Solar Panel Cost Guide in Hanover, NJ (2023 Update)
- Hanover Solar Installation Cost: $9,268
- 25-Year Savings: $8,981
- Payback Period: 12.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Hanover
Let's have a look at the average cost of solar in Hanover.
The national average cost of solar panels is $2.66 per watt, but in Hanover it's 2.77 per watt. To cover the typical energy usage of the average home in Hanover, most homeowners require a 4.8-kilowatt system. Using the figure above, a solar installation costs about $9,268, or $13,253 before the federal solar tax credit of 30% is applied.
Bear in mind that the figures above are only estimates based on the average Hanover 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. Many homeowners find installing solar panels is a fruitful investment. The average homeowner in Hanover can save around $15,000 on their electricity bills over 20 years.
You can click the button below to get connected with a top solar company in Hanover for a quote for your home.
Solar savings over time in Hanover
| Year | Return on Investment |
|---|---|
| 1 years | $-8,538 |
| 3 years | $-7,079 |
| 5 years | $-5,619 |
| 7 years | $-4,159 |
| 9 years | $-2,699 |
| 11 years | $-1,239 |
| 13 years | $221 |
| 15 years | $1,681 |
| 17 years | $3,141 |
| 19 years | $4,601 |
| 21 years | $6,061 |
| 23 years | $7,521 |
| 25 years | $8,981 |
Top Solar Installers in Hanover
Although you can install solar panels on your own, it requires extra effort and knowledge. That's why almost all homeowners choose to hire a solar panel installer. Some solar companies, particularly local ones, can help you make the most of incentives in Hanover, thereby optimizing your ROI.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
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 Hanover
Factors that Affect Solar Panel Costs in Hanover
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that will push your cost above or below the average in Hanover: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
One of the most important 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 about $2,770 per kilowatt in Hanover. The kind of solar panels and equipment you choose is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment is more than 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's in your budget.
Solar Financing Terms
Most solar companies in Hanover offer solar loans, which reduce the initial cost of installing solar panels. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can impact how much it costs. Hanover's solar companies all have different labor costs and add varying upcharges to equipment. The company's size can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger companies.
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 | $10,814 | 13.2 years |
| 8 kW | $2.83 | $15,822 | $14,729 | 12.9 years |
| 10 kW | $2.77 | $19,390 | $18,799 | 12.7 years |
| 12 kW | $2.71 | $22,803 | $23,024 | 12.4 years |
| 14 kW | $2.66 | $26,060 | $27,404 | 12.2 years |
| 16 kW | $2.60 | $29,163 | $31,939 | 11.9 years |
| 18 kW | $2.55 | $32,110 | $36,630 | 11.7 years |
| 20 kW | $2.49 | $34,902 | $41,475 | 11.4 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a long period of time such as 25 years are the best you can get in the business, and offering that kind of warranty is one indication of a quality company.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Even though there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of offerings before making your decision.
- Contract: Read the contract terms closely to make sure you understand the cost breakdown, completion timeline rebates and warranties.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can look into your installer's reputation is by reading reviews.
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 Hanover, NJ Solar Cost FAQs
How much does it cost to install solar panels in Hanover?
The average cost of solar panels in Hanover is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Hanover?
You can't get solar panels for free in Hanover. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Do solar panels increase your home value?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home needs 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.