Solar Panel Cost Guide in Hopewell, NY (2024 Update)
- Hopewell Solar Installation Cost: $11,777
- 25-Year Savings: $6,701
- Payback Period: 18.2 Years
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Average Cost of Solar Panels in Hopewell
Let’s have a look at the average cost of solar panels in Hopewell.
Although the national average of solar panels is $2.66 per watt, solar panels in Hopewell generally cost about 4.To cover the typical energy needs of the average home in Hopewell, most homeowners require a 4.6-kilowatt system. Using the per-watt figure above, a solar installation costs around $11,777, or $16,841 before the federal solar tax credit of 0 is applied.
The actual price you pay can be higher or lower than the average in Hopewell based on a few factors, such as the brand of solar panels you choose and the solar contractor you hire.Despite the high upfront cost, the average Hopewell homeowner can save about $13,000 on their power bills over 20 years, which is one of the positives of solar.
To receive a free quote from a top solar installer in Hopewell, you can click the button below.
Solar savings over time in Hopewell
| Year | Return on Investment |
|---|---|
| 1 years | $-10,931 |
| 3 years | $-9,239 |
| 5 years | $-7,547 |
| 7 years | $-5,855 |
| 9 years | $-4,163 |
| 11 years | $-2,471 |
| 13 years | $-779 |
| 15 years | $913 |
| 17 years | $2,605 |
| 19 years | $4,297 |
| 21 years | $5,989 |
| 23 years | $7,681 |
| 25 years | $9,373 |
Top Solar Installers in Hopewell
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Using a solar company can make your swap to solar power much easier. Local solar installation companies can also help you optimize your return on investment by walking you through any local incentives you can take advantage of and by providing warranties and repairs.
If you're looking for a solar company in Hopewell, we've organized a list of our top suggestions here:
Best National Provider
SunPower
- 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
- 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 Hopewell
Factors that Affect Solar Panel Costs in Hopewell
There are many factors that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The size of the solar energy system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $3,650. The type of solar panels and equipment you want is another factor that will largely affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment goes beyond just the solar panels themselves. You’ll also need to think 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 looking for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That’s why many Hopewell homeowners opt to finance their solar panel systems to offset upfront costs.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
The remaining major cost factor you should take into consideration is the installer you choose. Given the growing popularity of sustainable energy solutions in Hopewell, you’ll have a great number of options to choose from, but each comes at varying price points for labor and equipment.The company’s size sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.
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 | $5,169 | 18.9 years |
| 8 kW | $3.72 | $20,849 | $7,301 | 18.5 years |
| 10 kW | $3.65 | $25,550 | $9,637 | 18.2 years |
| 12 kW | $3.58 | $30,047 | $12,177 | 17.8 years |
| 14 kW | $3.50 | $34,339 | $14,922 | 17.4 years |
| 16 kW | $3.43 | $38,427 | $17,872 | 17.1 years |
| 18 kW | $3.36 | $42,311 | $21,025 | 16.7 years |
| 20 kW | $3.29 | $45,990 | $24,384 | 16.3 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Installation Process: When going solar, it’s necessary to maintain an open line of communication with your solar panel company. See to it that you understand how the installation process works and the project timeline.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
- Contract: It’s important to read through your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best National Provider
SunPower
- 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
- 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 Hopewell, NY Solar Cost FAQs
How much does it cost to install solar panels in Hopewell?
This is a tough question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Hopewell?
You can’t get solar panels for free in Hopewell. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
Can you sell solar power back to the grid in Hopewell?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future electricity bills.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.