Solar Panel Cost Guide in New Hanover, NJ (Oct 2022)

  • New Hanover Solar Installation Cost: $8,939
  • 25-Year Savings: $7,578
  • Payback Period: 13.5 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 New Hanover

Let's take a look at the average cost of solar panels in New Hanover.

The national average cost of solar panels is $2.66 per watt, but in New Hanover it's $3 per watt. Because a 4.6-kW system is needed to cover the energy consumption of a typical home in New Hanover, the average price of going solar will be about $8,939 before claiming the federal solar tax credit of 30%.

These figures are just averages, and the cost of going solar for you will most likely vary based on factors unique to your home and what company you want to go with. For many homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $14,000 in savings on utility bills over 20 years.

To receive a free quote from a vetted solar installation company in New Hanover, you can click the button below.

Solar savings over time in New Hanover

Year Return on Investment
1 years $-8,278
3 years $-6,957
5 years $-5,635
7 years $-4,314
9 years $-2,993
11 years $-1,671
13 years $-350
15 years $971
17 years $2,293
19 years $3,614
21 years $4,935
23 years $6,257
25 years $7,578

Top Solar Installers in New Hanover

When making the switch to solar, many homeowners opt to use a solar installer since installing solar panels yourself can be a time-consuming project. Plus, if you're unsure what brand of solar panels and equipment you want, a solar company can help you figure that out after a site survey and consultation.

You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some in New Hanover:

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 New Hanover

Factors that Affect Solar Panel Costs in New Hanover

The cost of installing a solar system in New Hanover can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.

Solar Equipment Size

The size of the solar system you need to offset your energy usage is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,770. There are many different solar panel brands and the one you pick also changes the cost. Generally, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.

Solar Financing Terms

Most solar companies in New Hanover have solar loans, which reduce the initial cost of installing solar panels. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.

Solar Panel Installation Company

A final consideration when trying to evaluate the cost of solar for your home or business in New Hanover is the company you choose to install your PV system. As with choosing a company to build a deck or pool, for instance, there's no shortage of solar installers that offer a range of services for different budgets. The size of the company sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger 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 $9,401 14.1 years
8 kW $2.83 $15,822 $12,846 13.8 years
10 kW $2.77 $19,390 $16,445 13.5 years
12 kW $2.71 $22,803 $20,199 13.3 years
14 kW $2.66 $26,060 $24,108 13.0 years
16 kW $2.60 $29,163 $28,173 12.7 years
18 kW $2.55 $32,110 $32,393 12.4 years
20 kW $2.49 $34,902 $36,767 12.2 years

Solar Incentives in New Hanover

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

The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:

  • Solar Panel Brands: The type of solar panel you'd like plays a part in which company you should go with, since different companies offer different panels.
  • Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
  • Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should acquire and how long the project will take.
  • Contract: Even though reading through a contract can be tedious, it's important to do it thoroughly so you can be sure you understand what services your solar company will provide and the terms of the warranty.

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 New Hanover, NJ Solar Cost FAQs

How much does it cost to install solar panels in New Hanover?

This is a hard question to answer precisely, because the cost depends on a variety of 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. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.

Should I lease or buy solar panels in New Hanover?

Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you don't have access to 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 financial benefits from going solar.

Does New Hanover have a net metering program?

Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future energy bills.

How often do you have to replace solar panels?

Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can continue to use them at a lower efficiency.

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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