Solar Panel Cost Guide in Hillsborough, NJ (2023 Update)
- Hillsborough Solar Installation Cost: $9,191
- 25-Year Savings: $7,993
- Payback Period: 13.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Hillsborough
We break down average solar pricing in Hillsborough.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hillsborough, the average cost of a solar system is 2.77 per watt. Because a 4.7-kW system is needed to cover the energy needs of a typical home in Hillsborough, the average price of going solar will be about $9,191 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average energy use of Hillsborough homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. For most homeowners, the upfront cost of solar is worth paying. On average homeowners in Hillsborough see about $14,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a vetted solar company in Hillsborough that can help you get a more accurate cost estimate for your home.
Solar savings over time in Hillsborough
| Year | Return on Investment |
|---|---|
| 1 years | $-8,504 |
| 3 years | $-7,129 |
| 5 years | $-5,754 |
| 7 years | $-4,379 |
| 9 years | $-3,005 |
| 11 years | $-1,630 |
| 13 years | $-255 |
| 15 years | $1,119 |
| 17 years | $2,494 |
| 19 years | $3,869 |
| 21 years | $5,243 |
| 23 years | $6,618 |
| 25 years | $7,993 |
Top Solar Installers in Hillsborough
DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Hiring an installer can make your switch to solar power much easier. A solar company can also help save you money in the long run by offering warranties, repairs and part replacements.
If you'd like to go solar but still aren't sure which solar system installer to go with, here are our recommendations for providers in Hillsborough:
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 Hillsborough
Factors that Affect Solar Panel Costs in Hillsborough
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that affect your total cost in Hillsborough: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar energy system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,770. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are provided by most installers in Hillsborough, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable. When estimating your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The last significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Hillsborough, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. The size of the company sometimes plays the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of greater resources and better 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 names.
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 | $9,673 | 13.9 years |
| 8 kW | $2.83 | $15,822 | $13,208 | 13.6 years |
| 10 kW | $2.77 | $19,390 | $16,897 | 13.4 years |
| 12 kW | $2.71 | $22,803 | $20,742 | 13.1 years |
| 14 kW | $2.66 | $26,060 | $24,742 | 12.8 years |
| 16 kW | $2.60 | $29,163 | $28,897 | 12.6 years |
| 18 kW | $2.55 | $32,110 | $33,208 | 12.3 years |
| 20 kW | $2.49 | $34,902 | $37,673 | 12.0 years |
How to Save on Solar Panels
There are a large number of companies available in Hillsborough, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running smoothly and save you money on repairs and maintenance.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the project completion timeline.
- Contract: Before signing a contract with a solar company, be sure to read it through carefully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you opt for.
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 Hillsborough, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Hillsborough?
The average cost of solar panels in Hillsborough 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 stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Hillsborough?
Leasing solar panels can be an attractive choice, because it typically comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Does Hillsborough have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future utility bills.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average house 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.