Solar Panel Cost Guide in Hanover, NY (Sep 2022)

  • Hanover Solar Installation Cost: $9,582
  • 25-Year Savings: $6,178
  • Payback Period: 15.2 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Hanover

Find out what the average cost of solar panels are in Hanover.

The national average cost of solar panels is $2.66 per watt, but in Hanover it's $3 per watt. The average Hanover homeowner needs a 4.6-kilowatt system, which would cost about $9,582, or $7,091 after the federal solar tax credit of 30% is applied.

Keep in mind that the figures above are only estimates based on the average Hanover homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. With typical savings of about $13,000 on power bills over 20 years, many homeowners in Hanover find installing solar panels can be quite rewarding.

To get a free quote from a vetted solar installation company in Hanover, you can click the button below.

Solar savings over time in Hanover

Year Return on Investment
1 years $-8,951
3 years $-7,690
5 years $-6,430
7 years $-5,169
9 years $-3,908
11 years $-2,647
13 years $-1,387
15 years $-126
17 years $1,135
19 years $2,396
21 years $3,656
23 years $4,917
25 years $6,178

Top Solar Installers in Hanover

Although it's possible to install solar panels by yourself, it takes extra labor and handiness. That's one of the reasons most people choose to hire a solar panel installer. The expertise that solar companies provide can be invaluable as well, particularly if you aren't sure what type of solar equipment would be right for your home.

You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some in Hanover:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Hanover

Factors that Affect Solar Panel Costs in Hanover

For many Hanover homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Hanover, 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 Size

The size of the system you need is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. The model of solar panels and equipment you choose is another factor that will considerably affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Plus, solar equipment consists of more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that's in your budget.

Solar Financing Terms

Many homeowners find the average cost of solar in Hanover to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to a higher cost over time because of interest. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs considerably.

Solar Panel Installation Company

Finally, the company you get to install your solar panels can affect how much it costs. Hanover's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Hanover are more knowledgeable about local solar incentives and can help you make good use of 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 $3.07 $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

Solar Incentives in Hanover

Name State of NY Commercial PACE Financing Program
Incentive Amount Locally determined
Website Visit here
More Info Click here

Name Residential Solar Tax Credit
Website Visit here
More Info Click here

Name Refundable Clean Heating Fuel Tax Credit (Corporate)
More Info Click here

Name NY-Sun Loan Program
Website Visit here
More Info Click here

Name Residential Wood Heating Fuel Exemption
Incentive Amount 100% exemption
More Info Click here

Name Local Option - Solar Sales Tax Exemption
More Info Click here

Name Solar Sales Tax Exemption
Website Visit here
More Info Click here

Name Local Option - Real Property Tax Exemption for Green Buildings
Website Visit here
More Info Click here

Name Energy Conservation Improvements Property Tax Exemption
Website Visit here
More Info Click here

Name Local Option - Solar, Wind & Biomass Energy Systems Exemption
Website Visit here
More Info Click here

Name NY-Sun PV Incentive Program (Residential, Low-Income, and Small Business)
Website Visit here
More Info Click here

Name Ground Source Heat Pump Rebate Program
Website Visit here
More Info Click here

Name Home Performance with ENERGY STAR
Incentive Amount
Website Visit here
More Info Click here

Name NY Green Bank
Website Visit here
More Info Click here

Name Refundable Clean Heating Fuel Tax Credit (Personal)
Website Visit here
More Info Click here

Name On-Site Wind Incentive Program
Website Visit here
More Info Click here

Name Anaerobic Digester Gas-to-Electricity Rebate and Performance Incentive
Website Visit here
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

How to Save on Solar Panels

Since the brand of solar panels and the installer you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:

  • Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
  • Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should secure and what the project timeline is.
  • Contract: When reading over your solar installer'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 part breaking or the company going out of business.
  • Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases provide quality solar panel installation and expertise.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • 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 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 real 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 keep in mind 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 think about are the quality and durability of your solar panels.

Can you sell solar power back to the grid in Hanover?

Most states offer net metering programs of some kind. Through these, you can get paid for the extra power your system produces 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 often do you have to replace solar panels?

On average, solar panels can last 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 amount 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.

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