Solar Panel Cost Guide in North Hanover, NJ (2023 Update)
- North Hanover Solar Installation Cost: $8,939
- 25-Year Savings: $7,912
- Payback Period: 13.3 Years
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Updated May 04, 2023
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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 2.77 per watt. The average North Hanover homeowner needs a 4.6-kilowatt system, which would cost about $8,939 with the federal tax credit, or $12,783 before the 30% tax credit 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 Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in North Hanover
Factors that Affect Solar Panel Costs in North Hanover
While the average cost of a solar system 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
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 |
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 Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 things such as the type of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
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 trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Do solar panels increase how much your home is worth?
Solar panels can increase your property's value considerably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.