Solar Panel Cost Guide in Hopewell, NJ (2023 Update)
- Hopewell Solar Installation Cost: $9,152
- 25-Year Savings: $7,958
- Payback Period: 13.4 Years
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Updated May 04, 2023
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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 2.77 per watt on average. Using this figure, a typical 4.7-kW system would cost about $9,152 before the 30% federal solar tax credit is applied.
These figures are only estimates, and your own solar costs will differ based on factors unique to your home and what company you choose to go with. For many homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Hopewell see about $14,000 in savings on energy bills over 20 years.
To see your potential savings and connect with a local solar company, click the button below.
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
Many homeowners decide to use a solar installation company since installing solar panels yourself can be a labor-intensive endeavor. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some 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
See all of the solar companies in Hopewell
Factors that Affect Solar Panel Costs in Hopewell
The cost of installing a solar system in Hopewell can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation 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 $2,770. The kind 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, more efficient panels could save you more in the long run on your power bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Hopewell average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are offered by most installers in Hopewell, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable. Although solar loans make switching to solar energy more accessible for Hopewell homeowners, they can also raise the total you pay for your system due to interest. 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
Finally, the company you choose to install your solar panels can play a part in determining the cost. Hopewell's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
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 |
How to Save on Solar Panels
The solar company you choose will impact 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 keep in mind, such as:
- Contract: It's important to read through your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Installation Process: When going solar, it's essential to keep an open line of communication with your solar panel company. Make sure you understand how the installation process works and the project completion timeline.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Warranty: Warranties that cover panel repairs and maintenance over a couple decades are the best you can get in the business, and offering such a warranty is one indication of a quality company.
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 Hopewell, NJ Solar Cost FAQs
How much does it cost to install solar panels in Hopewell?
The average cost of solar panels in Hopewell 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 such as the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Hopewell?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Can solar panels completely eradicate my electricity 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 $725.60 per year.
How often do you have to replace solar panels?
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 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.