Solar Panel Cost Guide in Hamilton, NJ (Feb 2023)
- Hamilton Solar Installation Cost: $9,152
- 25-Year Savings: $8,314
- Payback Period: 13.1 Years
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Top Solar Installers in Hamilton
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Taking advantage of a solar company can make switching to solar power much easier. The expertise that solar installers offer can be useful as well, particularly if you aren't sure what brand of solar equipment would be right for your home.
Working with a licensed solar installer can make going solar easier. Here are our recommendations:
See all of the solar companies in Hamilton
Factors that Affect Solar Panel Costs in Hamilton
For many Hamilton homeowners, the decision to install a solar energy system 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 various factors that greatly influence the price you'll pay, which we'll go over below.
When it comes to estimating the price of a solar system in Hamilton, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can determine by looking at past electricity bills. Your overall cost can increase by about $2,770 for each additional kilowatt you need. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a 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 a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar companies in Hamilton provide solar loans, which reduce your upfront costs of installing solar. You'll have to consider the long-term cost of financing options, including the total 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 getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
Finally, the company you choose to install your solar panels can play a part in determining your pricing. Hamilton's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Hamilton know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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||$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
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Warranty: If you care about the longevity of your solar panel system, ensuring your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely offer quality solar panel installation and expertise.
EcoWatch's Hamilton, NJ Solar Cost FAQs
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.