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

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated May 20, 2024

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in New Hanover

Find out what the average cost of installing solar panels is in New Hanover.

In New Hanover, solar panels cost about 4 per watt on average.The average New Hanover homeowner needs a 4.6-kilowatt system, which would cost about $11,389 with the federal tax credit, or $16,286 before the 0 tax credit is applied.

The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of making the switch to solar can vary based on several factors, such as how many panels you need, your energy consumption and what installation company you go with.But, once you've paid the upfront cost of installation, the payback for most homeowners is quite fruitful, with a net average savings of about $14,000 over 20 years on utility bills.

To get a free quote from a highly rated solar installation company in New Hanover, you can click the button below.

Solar savings over time in New Hanover

YearReturn 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

Many homeowners opt for a solar installation company since installing solar panels by yourself can be time-consuming. Solar warranties and repairs are usually included in the cost of installation when you hire a solar company too, which can save you more money over time.

You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some near you:

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 for Leasing

Sunrun

★★★★★
4.0
  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

Best Social Impact

Palmetto Solar

★★★★★
4.0
  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

See all of the solar companies in New Hanover

Factors that Affect Solar Panel Costs in New Hanover

Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that affect your total cost in New Hanover: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.

Solar Equipment

The cost of solar panels varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production require 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 over time on your electric bills. Additionally, extra products, such as solar batteries, can bring your total well above the New Hanover average.

Solar Financing Terms

For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are available from most installers in New Hanover, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible.You’ll have to consider the long-term cost of loans, including the total 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 APR could reduce your costs significantly.

Solar Panel Installation Company

A final consideration when trying to figure out the cost of solar for your home or business in New Hanover is the company you get to install your PV system. Similar to choosing a company to build a deck or pool, for instance, there are plenty of solar installers that provide a range of services at different price points.Additionally, some companies in New Hanover are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.

Solar Panel Cost Data by System Size

System sizeCost per system wattSolar system cost25-Year savingsPayback period
6 kW$3.67$15,419$6,08217.9 years
8 kW$3.60$20,163$8,50417.6 years
10 kW$3.53$24,710$11,12517.2 years
12 kW$3.46$29,059$13,94316.9 years
14 kW$3.39$33,210$16,95816.5 years
16 kW$3.32$37,164$20,17216.2 years
18 kW$3.25$40,920$23,58315.9 years
20 kW$3.18$44,478$27,19115.5 years

How to Save on Solar Panels

Since the model of solar panels and the installer you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:

  • Contract: Though reading through a contract can be tedious, it’s important to do it fully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
  • Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be done and how long it will take.
  • Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Even though there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of offerings before deciding.
  • Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.

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 for Leasing

Sunrun

★★★★★
4.0
  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

Best Social Impact

Palmetto Solar

★★★★★
4.0
  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

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 $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you use.

What other factors should I consider apart from cost when buying solar panels?

The initial cost is a very important factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.

How will having solar panels impact how much my home is worth?

Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in New Hanover is currently $402,902, which means you can expect a value of about $16,519 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in New Hanover is a rewarding investment.

How often do you have to replace solar panels?

Although 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 decide to replace them once you've had them for that long or you can keep using 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.