Solar Panel Cost Guide in New Hanover, PA (2023 Update)
- New Hanover Solar Installation Cost: $11,755
- 25-Year Savings: $13,929
- Payback Period: 11.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in New Hanover
See how much it might cost to switch to solar power in New Hanover.
In New Hanover, solar panels cost about 2.55 per watt on average. Using this figure, a typical 6.6-kW system would cost about $11,763 before the 30% federal solar tax credit is applied.
These figures are just estimates, and how much solar costs for you will vary based on the amount of energy your home requires and what company you want to go with. With average savings of about $15,000 on power bills over 20 years, many homeowners in New Hanover find going solar has a decent ROI.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in New Hanover
| Year | Return on Investment |
|---|---|
| 1 years | $-10,512 |
| 3 years | $-8,026 |
| 5 years | $-5,540 |
| 7 years | $-3,054 |
| 9 years | $-568 |
| 11 years | $1,918 |
| 13 years | $4,404 |
| 15 years | $6,890 |
| 17 years | $9,376 |
| 19 years | $11,862 |
| 21 years | $14,348 |
| 23 years | $16,834 |
| 25 years | $19,320 |
Top Solar Installers in New Hanover
Trying to install solar panels yourself can be a difficult project, which is why using a solar installation company is a good option for many homeowners. A solar installer can also help save you money over time by offering warranties, repairs and part replacements.
If you'd like to go solar but still aren't sure which solar panel company to go with, here are our suggestions for providers in New Hanover:
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 New Hanover
Factors that Affect Solar Panel Costs in New Hanover
Even though the average cost of a solar system in New Hanover is $11,763, your final cost may be above or below the average. There are several factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,550. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like New Hanover, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are a solid option because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in New Hanover is the company you get to install your PV system. Similar to choosing a company to install new cabinets, for example, you'll have many options for solar installers that provide a range of services at different price points. The size of the company can sometimes play the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access 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 promotion can bring their pricing lower 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 | $2.65 | $11,138 | $12,262 | 11.9 years |
| 8 kW | $2.60 | $14,566 | $16,635 | 11.7 years |
| 10 kW | $2.55 | $17,850 | $21,151 | 11.4 years |
| 12 kW | $2.50 | $20,992 | $25,810 | 11.2 years |
| 14 kW | $2.45 | $23,990 | $30,611 | 11.0 years |
| 16 kW | $2.40 | $26,846 | $35,555 | 10.8 years |
| 18 kW | $2.35 | $29,560 | $40,642 | 10.5 years |
| 20 kW | $2.29 | $32,130 | $45,872 | 10.3 years |
How to Save on Solar Panels
The solar panel company you opt for will be a major factor in determining not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, such as:
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should secure and how long the project will take.
- Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely offer good-quality solar panel installation and expertise.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Although there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you peruse their list of offerings before making your decision.
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 New Hanover, PA Solar Cost FAQs
How much does it cost to install solar panels in New Hanover?
This is a hard question to answer precisely, because the cost depends on a few different factors. Generally 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 above-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in New Hanover?
Leasing solar panels can be an attractive choice, because it commonly comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Is it worth going solar in New Hanover?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use them at a lower efficiency.
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.