Solar Panel Cost Guide in Hanover, NY (2024 Update)
- Hanover Solar Installation Cost: $11,849
- 25-Year Savings: $6,183
- Payback Period: 18.8 Years
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Average Cost of Solar Panels in Hanover
Find out what the average cost of solar panels are in Hanover.
The average cost of solar panels in Hanover is 4 per watt.Using this figure, a typical 4.6-kW system would cost about $11,849 before the 0 federal solar tax credit is applied.
These figures are just averages, and the cost of going solar for you may differ based on factors unique to your home and what company you want to go with.With average savings of about $13,000 on electricity bills over 20 years, many homeowners in Hanover find investing in solar can pay off big.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Hanover
| Year | Return on Investment |
|---|---|
| 1 years | $-11,023 |
| 3 years | $-9,371 |
| 5 years | $-7,719 |
| 7 years | $-6,068 |
| 9 years | $-4,416 |
| 11 years | $-2,764 |
| 13 years | $-1,112 |
| 15 years | $540 |
| 17 years | $2,192 |
| 19 years | $3,843 |
| 21 years | $5,495 |
| 23 years | $7,147 |
| 25 years | $8,799 |
Top Solar Installers in Hanover
Trying to install solar panels by yourself can be a challenging undertaking, which is why using a solar installation company is a good option for many homeowners. The payback period on a solar system will vary depending on factors like your roof configuration and energy use, but going with a solar company can shorten it. Your provider will be able to help you identify incentives available in your area.
If you're on the hunt for a solar installer in Hanover, we've compiled a list of our top suggestions here:
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
See all of the solar companies in Hanover
Factors that Affect Solar Panel Costs in Hanover
There are a number of criteria that can influence your 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
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. That’s why it’s important to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use.The model of solar panels and equipment you choose is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Plus, solar equipment is more than just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Hanover to be too expensive, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in higher prices over time because of interest.It’s a good idea to factor 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 the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Hanover is the company you get to install your solar system. As with choosing a company to install new cabinets, for instance, there’s no shortage of solar installers that offer a range of services at different price points.Additionally, some companies in Hanover are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.80 | $15,943 | $4,446 | 19.5 years |
| 8 kW | $3.72 | $20,849 | $6,337 | 19.2 years |
| 10 kW | $3.65 | $25,550 | $8,432 | 18.8 years |
| 12 kW | $3.58 | $30,047 | $10,732 | 18.4 years |
| 14 kW | $3.50 | $34,339 | $13,236 | 18.0 years |
| 16 kW | $3.43 | $38,427 | $15,944 | 17.7 years |
| 18 kW | $3.36 | $42,311 | $18,857 | 17.3 years |
| 20 kW | $3.29 | $45,990 | $21,974 | 16.9 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be difficult, we have some tips to help you, such as:
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Contract: Before signing a contract with a solar company, make sure to read it through carefully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Installation Process: Homeowners should understand how exactly the installation process will go, 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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Hanover, NY Solar Cost FAQs
What is the average cost of installing solar panels in Hanover?
The average cost of solar panels in Hanover is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Hanover?
Solar panels aren’t free in Hanover, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Does Hanover have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future energy bills.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.