Solar Panel Cost Guide in North Hanover, NJ (2024 Update)
- North Hanover Solar Installation Cost: $11,389
- 25-Year Savings: $7,913
- Payback Period: 16.9 Years
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Average Cost of Solar Panels in North Hanover
Here’s how much it might cost to go solar in North Hanover.
In North Hanover, solar panels cost about 4 per watt on average.The average solar panel system size in North 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.
How much you pay can go above or below the average in North Hanover depending on a few factors, such as the model of solar panels you choose and the solar contractor you hire.But, after you've paid the upfront cost of installation, the return on investment for most homeowners is usually fruitful, with a net average savings of about $14,000 over 20 years on utility bills.
You can click the button below to get connected with a vetted solar installer in North Hanover that can help you get a more accurate cost estimate for your home.
Solar savings over time in North 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 North Hanover
When switching to solar energy, many homeowners choose to use a solar installation company since handling can be a time-consuming project. Solar installers offer key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
If you're on the hunt for a solar company in North Hanover, the EcoWatch team has organized a list of our top suggestions here:
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 North Hanover
Factors that Affect Solar Panel Costs in North Hanover
The cost of installing a solar system in North Hanover can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the price of a solar system in North Hanover, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can determine by looking at past electricity bills. Your total cost can increase by around $3,530 for each additional kilowatt you need.The kind of solar panels and equipment you get is another factor that will substantially impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment is more than just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that’s in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are available from most installers in North Hanover, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible.Though solar loans make adopting solar energy more accessible for North Hanover homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Lastly, the company you hire to install your solar system can influence the cost. North Hanover’s solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $6,516 | 17.6 years |
| 8 kW | $3.60 | $20,163 | $9,083 | 17.2 years |
| 10 kW | $3.53 | $24,710 | $11,848 | 16.9 years |
| 12 kW | $3.46 | $29,059 | $14,811 | 16.6 years |
| 14 kW | $3.39 | $33,210 | $17,971 | 16.2 years |
| 16 kW | $3.32 | $37,164 | $21,329 | 15.9 years |
| 18 kW | $3.25 | $40,920 | $24,884 | 15.5 years |
| 20 kW | $3.18 | $44,478 | $28,638 | 15.2 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Even though there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before deciding.
- Warranty: Warranties that cover defective panels and repairs over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one mark of a good company.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Contract: Although reading through a contract can be tedious, it’s important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
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 North Hanover, NJ Solar Cost FAQs
What is the average cost of installing solar panels in North Hanover?
The average cost of solar panels in North 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 things such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in North Hanover?
Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
How much can I save on energy bills after installing solar panels?
It is possible to erase 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 the roof space for 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 long do solar panels last in North Hanover?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.