Solar Panel Cost Guide in New Hanover, NJ (Mar 2023)
- New Hanover Solar Installation Cost: $8,939
- 25-Year Savings: $7,578
- Payback Period: 13.5 Years
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Updated March 14, 2023
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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 2.77 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 after 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 Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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
The size of the solar system you need to offset your energy usage, 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 $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 |
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 Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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
What is the average cost of installing solar panels in New Hanover?
The average cost of solar panels in New Hanover is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in New Hanover?
You can't get solar panels for free in New Hanover. However, you may still be able to get 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.
Can solar panels completely eradicate my power bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in New Hanover, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.