Solar Panel Cost Guide in Hopewell, PA (2023 Update)
- Hopewell Solar Installation Cost: $12,468
- 25-Year Savings: $17,246
- Payback Period: 10.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Hopewell
Here's how much it might cost to go solar in Hopewell.
In Hopewell, solar panels cost about 2.55 per watt on average. Using this figure, a typical 7.0-kW system would cost about $12,459 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Hopewell homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Many homeowners find adopting solar power is a sound investment. The average homeowner in Hopewell can save about $16,000 on their energy bills over 20 years.
You can click the button below to get connected with a top solar company in Hopewell for a quote for your home.
Solar savings over time in Hopewell
| Year | Return on Investment |
|---|---|
| 1 years | $-10,831 |
| 3 years | $-7,557 |
| 5 years | $-4,283 |
| 7 years | $-1,009 |
| 9 years | $2,265 |
| 11 years | $5,538 |
| 13 years | $8,812 |
| 15 years | $12,086 |
| 17 years | $15,360 |
| 19 years | $18,634 |
| 21 years | $21,908 |
| 23 years | $25,181 |
| 25 years | $28,455 |
Top Solar Installers in Hopewell
When making the switch to solar, many homeowners choose to go with a solar company since putting up solar panels yourself can be a time-consuming project. The expertise that solar companies offer can be invaluable as well, especially if you don't quite know 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 how much your investment in solar could cost for your home. Here are some nearby:
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 a number of criteria that can play into 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
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production 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 $2,550. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your electric bills. In addition, extra products, like solar batteries, can bump up your total well above the Hopewell average.
Solar Financing Terms
Solar panels can save you money on energy 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 make paying for solar more affordable. Though solar loans make going solar more accessible for Hopewell homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The remaining 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. You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.65 | $11,138 | $14,386 | 10.9 years |
| 8 kW | $2.60 | $14,566 | $19,467 | 10.7 years |
| 10 kW | $2.55 | $17,850 | $24,691 | 10.5 years |
| 12 kW | $2.50 | $20,992 | $30,058 | 10.3 years |
| 14 kW | $2.45 | $23,990 | $35,567 | 10.1 years |
| 16 kW | $2.40 | $26,846 | $41,220 | 9.9 years |
| 18 kW | $2.35 | $29,560 | $47,015 | 9.7 years |
| 20 kW | $2.29 | $32,130 | $52,953 | 9.4 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. Because choosing a company can be a challenge, we have some tips to help you, such as:
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years most likely offer quality solar panel installation and expertise.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Even though there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so be sure to peruse their list of offerings before deciding.
- Contract: Before signing a contract with a solar installer, make sure you read it through carefully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
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, PA Solar Cost FAQs
How much does it cost to install solar panels in Hopewell?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $12,750 for a 5-kW system and $25,500 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Hopewell?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Can solar panels completely eradicate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $850.83 per year.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house 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.