Solar Panel Cost Guide in Hamilton Square, NJ (2023 Update)
- Hamilton Square Solar Installation Cost: $9,152
- 25-Year Savings: $8,143
- Payback Period: 13.2 Years
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Updated May 04, 2023
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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.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hamilton Square, the typical cost of a solar system is 2.77 per watt. The average solar panel system size in Hamilton Square is around 4.7 kilowatts, meaning a cost of about $9,152 for a solar installation, or $13,087 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy consumption, the type of equipment you want, your solar contractor and more. Despite the large initial cost, the average Hamilton Square homeowner can save about $14,000 on their power bills over 20 years, which is one of the advantages of solar.
To calculate your potential savings and connect with a local solar expert, click the button below.
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 switching to solar energy, many homeowners opt to use a solar installer since putting up solar panels yourself can be a difficult project. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and component replacements.
Working with a vetted solar company can help your solar project go smoothly. Here are our recommendations:
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 Square
Factors that Affect Solar Panel Costs in Hamilton Square
For many Hamilton Square homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Hamilton Square, 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.
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 electricity your household uses, the larger your system will likely need to be. You can expect to spend about $2,770 per kilowatt in Hamilton Square. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Hamilton Square, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Hamilton Square provide solar loans, which reduce your upfront costs of installing solar. Though solar loans make switching to solar energy more accessible for Hamilton Square homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Finally, the company you choose to install your solar system can impact how much it costs. Hamilton Square's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to 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 | $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 |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Different companies carry different brands and types of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
- Reputation: Well-established companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Contract: It's important to look over your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for years to come and save you money on repairs and maintenance.
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 Square, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Hamilton Square?
This is a tough question to answer exactly, 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 cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Hamilton Square?
Leasing solar panels can be an option if you can't afford 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 savings from going solar.
Is going solar worth it?
Solar panels can be a fruitful investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.