Solar Panel Cost Guide in Hillsborough, NJ (2023 Update)
- Hillsborough Solar Installation Cost: $11,701
- 25-Year Savings: $8,002
- Payback Period: 17.0 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated October 25, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Hillsborough
Let’s have a look at the average cost of solar panels 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 4 per watt.The average Hillsborough homeowner needs a 4.7-kilowatt system, which would cost about $11,701 with the federal tax credit, or $16,732 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of making the switch to solar can vary based on multiple factors, such as how many panels you need, your energy consumption and what installation company you go with.But, after you've paid the upfront cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $14,000 over 20 years on energy bills.
To get a free estimate from a pre-vetted solar installation company in Hillsborough, you can click the button below.
Solar savings over time in Hillsborough
| Year | Return on Investment |
|---|---|
| 1 years | $-10,521 |
| 3 years | $-8,160 |
| 5 years | $-5,800 |
| 7 years | $-3,439 |
| 9 years | $-1,079 |
| 11 years | $1,282 |
| 13 years | $3,642 |
| 15 years | $6,003 |
| 17 years | $8,363 |
| 19 years | $10,724 |
| 21 years | $13,084 |
| 23 years | $15,445 |
| 25 years | $17,805 |
Top Solar Installers in Hillsborough
Many homeowners opt for a solar installer since trying to install solar panels yourself can be a labor-intensive endeavor. Some solar installers, especially local ones, can help you better understand incentives in Hillsborough, therefore optimizing your ROI.
If you're on the hunt for a solar company in Hillsborough, the EcoWatch team has compiled a list of our top suggestions here:
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
For many Hillsborough homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Hillsborough, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of solar panels in Hillsborough, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy consumption, which you can determine by looking at past power bills. Your total cost can increase by about $3,530 for each additional kilowatt you need.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for 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 in the long run on your energy bills. In addition, extra products, like solar batteries, can bump up your total well above the Hillsborough average.
Solar Financing Terms
Many homeowners find the average cost of solar in Hillsborough to be too steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest.Although solar loans make going solar more accessible for Hillsborough homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Hillsborough, you’ll have plenty of options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in Hillsborough have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $3.67 | $15,419 | $6,353 | 17.7 years |
| 8 kW | $3.60 | $20,163 | $8,867 | 17.4 years |
| 10 kW | $3.53 | $24,710 | $11,577 | 17.0 years |
| 12 kW | $3.46 | $29,059 | $14,486 | 16.7 years |
| 14 kW | $3.39 | $33,210 | $17,592 | 16.3 years |
| 16 kW | $3.32 | $37,164 | $20,896 | 16.0 years |
| 18 kW | $3.25 | $40,920 | $24,398 | 15.7 years |
| 20 kW | $3.18 | $44,478 | $28,097 | 15.3 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:
- Contract: Before you sign a contract with a solar installer, be sure to read it through completely so you understand the terms. Also, ask questions if you’re unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Installation Process: When going solar, it’s crucial to keep an open line of communication with your solar panel installer. See to it that you understand how the installation process will go and the completion timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. While there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of options before deciding.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
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
How much does it cost to install solar panels in Hillsborough?
The average cost of solar panels in Hillsborough is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Hillsborough?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The drawback 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 get the most savings.
Does Hillsborough have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can get paid for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Hillsborough?
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.