Solar Panel Cost Guide in Hopatcong, NJ (2023 Update)
- Hopatcong Solar Installation Cost: $9,317
- 25-Year Savings: $6,866
- Payback Period: 14.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Hopatcong
Here's how much it might cost to switch to solar power in Hopatcong.
In Hopatcong, solar panels cost about 2.77 per watt on average. The average Hopatcong homeowner needs a 4.8-kilowatt system, which would cost about $9,327 with the federal tax credit, or $13,338 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy consumption, the type of solar panels you want, your solar contractor and more. Many homeowners find going solar is a fruitful investment. The average homeowner in Hopatcong can save around $13,000 on their power bills over 20 years.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Hopatcong
| Year | Return on Investment |
|---|---|
| 1 years | $-8,258 |
| 3 years | $-6,140 |
| 5 years | $-4,021 |
| 7 years | $-1,903 |
| 9 years | $215 |
| 11 years | $2,334 |
| 13 years | $4,452 |
| 15 years | $6,570 |
| 17 years | $8,689 |
| 19 years | $10,807 |
| 21 years | $12,926 |
| 23 years | $15,044 |
| 25 years | $17,162 |
Top Solar Installers in Hopatcong
Installing solar panels yourself can be a difficult project, which is why hiring a solar installation company is a good option for many homeowners. Another advantage of utilizing a solar company is that they can help you make the most of your investment by lowering your future costs of repairs and replacements due to warranties and helping you learn about local incentives you can take advantage of.
If you're searching for a solar company in Hopatcong, we've organized 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 Hopatcong
Factors that Affect Solar Panel Costs in Hopatcong
For many Hopatcong homeowners, the decision to adopt solar energy depends on 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 various factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of solar panels in Hopatcong, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can determine by looking at past electricity bills. Your overall cost can increase by about $2,770 for each additional kilowatt you need. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price 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. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Hopatcong homeowners decide to finance their solar panel systems to make going solar more affordable. However, the interest on solar loans also increases your all-in costs, so it's crucial to take that into consideration as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The final significant cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Hopatcong, you'll have lots of 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
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.