Solar Panel Cost Guide in Hanover, NJ (Sep 2022)

  • Hanover Solar Installation Cost: $9,268
  • 25-Year Savings: $8,981
  • Payback Period: 12.7 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 Hanover

Let's have a look at the average cost of solar panels in Hanover.

The average cost of a solar panel system in Hanover is $3 per watt. Since a 4.8-kW system is needed to cover the energy consumption of a typical home in Hanover, the average price of going solar will be about $9,268 before claiming the federal solar tax credit of 30%.

The actual price you pay can be higher or lower than the average in Hanover depending on several factors, such as the model of solar panels you choose and the solar installer you hire. With typical savings of about $15,000 on power bills over 20 years, many homeowners in Hanover find going solar has a decent ROI.

You can click the button below to get connected with a pre-vetted solar installer 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

Installing solar panels yourself can be a challenging undertaking, which is why hiring a solar installation company is a good option for many homeowners. The expertise that solar installers offer can be valuable as well, especially if you aren't sure what brand of solar equipment would be right for your home.

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 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 Hanover

Factors that Affect Solar Panel Costs in Hanover

Even though the average cost of solar panels in Hanover is $9,268, your final cost may differ. There are many factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to consider.

Solar Equipment Size

The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the main factors is the system size. Solar power systems that have better efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,770. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your energy bills. In addition, extra products, like solar batteries, can bring your total well above the Hanover average.

Solar Financing Terms

Most solar installers in Hanover offer solar loans, which reduce your upfront costs of installing solar panels. While solar loans make going solar more accessible for Hanover homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

The last key cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Hanover, you'll have lots of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Hanover are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. 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 $10,814 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

Solar Incentives in Hanover

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 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 available in Hanover, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:

  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can look into your installer's reputation is by reading reviews.
  • Contract: It's important to read your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
  • Solar Panel Brands: Different companies carry various brands and kinds of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
  • Warranty: If you're worried about the durability of your solar energy system, verifying your installer offers a 25-year, all-inclusive warranty can help put you at ease.

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 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 real cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you use.

Is it better to lease or buy solar panels in Hanover?

Leasing solar panels can be an option if you can't 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 home 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 financial benefits from going solar.

Do solar panels increase how much your home is worth?

Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Hanover is currently $551,785, which means you could be looking at a value of about $22,623 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Hanover is a worthwhile investment.

How long do solar panels last in Hanover?

On average, the lifespan of solar panels is 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 larger level 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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