Solar Panel Cost Guide in Hamilton Square, NJ (Sep 2022)

  • Hamilton Square Solar Installation Cost: $9,152
  • 25-Year Savings: $8,143
  • Payback Period: 13.2 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 Hamilton Square

Find out what the average cost of a solar system is in Hamilton Square.

The average cost of a solar panel system in Hamilton Square is $3 per watt. To account for the typical energy usage of the average home in Hamilton Square, most homeowners require a 4.7-kilowatt system. Using the per-watt figure above, a solar installation costs around $9,152, or $6,772 after the federal solar tax credit of 30% is applied.

Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy needs, the type of solar system you choose, your solar contractor and more. Even with the large upfront cost, the average Hamilton Square homeowner can save around $14,000 on their electricity bills over 20 years, which is one of the perks of solar.

Click the button below to get connected to a vetted solar installer in Hamilton Square for a customized estimate.

Solar savings over time in Hamilton Square

Year Return on Investment
1 years $-8,460
3 years $-7,077
5 years $-5,693
7 years $-4,310
9 years $-2,926
11 years $-1,542
13 years $-159
15 years $1,225
17 years $2,608
19 years $3,992
21 years $5,376
23 years $6,759
25 years $8,143

Top Solar Installers in Hamilton Square

When going solar, many homeowners prefer to use a solar installer since handling can be a time-consuming project. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.

You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some near you:

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 Hamilton Square

Factors that Affect Solar Panel Costs in Hamilton Square

Though the average cost of solar panels in Hamilton Square is $9,152, your final cost may differ. There are several factors that can have a major impact on the cost of a solar system installation. Below are some of the more crucial things to consider.

Solar Equipment Size

Size is one of the largest factors that determines the overall cost of going solar. That's why it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. The brand of solar panels and equipment you get is another factor that will substantially impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Plus, 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 searching for a solar system that's in your budget.

Solar Financing Terms

Most solar companies in Hamilton Square have solar loans, which reduce your upfront costs of installing a solar system. However, the interest on solar loans also adds to your overall costs, so it's vital to take that into consideration as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.

Solar Panel Installation Company

The remaining major cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Hamilton Square, you'll have lots of options to choose from, but each comes at varying price points 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 come with an above-average cost. It's best to do some research and go with the company that has the products, warranties and services you want and also fits within 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 $9,904 13.7 years
8 kW $2.83 $15,822 $13,516 13.5 years
10 kW $2.77 $19,390 $17,283 13.2 years
12 kW $2.71 $22,803 $21,205 13.0 years
14 kW $2.66 $26,060 $25,282 12.7 years
16 kW $2.60 $29,163 $29,514 12.4 years
18 kW $2.55 $32,110 $33,901 12.2 years
20 kW $2.49 $34,902 $38,444 11.9 years

Solar Incentives in Hamilton Square

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 PSE&G - Solar Loan Program
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

There are a lot of companies to choose from in Hamilton Square, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:

  • Contract: Look through the contract terms carefully to make sure you understand how much it will cost, project timeline rebates and warranties.
  • Solar Panel Brands: Different companies carry different brands and types of panels. If you want a specific brand, make sure the solar panel installer you're considering has it.
  • Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
  • Warranty: A comprehensive, long-term warranty can help keep your solar panels running for years to come and save you money on repairs and maintenance.

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 Hamilton Square, NJ Solar Cost FAQs

How much does it cost to install solar panels in Hamilton Square?

This is a difficult question to answer exactly, because the cost depends on many 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 additional solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.

Can you get solar panels for free in Hamilton Square?

A solar panel system isn't free in Hamilton Square, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.

Is going solar worth it?

Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.

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 goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher 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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