hamilton is currently $212,491, so you could be looking at a value of about $8,712 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Hamilton is a worthwhile investment.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.