Solar Panel Cost Guide in Hamilton Square, NJ (2024 Update)
- Hamilton Square Solar Installation Cost: $11,653
- 25-Year Savings: $8,151
- Payback Period: 16.8 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Hamilton Square
We break down average solar pricing in Hamilton Square.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hamilton Square, the average cost of solar panels is 4 per watt.Using this figure, a typical 4.7-kW system would cost about $11,653 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Hamilton Square homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.With typical savings of about $14,000 on utility bills over 20 years, many homeowners in Hamilton Square find investing in solar has a decent ROI.
To receive a free estimate from a highly rated solar installer in Hamilton Square, you can click the button below.
Solar savings over time in Hamilton Square
| Year | Return on Investment |
|---|---|
| 1 years | $-10,412 |
| 3 years | $-7,931 |
| 5 years | $-5,449 |
| 7 years | $-2,968 |
| 9 years | $-486 |
| 11 years | $1,996 |
| 13 years | $4,477 |
| 15 years | $6,959 |
| 17 years | $9,440 |
| 19 years | $11,922 |
| 21 years | $14,403 |
| 23 years | $16,885 |
| 25 years | $19,366 |
Top Solar Installers in Hamilton Square
Trying to install solar panels yourself can be a difficult undertaking, which is why using a solar installation company is a good option for many homeowners. Companies can also offer access to quality options of the best solar panels and help you pick which one will be right for your home.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
See all of the solar companies in Hamilton Square
Factors that Affect Solar Panel Costs in Hamilton Square
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that will push your cost above or below the average in Hamilton Square: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it’s a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Hamilton Square, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That’s why many Hamilton Square homeowners opt to finance their solar panel systems to make going solar more affordable.When considering your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Hamilton Square is the company you hire to install your solar system. As with choosing a company to install new cabinets, for instance, there’s no shortage of solar installers that provide a range of services for different budgets.You may see national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $6,585 | 17.5 years |
| 8 kW | $3.60 | $20,163 | $9,175 | 17.2 years |
| 10 kW | $3.53 | $24,710 | $11,963 | 16.8 years |
| 12 kW | $3.46 | $29,059 | $14,949 | 16.5 years |
| 14 kW | $3.39 | $33,210 | $18,132 | 16.2 years |
| 16 kW | $3.32 | $37,164 | $21,513 | 15.8 years |
| 18 kW | $3.25 | $40,920 | $25,091 | 15.5 years |
| 20 kW | $3.18 | $44,478 | $28,868 | 15.2 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose considerably influences your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Different companies will offer different brands and types of panels. If you prefer a specific brand, make sure the solar company you’re considering has it.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Contract: Even though reading through a contract can take a lot of time, it’s important to do it thoroughly so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Warranty: If you care about the endurance of your solar panels, checking if your company offers a 25-year, all-inclusive warranty can help put you at ease.
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
EcoWatch's Hamilton Square, NJ Solar Cost FAQs
How much does it cost to install solar panels in Hamilton Square?
This is a hard question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Hamilton Square?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of 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 bang for your buck from going solar.
Do solar panels increase how much your home is worth?
Solar panels can increase your property’s value remarkably as long as you buy or finance your panels and don’t opt 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 solar panels."
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know 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.