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

  • North Hanover Solar Installation Cost: $8,939
  • 25-Year Savings: $7,912
  • Payback Period: 13.3 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 North Hanover

We go over average solar pricing in North Hanover.

The national average cost of solar panels is $2.66 per watt, but in North Hanover it's $3 per watt. The average North Hanover homeowner needs a 4.6-kilowatt system, which would cost about $8,939, or $6,615 after the federal solar tax credit of 30% is applied.

Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy use, the type of equipment you want, your solar contractor and more. But, once you've paid the initial cost of installation, the return on investment for most homeowners is usually good, with a net average savings of about $14,000 over 20 years on power bills.

Click the button below to get connected to a reputable solar panel company in North Hanover for a personalized quote.

Solar savings over time in North Hanover

Year Return on Investment
1 years $-8,265
3 years $-6,917
5 years $-5,569
7 years $-4,221
9 years $-2,873
11 years $-1,525
13 years $-177
15 years $1,172
17 years $2,520
19 years $3,868
21 years $5,216
23 years $6,564
25 years $7,912

Top Solar Installers in North Hanover

When going solar, many homeowners prefer to use a solar installer since installing solar panels yourself can be a time-consuming project. Plus, if you're unsure what kind of solar panels and equipment you want, a solar installer 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 North 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 North Hanover

Factors that Affect Solar Panel Costs in North Hanover

While the average cost of solar panels in North Hanover is $8,939, your actual cost may differ. There are several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to consider.

Solar Equipment Size

When it comes to estimating the cost of a solar system in North Hanover, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can gauge by looking at past power bills. Your total cost can increase by about $2,770 for each additional kilowatt you need. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like North Hanover, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

Most solar installers in North Hanover offer solar loans, which reduce your upfront costs 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 above the equipment and labor 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

The solar installation company you pick will influence your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and go with the company that provides the products, warranties and services you're looking for and also fit into your budget.

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 $9,835 13.8 years
8 kW $2.83 $15,822 $13,424 13.5 years
10 kW $2.77 $19,390 $17,168 13.3 years
12 kW $2.71 $22,803 $21,067 13.0 years
14 kW $2.66 $26,060 $25,121 12.7 years
16 kW $2.60 $29,163 $29,330 12.5 years
18 kW $2.55 $32,110 $33,694 12.2 years
20 kW $2.49 $34,902 $38,214 11.9 years

Solar Incentives in North 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 system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be difficult, we have some tips to help you, such as:

  • Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
  • Contract: Even though reading through a contract can take a lot of time, it's important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
  • Solar Panel Brands: The model of solar panel you want plays a role in which installer you should go with, since different companies offer different panels.
  • Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.

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 North Hanover, NJ Solar Cost FAQs

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

The average cost of solar panels in North Hanover 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 certain factors like the model of solar panels you want, what size system you need and how much energy you use.

Is cost the most important consideration when buying solar panels?

The initial cost is a key 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 be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.

Can solar panels eliminate my energy bills?

It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout North 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 contact a local solar installer to see how many panels can fit on your roof.

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can take a 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 install between 20 and 35 panels to account for 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.

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