Solar Panel Cost Guide in Hopewell, NJ (2024 Update)
- Hopewell Solar Installation Cost: $11,653
- 25-Year Savings: $7,965
- Payback Period: 17.0 Years
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Average Cost of Solar Panels in Hopewell
Find out what the average cost of a solar system is in Hopewell.
The national average cost of solar panels is $2.66 per watt, but in Hopewell it’s 4 per watt.The average solar panel system size in Hopewell is around 4.7 kilowatts, meaning a cost of about $11,653 for a solar installation, or $16,664 before the 0 federal solar tax credit is applied.
These figures are only estimates, and your own solar costs may differ based on your energy needs and what company you want to go with.For most homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Hopewell see about $14,000 in savings on energy bills over 20 years.
To receive a free quote from a vetted solar company in Hopewell, you can click the button below.
Solar savings over time in Hopewell
Year | Return on Investment |
---|---|
1 years | $-10,473 |
3 years | $-8,112 |
5 years | $-5,752 |
7 years | $-3,391 |
9 years | $-1,031 |
11 years | $1,330 |
13 years | $3,690 |
15 years | $6,051 |
17 years | $8,411 |
19 years | $10,772 |
21 years | $13,132 |
23 years | $15,493 |
25 years | $17,853 |
Top Solar Installers in Hopewell
Although it's possible to install solar panels by yourself, it involves extra energy and knowledge. Because of that, most homeowners choose to go with a solar panel installer. Another perk of working with a solar installer is that they can help you make the most of your return of investment by reducing your future costs of repairs and replacements because of warranties and informing you of local incentives you can take advantage of.
If you're searching for a solar company in Hopewell, 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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Hopewell
Factors that Affect Solar Panel Costs in Hopewell
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few key factors that affect your total cost in Hopewell: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,530.The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose 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 in the long run on your power bills. In addition, add-on products, like solar batteries, can bring your total well above the Hopewell average.
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 Hopewell homeowners opt to finance their solar panel systems to make paying for solar more affordable.While solar loans make switching to solar energy more accessible for Hopewell homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The final key cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Hopewell, you’ll have a great number of options to choose from, but each comes at varying price points for labor and equipment.The company’s size sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of more resources and bulk 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 lower 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 | $3.67 | $15,419 | $6,349 | 17.7 years |
8 kW | $3.60 | $20,163 | $8,861 | 17.4 years |
10 kW | $3.53 | $24,710 | $11,570 | 17.0 years |
12 kW | $3.46 | $29,059 | $14,477 | 16.7 years |
14 kW | $3.39 | $33,210 | $17,582 | 16.3 years |
16 kW | $3.32 | $37,164 | $20,885 | 16.0 years |
18 kW | $3.25 | $40,920 | $24,385 | 15.7 years |
20 kW | $3.18 | $44,478 | $28,082 | 15.3 years |
How to Save on Solar Panels
The solar company you go with will affect not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should consider, such as:
- Reputation: Long-running companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Contract: Review the contract terms thoroughly to make sure you understand the cost breakdown, completion timeline rebates and warranties.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: When going solar, it’s essential to keep an open line of communication with your solar company. See to it that you understand how the installation process works and the project completion timeline.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will installing solar panels impact the value of my home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Hopewell is currently $699,670, which means you can expect a value of about $28,686 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Hopewell is a worthwhile investment.
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 needs 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 household 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.