Solar Panel Cost Guide in Stanhope, NJ (2023 Update)
- Stanhope Solar Installation Cost: $9,317
- 25-Year Savings: $6,866
- Payback Period: 14.4 Years
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Updated September 15, 2023
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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 typical cost of solar panels is 2.77 per watt. The average Stanhope homeowner needs a 4.8-kilowatt system, which would cost about $9,327 with the federal tax credit, or $13,338 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 needs, the type of solar system you choose, your solar contractor and more. Even with the large upfront cost, the average Stanhope homeowner can save around $13,000 on their energy bills over 20 years, which is one of the perks of solar.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Stanhope
| Year | Return on Investment |
|---|---|
| 1 years | $-9,264 |
| 3 years | $-9,156 |
| 5 years | $-9,048 |
| 7 years | $-8,940 |
| 9 years | $-8,832 |
| 11 years | $-8,724 |
| 13 years | $-8,616 |
| 15 years | $-8,508 |
| 17 years | $-8,400 |
| 19 years | $-8,292 |
| 21 years | $-8,185 |
| 23 years | $-8,077 |
| 25 years | $-7,969 |
Top Solar Installers in Stanhope
Although it's possible to install solar panels by yourself, it requires extra time and knowledge. That's why most people choose a solar panel installer. 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.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Stanhope
Factors that Affect Solar Panel Costs in Stanhope
For many Stanhope homeowners, the decision to go solar comes down to 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 considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,770. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many Stanhope homeowners choose to finance their solar panel systems to make going solar more affordable. When considering your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Stanhope is the company you hire to install your solar panel system. Similar to choosing a company to build a deck or pool, for instance, you'll have no shortage of solar installers that offer a range of services for different budgets. Some companies only sell products with high efficiency and therefore a higher price point — 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 has the products, warranties and services you want 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 | $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
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be a tough decision, we have some tips to help you, such as:
- 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 significant role in the company you go with.
- Contract: When looking over your solar company's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or the company going 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 timeline.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can research your installer's reputation is by reading reviews.
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 Stanhope, NJ Solar Cost FAQs
What is the average cost of installing 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 real cost will depend on things like the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Stanhope?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is it worth going solar in Stanhope?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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.