Solar Panel Cost Guide in Hopewell, NY (2023 Update)
- Hopewell Solar Installation Cost: $9,520
- 25-Year Savings: $6,699
- Payback Period: 14.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Hopewell
Find out how much it might cost to install solar panels in Hopewell.
In Hopewell, solar panels cost about 2.95 per watt on average. Using this figure, a typical 4.6-kW system would cost about $9,520 before the 30% federal solar tax credit is applied.
The true price you pay can be above or below the average in Hopewell based on a few factors, such as the model of solar panels you choose and the solar company you hire. Many homeowners find installing a solar system is a rewarding investment. The average homeowner in Hopewell can save about $13,000 on their energy bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Hopewell
| Year | Return on Investment |
|---|---|
| 1 years | $-8,871 |
| 3 years | $-7,573 |
| 5 years | $-6,276 |
| 7 years | $-4,978 |
| 9 years | $-3,681 |
| 11 years | $-2,383 |
| 13 years | $-1,086 |
| 15 years | $212 |
| 17 years | $1,509 |
| 19 years | $2,807 |
| 21 years | $4,104 |
| 23 years | $5,402 |
| 25 years | $6,699 |
Top Solar Installers in Hopewell
Many homeowners decide to use a solar installer since figuring out how to install solar panels yourself can be time-consuming. Some solar installers, especially local ones, can help you make the most of incentives in Hopewell, thereby optimizing your ROI.
There are several 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 Hopewell
Factors that Affect Solar Panel Costs in Hopewell
There are many 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
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That's why it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your electric bills. In addition, add-on products, like solar batteries, can bump up your total well above the Hopewell average.
Solar Financing Terms
Most solar companies in Hopewell offer solar loans, which reduce your upfront costs of installing solar. When considering your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The final major cost factor you should consider is the installer you choose. Given the growing popularity of green energy solutions in Hopewell, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and find a company that has the products, warranties and services you want and also is within 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 | $3.07 | $12,886 | $8,226 | 15.3 years |
| 8 kW | $3.01 | $16,850 | $11,299 | 15.0 years |
| 10 kW | $2.95 | $20,650 | $14,537 | 14.7 years |
| 12 kW | $2.89 | $24,284 | $17,940 | 14.4 years |
| 14 kW | $2.83 | $27,754 | $21,508 | 14.1 years |
| 16 kW | $2.77 | $31,058 | $25,241 | 13.8 years |
| 18 kW | $2.71 | $34,196 | $29,140 | 13.5 years |
| 20 kW | $2.66 | $37,170 | $33,204 | 13.2 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: The brand of solar panel you need to install plays a role in which company you should opt for, since different companies offer different panels.
- Contract: Review the contract terms thoroughly to make sure you understand the cost breakdown, project timeline rebates and warranties.
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
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 Hopewell, NY Solar Cost FAQs
How much does it cost to install solar panels in Hopewell?
The average cost of solar panels in Hopewell 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 like the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Hopewell?
A solar panel system isn't free in Hopewell, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Can solar panels completely eradicate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $703.74 per year.
How long do solar panels last in Hopewell?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases 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.