Solar Panel Cost Guide in Stanhope, NJ (2024 Update)
- Stanhope Solar Installation Cost: $11,874
- 25-Year Savings: $6,866
- Payback Period: 18.3 Years
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Average Cost of Solar Panels in Stanhope
Let’s have a look at the average cost of solar panels in Stanhope.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Stanhope, the average cost of a solar system is 4 per watt.Because a 4.8-kW system is needed to cover the energy costs of a typical home in Stanhope, the average price of going solar will be about $11,874 after claiming the federal solar tax credit of 0.
The true price you pay can be higher or lower than the average in Stanhope depending on several factors, such as the model of solar panels you choose and the solar company you hire.For most homeowners, the upfront cost of solar is worth paying. On average homeowners in Stanhope see about $13,000 in savings on utility bills over 20 years.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Stanhope
| Year | Return on Investment |
|---|---|
| 1 years | $-10,815 |
| 3 years | $-8,696 |
| 5 years | $-6,578 |
| 7 years | $-4,460 |
| 9 years | $-2,341 |
| 11 years | $-223 |
| 13 years | $1,896 |
| 15 years | $4,014 |
| 17 years | $6,132 |
| 19 years | $8,251 |
| 21 years | $10,369 |
| 23 years | $12,488 |
| 25 years | $14,606 |
Top Solar Installers in Stanhope
Trying to put up solar panels yourself can be a challenging undertaking, which is why using a solar installer is a good option for many homeowners. A solar company can also help save you money over time by offering warranties, repairs and component replacements.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some near you:
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
See all of the solar companies in Stanhope
Factors that Affect Solar Panel Costs in Stanhope
There are a number of factors that can play into your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That’s why it’s important to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs.There are several different solar panel brands and the one you choose also affects the cost. Generally, the brands that have better efficiency tend to also cost more. In addition, the type of equipment you’re looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Stanhope offer solar loans, which reduce the initial cost of installing solar panels.Even though solar loans make adopting solar energy more accessible for Stanhope homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The final major cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Stanhope, you’ll have many options to choose from, but each comes at various price points for labor and equipment.The company’s size can sometimes play the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 | $4,788 | 19.1 years |
| 8 kW | $3.60 | $20,163 | $6,780 | 18.7 years |
| 10 kW | $3.53 | $24,710 | $8,969 | 18.3 years |
| 12 kW | $3.46 | $29,059 | $11,356 | 18.0 years |
| 14 kW | $3.39 | $33,210 | $13,940 | 17.6 years |
| 16 kW | $3.32 | $37,164 | $16,722 | 17.2 years |
| 18 kW | $3.25 | $40,920 | $19,702 | 16.9 years |
| 20 kW | $3.18 | $44,478 | $22,879 | 16.5 years |
How to Save on Solar Panels
There are many companies to choose from in Stanhope, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Reputation: Make sure your solar company 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 EcoWatch.
- Contract: Before you sign a contract with a solar installer, make sure to look it over completely so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Installation Process: Get details 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: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
EcoWatch's Stanhope, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Stanhope?
This is a hard question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Stanhope?
You can’t get solar panels for free in Stanhope. However, you may still be able to afford 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.
How much can I save on power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $673.57 per year.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know 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 household 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.