Solar Panel Cost Guide in Hanover, NY (2023 Update)
- Hanover Solar Installation Cost: $9,577
- 25-Year Savings: $6,183
- Payback Period: 15.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Hanover
Let's take a look at the average cost of solar panels in Hanover.
In Hanover, solar panels cost about 2.95 per watt on average. To cover the typical energy usage of the average home in Hanover, most homeowners require a 4.6-kilowatt system. Using the per-watt figure above, a solar installation costs around $9,582, or $13,702 before the federal solar tax credit of 30% is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Hanover homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Despite the large upfront cost, the average Hanover homeowner can save around $13,000 on their electricity bills over 20 years, which is one of the perks of solar.
You can click the button below to get connected with a top solar installer in Hanover that can help you get a more accurate cost estimate for your home.
Solar savings over time in Hanover
| Year | Return on Investment |
|---|---|
| 1 years | $-9,524 |
| 3 years | $-9,419 |
| 5 years | $-9,314 |
| 7 years | $-9,209 |
| 9 years | $-9,104 |
| 11 years | $-8,999 |
| 13 years | $-8,894 |
| 15 years | $-8,789 |
| 17 years | $-8,684 |
| 19 years | $-8,579 |
| 21 years | $-8,473 |
| 23 years | $-8,368 |
| 25 years | $-8,263 |
Top Solar Installers in Hanover
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Hiring an installer can make switching to solar power much easier. A solar installer can also help save you money in the long run by offering warranties, repairs and component replacements.
There are various licensed solar professionals that can install solar panels for you. 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 Hanover
Factors that Affect Solar Panel Costs in Hanover
There are several criteria that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,950. There are many different solar panel brands and the one you pick also changes the cost. Generally, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you choose can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are an affordable option because they reduce your upfront costs and allow you to pay for your system over five to seven years on average. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar installation companies in Hanover, and each can charge different amounts for labor and equipment. You may see national solar installers that have lower prices due to 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 major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.07 | $12,886 | $7,504 | 15.8 years |
| 8 kW | $3.01 | $16,850 | $10,335 | 15.5 years |
| 10 kW | $2.95 | $20,650 | $13,332 | 15.2 years |
| 12 kW | $2.89 | $24,284 | $16,494 | 14.9 years |
| 14 kW | $2.83 | $27,754 | $19,821 | 14.6 years |
| 16 kW | $2.77 | $31,058 | $23,314 | 14.3 years |
| 18 kW | $2.71 | $34,196 | $26,972 | 14.0 years |
| 20 kW | $2.66 | $37,170 | $30,794 | 13.7 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose considerably affects your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established 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 look into your installer's reputation is by reading reviews.
- Contract: When reading through 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 like a system component breaking or if the company goes out of business.
- Solar Panel Brands: Different companies will offer various brands and kinds of panels. If you prefer a specific brand, make sure the solar company you're considering has it.
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 Hanover, NY Solar Cost FAQs
How much does it cost to install solar panels in Hanover?
The average cost of solar panels in Hanover is about $14,750 for a 5-kW system and $29,500 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like 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?
The upfront cost is a key factor to consider, but whether it's the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Can you sell solar power back to the grid in Hanover?
Most states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels do I need to power my home?
To figure out how many solar panels 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 typically produce about 250 to 400 watt-hours per hour, the average home 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.