Solar Panel Cost Guide in Hopewell, VA (Mar 2023)
- Hopewell Solar Installation Cost: $14,899
- 25-Year Savings: $21,051
- Payback Period: 10.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Hopewell
Let's have a look at the average cost of solar in Hopewell.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hopewell, the typical cost of solar panels is 2.75 per watt. The average solar panel system size in Hopewell is around 7.7 kilowatts, meaning a cost of about $14,899 for a solar installation, or $21,306 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Hopewell homeowners. 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. Despite the significant upfront cost, the average Hopewell homeowner can save about $18,000 on their energy bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a top solar company in your area for a custom estimate.
Solar savings over time in Hopewell
| Year | Return on Investment |
|---|---|
| 1 years | $-13,461 |
| 3 years | $-10,585 |
| 5 years | $-7,709 |
| 7 years | $-4,833 |
| 9 years | $-1,957 |
| 11 years | $919 |
| 13 years | $3,795 |
| 15 years | $6,671 |
| 17 years | $9,547 |
| 19 years | $12,423 |
| 21 years | $15,299 |
| 23 years | $18,175 |
| 25 years | $21,051 |
Top Solar Installers in Hopewell
Although you can install solar panels by yourself, it takes extra energy and handiness. That's one of the reasons the majority of homeowners choose a solar panel installer. A solar company can also help save you money in the long run by offering warranties, repairs and component replacements.
If you're searching for a solar installer in Hopewell, the EcoWatch team has organized a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Hopewell
Factors that Affect Solar Panel Costs in Hopewell
There are a number of 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 installs your solar panels.
Solar Equipment
The cost of solar panels 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 require 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 $2,750. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Hopewell, 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 out of pocket is too expensive, solar loans are an affordable route because they reduce your upfront costs and allow you to pay for your system over five to seven years on average. Though solar loans make adopting solar energy 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 make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you choose to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar panel companies in Hopewell, and each can charge different amounts for labor and equipment. The company's size can sometimes play the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of 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 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 | $2.86 | $12,012 | $15,848 | 10.8 years |
| 8 kW | $2.81 | $15,708 | $21,438 | 10.6 years |
| 10 kW | $2.75 | $19,250 | $27,183 | 10.4 years |
| 12 kW | $2.69 | $22,638 | $33,081 | 10.2 years |
| 14 kW | $2.64 | $25,872 | $39,134 | 9.9 years |
| 16 kW | $2.58 | $28,952 | $45,340 | 9.7 years |
| 18 kW | $2.53 | $31,878 | $51,701 | 9.5 years |
| 20 kW | $2.48 | $34,650 | $58,215 | 9.3 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Review the contract terms thoroughly to make sure you understand the cost breakdown, project completion timeline rebates and warranties.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can research your installer's reputation is by reading reviews.
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Hopewell, VA Solar Cost FAQs
What is the average cost of installing solar panels in Hopewell?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $13,750 for a 5-kW system and $27,500 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to consider when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Is it worth going solar in Hopewell?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much 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 are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using 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.