Solar Panel Cost Guide in Hanover, OH (2023 Update)
- Hanover Solar Installation Cost: $13,315
- 25-Year Savings: $16,592
- Payback Period: 11.1 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Hanover
Let's have a look at the average cost of solar in Hanover.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hanover, the typical cost of solar panels is 2.56 per watt. To cover the typical energy usage of the average home in Hanover, most homeowners require a 7.4-kilowatt system. Using the figure above, a solar installation costs around $13,315, or $19,040 before the federal solar tax credit of 30% is applied.
The true price you pay can go higher or lower than the average in Hanover depending on a few factors, such as the type of solar panels you choose and the solar contractor you hire. For many homeowners, the upfront investment in solar is worth paying. On average Hanover homeowners see about $15,000 in savings on electricity bills over 20 years.
For a free 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 | $-12,118 |
| 3 years | $-9,726 |
| 5 years | $-7,333 |
| 7 years | $-4,941 |
| 9 years | $-2,548 |
| 11 years | $-156 |
| 13 years | $2,237 |
| 15 years | $4,629 |
| 17 years | $7,022 |
| 19 years | $9,414 |
| 21 years | $11,807 |
| 23 years | $14,199 |
| 25 years | $16,592 |
Top Solar Installers in Hanover
Many homeowners opt for a solar installation company since figuring out how to install solar panels yourself can be time-consuming. Local solar installation companies can also help you optimize your return on investment by assisting with any local incentives you can take advantage of and by providing warranties and repairs.
If you'd like to switch to solar energy but still aren't sure which solar panel company to go with, here are our suggestions for providers nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Hanover
Factors that Affect Solar Panel Costs in Hanover
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that affect your total cost in Hanover: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,560. There are several different solar panel brands and the one you choose also affects the cost. In general, the brands that are more efficient tend to also cost more. Plus, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Hanover have solar loans, which reduce the initial cost of installing solar. However, the interest on solar loans also increases your overall costs, so it's important to take that into consideration as well. You can always bring down the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Hanover is the company you get to install your solar system. Similar to choosing a company to renovate your kitchen, for example, there's no shortage of solar installers that offer a range of services at different price points. The company's size can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices due to greater 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 discount can bring their pricing lower to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.66 | $11,182 | $12,952 | 11.6 years |
| 8 kW | $2.61 | $14,623 | $17,556 | 11.4 years |
| 10 kW | $2.56 | $17,920 | $22,304 | 11.1 years |
| 12 kW | $2.51 | $21,074 | $27,195 | 10.9 years |
| 14 kW | $2.46 | $24,084 | $32,229 | 10.7 years |
| 16 kW | $2.41 | $26,952 | $37,407 | 10.5 years |
| 18 kW | $2.36 | $29,676 | $42,728 | 10.2 years |
| 20 kW | $2.30 | $32,256 | $48,192 | 10.0 years |
How to Save on Solar Panels
There are a lot of companies available in Hanover, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Reputation: Make sure your solar system 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 the EcoWatch team.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
- Warranty: Warranties that provide coverage for defective panels and repairs over a long period of time such as 25 years are the gold standard in the business, and offering that kind of warranty is one sign of a quality company.
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, completion timeline rebates and warranties.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Hanover, OH Solar Cost FAQs
What is the average cost of installing solar panels in Hanover?
The average cost of solar panels in Hanover is about $12,800 for a 5-kW system and $25,600 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Hanover?
You can't get solar panels for free in Hanover. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Does Hanover have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can be compensated 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.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household 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.