Solar Panel Cost Guide in New Hanover, NJ (2024 Update)
- New Hanover Solar Installation Cost: $11,389
- 25-Year Savings: $7,580
- Payback Period: 17.2 Years
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Average Cost of Solar Panels in New Hanover
Find out what the average cost of installing solar panels is in New Hanover.
While the national average of solar panels is $2.66 per watt, solar panels in New Hanover typically cost about 4.The average solar panel system size in New Hanover is around 4.6 kilowatts, meaning a cost of about $11,389 for a solar installation, or $16,286 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of making the switch to solar can vary quite a bit depending on multiple factors, such as what size system you need, your energy usage and what solar installer you go with.For most homeowners, the upfront investment in solar is worth paying. On average New Hanover homeowners see about $14,000 in savings on utility bills over 20 years.
To get a free estimate from a highly rated solar installer in New Hanover, you can click the button below.
Solar savings over time in New Hanover
| Year | Return on Investment |
|---|---|
| 1 years | $-10,330 |
| 3 years | $-8,212 |
| 5 years | $-6,093 |
| 7 years | $-3,975 |
| 9 years | $-1,857 |
| 11 years | $262 |
| 13 years | $2,380 |
| 15 years | $4,499 |
| 17 years | $6,617 |
| 19 years | $8,735 |
| 21 years | $10,854 |
| 23 years | $12,972 |
| 25 years | $15,091 |
Top Solar Installers in New Hanover
When going solar, many homeowners choose to use a solar installer since installing a solar system yourself can be a difficult project. Because solar panels are exposed to temperature swings and extreme weather, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.
If you’d like to go solar but still aren’t sure which solar panel installer to go with, here are our suggestions for providers in New Hanover:
Best National Provider
SunPower
- 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
- 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 New Hanover
Factors that Affect Solar Panel Costs in New Hanover
Though the average cost of a solar system in New Hanover is $11,389, your actual cost may be above or below the average. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $3,530. The model of solar panels and equipment you choose is another factor that will greatly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Further, solar equipment is more than just the solar panels themselves. You’ll also need to think 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 into a solar system that’s in your budget.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are available from most installers in New Hanover, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more accessible.However, the interest on solar loans also increases your total costs, so it’s crucial to consider that as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you hire to handle your switch to clean energy can play a part in your total costs. There are about 3 solar installation companies operating throughout New Hanover, and each can charge varying amounts for labor and equipment.You may see national solar installers that have lower prices due to their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $6,082 | 17.9 years |
| 8 kW | $3.60 | $20,163 | $8,504 | 17.6 years |
| 10 kW | $3.53 | $24,710 | $11,125 | 17.2 years |
| 12 kW | $3.46 | $29,059 | $13,943 | 16.9 years |
| 14 kW | $3.39 | $33,210 | $16,958 | 16.5 years |
| 16 kW | $3.32 | $37,164 | $20,172 | 16.2 years |
| 18 kW | $3.25 | $40,920 | $23,583 | 15.9 years |
| 20 kW | $3.18 | $44,478 | $27,191 | 15.5 years |
How to Save on Solar Panels
The solar panel company you choose will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, including:
- Contract: Read the contract terms closely to make sure you understand the total cost, project timeline incentives and warranties.
- Installation Process: When making the switch to solar energy, it’s necessary to keep an open line of communication with your solar panel installer. See to it that you understand how the installation process works and the project timeline.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you hire.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can check your installer’s reputation is by reading reviews.
Best National Provider
SunPower
- 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
- 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 New Hanover, NJ Solar Cost FAQs
How much does it cost to install solar panels in New Hanover?
This is a difficult 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 cost more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to think about when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Do solar panels increase the value of your home?
Solar panels can increase your property’s value considerably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in New Hanover?
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 amount 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.