Solar Panel Cost Guide in Stanhope, NJ (Mar 2023)
- Stanhope Solar Installation Cost: $9,327
- 25-Year Savings: $6,857
- Payback Period: 14.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Stanhope
We break down average solar pricing in Stanhope.
The average cost of a solar system in Stanhope is 2.77 per watt. Using this figure, a typical 4.8-kW system would cost about $9,327 before the 30% federal solar tax credit is applied.
The actual price you pay can be higher or lower than the average in Stanhope based on several factors, such as the model of solar panels you choose and the solar contractor you hire. Many homeowners find adopting solar power is a sound investment. The average homeowner in Stanhope can save about $13,000 on their electricity bills over 20 years.
To get a free estimate from a highly rated solar installation company in Stanhope, you can click the button below.
Solar savings over time in Stanhope
| Year | Return on Investment |
|---|---|
| 1 years | $-8,679 |
| 3 years | $-7,385 |
| 5 years | $-6,090 |
| 7 years | $-4,795 |
| 9 years | $-3,500 |
| 11 years | $-2,206 |
| 13 years | $-911 |
| 15 years | $384 |
| 17 years | $1,678 |
| 19 years | $2,973 |
| 21 years | $4,268 |
| 23 years | $5,562 |
| 25 years | $6,857 |
Top Solar Installers in Stanhope
Many homeowners opt for a solar installation company since trying to install solar panels yourself can be a labor-intensive endeavor. Companies can also have access to quality options of the best solar panels and help you pick which one will be right for your home.
Working with a licensed solar installer can help your solar project go smoothly. Here are our recommendations:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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 Stanhope
Factors that Affect Solar Panel Costs in Stanhope
For many Stanhope homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Stanhope, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. That's why it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Stanhope, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a popular route because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also adds to your overall costs, so it's vital to include that in your estimate as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar installation company you select will influence your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor. The company's size can sometimes play the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to more resources and bulk 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 discount can bring their pricing down 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 | $2.88 | $12,099 | $8,108 | 15.0 years |
| 8 kW | $2.83 | $15,822 | $11,121 | 14.7 years |
| 10 kW | $2.77 | $19,390 | $14,289 | 14.4 years |
| 12 kW | $2.71 | $22,803 | $17,612 | 14.1 years |
| 14 kW | $2.66 | $26,060 | $21,090 | 13.8 years |
| 16 kW | $2.60 | $29,163 | $24,723 | 13.5 years |
| 18 kW | $2.55 | $32,110 | $28,512 | 13.2 years |
| 20 kW | $2.49 | $34,902 | $32,455 | 13.0 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Reputation: Long-standing companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: The kind of solar panel you want plays a role in which company you should opt for, since different companies offer different panels.
- Contract: When reading over your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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 Stanhope, NJ Solar Cost FAQs
How much does it cost to install solar panels in Stanhope?
The average cost of solar panels in Stanhope is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to consider when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will having solar panels impact how much my home is worth?
Solar panels can increase the value of your home significantly 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 solar panels."
What solar power system size is right for my home?
To figure out how many solar panels 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 typically 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.