Solar Panel Cost Guide in Hopewell, NJ (Oct 2022)

  • Hopewell Solar Installation Cost: $9,152
  • 25-Year Savings: $7,958
  • Payback Period: 13.4 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 Hopewell

See how much it might cost to install solar panels in Hopewell.

In Hopewell, solar panels cost about $3 per watt on average. Using this figure, a typical 4.7 would cost about $9,152 before the 30% federal solar tax credit is applied.

Remember that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy use, the type of solar panels you want to get, your solar contractor and more. But, once you've paid the upfront cost of installation, the ROI for most homeowners is typically rewarding, with a net average savings of about $14,000 over 20 years on power bills.

You can click the button below to get connected with a vetted solar installer in Hopewell that can help you get a more accurate cost estimate for your home.

Solar savings over time in Hopewell

Year Return on Investment
1 years $-8,468
3 years $-7,099
5 years $-5,730
7 years $-4,361
9 years $-2,993
11 years $-1,624
13 years $-255
15 years $1,114
17 years $2,483
19 years $3,851
21 years $5,220
23 years $6,589
25 years $7,958

Top Solar Installers in Hopewell

Although you can install solar panels yourself, it takes extra labor and know-how. Because of that, almost all homeowners choose to go with a solar panel installer. A solar company can also help save you money in the long run by offering warranties, repairs and system component replacements.

If you're searching for a solar company in Hopewell, the EcoWatch team has organized a list of our top suggestions here:

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 Hopewell

Factors that Affect Solar Panel Costs in Hopewell

For many Hopewell homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Hopewell, 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 Size

The size of the solar system you need for your household is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,770. The type of solar panels and equipment you want is another factor that will greatly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Moreover, solar equipment is more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that's in your budget.

Solar Financing Terms

If paying for a solar system in cash is difficult, solar loans are a solid route because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.

Solar Panel Installation Company

The solar installer you choose will influence your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and go with the company that offers the products, warranties and services you want and also is within your budget.

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 $9,669 13.9 years
8 kW $2.83 $15,822 $13,202 13.6 years
10 kW $2.77 $19,390 $16,890 13.4 years
12 kW $2.71 $22,803 $20,734 13.1 years
14 kW $2.66 $26,060 $24,732 12.8 years
16 kW $2.60 $29,163 $28,886 12.6 years
18 kW $2.55 $32,110 $33,195 12.3 years
20 kW $2.49 $34,902 $37,658 12.0 years

Solar Incentives in Hopewell

Name Successor Solar Incentive (SuSI) Program
Website Visit here
More Info Click here

Name Solar Energy Sales Tax Exemption
Incentive Amount 100% exemption
More Info Click here

Name Property Tax Exemption for Renewable Energy Systems
More Info Click here

Name Solar Renewable Energy Certificates (SRECs) Registration Program
Website Visit here
More Info Click here

Name PSE&G - Solar Loan Program
Website Visit here
More Info Click here

Name NJ Clean Energy- Residential New Construction Program
Website Visit here
More Info Click here

Name Home Performance with ENERGY STAR Program
Website Visit here
More Info Click here

Name Home Performance with ENERGY STAR Program
Website Visit here
More Info Click here

Name COOLAdvantage Program
Website Visit here
More Info Click here

Name NJ Clean Energy- WARMAdvantage Program (Electric and Gas)
Website Visit here
More Info Click here

Name New Jersey Renewable Energy Incentive Program (Sustainable Biopower)
Website Visit here
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

How to Save on Solar Panels

Since the type of solar panels and the company you choose has an impact on your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:

  • Installation Process: Make sure you're aligned with the installer with regard to how the installation process will go and what needs to be done before your solar panels are installed, such as repairing your electrical system or roof.
  • 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 you can expect about your solar system's energy production.
  • Solar Panel Brands: Not all solar installers offer 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.
  • Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.

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 Hopewell, NJ Solar Cost FAQs

How much does it cost to install solar panels in Hopewell?

This is a tough question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.

Can you get solar panels for free in Hopewell?

You can't get solar panels for free in Hopewell. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.

Is going solar worth it?

Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.

What solar power system size is right for my home?

To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.

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