Solar Panel Cost Guide in Hamilton, NJ (2024 Update)
- Hamilton Solar Installation Cost: $11,653
- 25-Year Savings: $8,322
- Payback Period: 16.7 Years
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Average Cost of Solar Panels in Hamilton
Find out what the average cost of installing solar panels is in Hamilton.
While the national average of solar panels is $2.66 per watt, solar panels in Hamilton typically cost around 4.Using this figure, a typical 4.7-kW system would cost about $11,653 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The true cost of going solar can vary based on multiple factors, such as what size system you need, your energy usage and what solar installer you go with.With typical savings of about $14,000 on power bills over 20 years, many homeowners in Hamilton find going solar can be quite rewarding.
Click the button below to get connected to a highly rated solar company in Hamilton for a custom quote.
Solar savings over time in Hamilton
| Year | Return on Investment |
|---|---|
| 1 years | $-10,352 |
| 3 years | $-7,749 |
| 5 years | $-5,147 |
| 7 years | $-2,544 |
| 9 years | $59 |
| 11 years | $2,661 |
| 13 years | $5,264 |
| 15 years | $7,867 |
| 17 years | $10,469 |
| 19 years | $13,072 |
| 21 years | $15,674 |
| 23 years | $18,277 |
| 25 years | $20,880 |
Top Solar Installers in Hamilton
DIY solar panel installation is a possibility, but it's an undertaking that can be a pain. Hiring a solar panel installer can make switching to solar power much easier. Another great thing about going with a top solar installer is that it'll provide warranties and free repairs, which help protect your solar system over time.
If you're looking for a solar company in Hamilton, the EcoWatch team has 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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Hamilton
Factors that Affect Solar Panel Costs in Hamilton
For many Hamilton homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Hamilton, with typical prices between $20,000 to $40,000. There are several factors that greatly influence the price you’ll pay, which we'll go over below.
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 energy your household consumes, the larger your system will likely need to be. You can expect to spend around $3,530 per kilowatt in Hamilton.The kind of solar panels and equipment you get is another factor that will largely 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 decide on 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 falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Hamilton to be too steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest.It’s a good idea to include the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The solar company you opt for to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar installation companies operating in Hamilton, and each can charge different amounts for labor and equipment.Larger national companies generally have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.67 | $15,419 | $6,802 | 17.3 years |
| 8 kW | $3.60 | $20,163 | $9,465 | 17.0 years |
| 10 kW | $3.53 | $24,710 | $12,325 | 16.7 years |
| 12 kW | $3.46 | $29,059 | $15,383 | 16.3 years |
| 14 kW | $3.39 | $33,210 | $18,639 | 16.0 years |
| 16 kW | $3.32 | $37,164 | $22,093 | 15.7 years |
| 18 kW | $3.25 | $40,920 | $25,744 | 15.3 years |
| 20 kW | $3.18 | $44,478 | $29,593 | 15.0 years |
How to Save on Solar Panels
There are a lot of companies available in Hamilton, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should secure and how long the project will take.
- Solar Panel Brands: Different companies offer different brands and models of panels. If you know you want a specific brand, make sure the solar installer you’re considering has it.
- Warranty: Warranties that cover replacement parts and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one mark of a good company.
- Contract: Review the contract terms carefully to make sure you understand the cost breakdown, project timeline incentives and warranties.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Hamilton, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Hamilton?
The average cost of solar panels in Hamilton is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider aside from cost when buying solar panels?
The upfront cost is a key factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
How much can I save on electricity bills after installing solar panels?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Hamilton, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level 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.