Solar Panel Cost Guide in Hopatcong, NJ (Mar 2023)
- Hopatcong Solar Installation Cost: $9,327
- 25-Year Savings: $6,857
- Payback Period: 14.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Hopatcong
Find out what the average cost of a solar system is in Hopatcong.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hopatcong, the average cost of solar panels is 2.77 per watt. To cover the typical energy needs of the average home in Hopatcong, most homeowners require a 4.8-kilowatt system. Using the figure above, a solar installation costs about $9,327, or $13,338 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of installing solar panels can vary based on several factors, such as what size system you need, your energy consumption and what solar installer you go with. With typical savings of about $13,000 on energy bills over 20 years, many homeowners in Hopatcong find installing solar panels can be quite rewarding.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Hopatcong
| Year | Return on Investment |
|---|---|
| 1 years | $-8,679 |
| 3 years | $-7,385 |
| 5 years | $-6,090 |
| 7 years | $-4,795 |
| 9 years | $-3,500 |
| 11 years | $-2,206 |
| 13 years | $-911 |
| 15 years | $384 |
| 17 years | $1,678 |
| 19 years | $2,973 |
| 21 years | $4,268 |
| 23 years | $5,562 |
| 25 years | $6,857 |
Top Solar Installers in Hopatcong
Many homeowners choose to hire a solar installer since trying to install solar panels on your own can be hard. Some solar companies, especially local ones, can help you take advantage of incentives in Hopatcong, therefore optimizing your ROI.
If you'd like to go solar but still aren't certain which solar panel company to go with, here are our suggestions for providers near you:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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 Hopatcong
Factors that Affect Solar Panel Costs in Hopatcong
For many Hopatcong homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Hopatcong, with typical prices between $20,000 to $40,000. There are a few factors that considerably 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 installing solar panels 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 pay around $2,770 per kilowatt in Hopatcong. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your energy bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Hopatcong average.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are an affordable route because they decrease your upfront costs and let you pay for your system over five to seven years on average. While solar loans make going solar more accessible for Hopatcong homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The final significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in Hopatcong, you'll have many options to choose from, but each comes at varying price points for labor and equipment. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those larger 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 | $8,108 | 15.0 years |
| 8 kW | $2.83 | $15,822 | $11,121 | 14.7 years |
| 10 kW | $2.77 | $19,390 | $14,289 | 14.4 years |
| 12 kW | $2.71 | $22,803 | $17,612 | 14.1 years |
| 14 kW | $2.66 | $26,060 | $21,090 | 13.8 years |
| 16 kW | $2.60 | $29,163 | $24,723 | 13.5 years |
| 18 kW | $2.55 | $32,110 | $28,512 | 13.2 years |
| 20 kW | $2.49 | $34,902 | $32,455 | 13.0 years |
How to Save on Solar Panels
The solar company you opt for will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should take into account, including:
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Contract: It's important to read through your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over around 25 years are the best you can get in the business, and offering that kind of warranty is one sign of a quality company.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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 Hopatcong, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Hopatcong?
The average cost of solar panels in Hopatcong 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 consume.
Can you get solar panels for free in Hopatcong?
A solar panel system isn't free in Hopatcong, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Can solar panels significantly reduce my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $673.57 per year.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases 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.