Solar Panel Cost Guide in Hamilton Square, NJ (2024 Update)
- Hamilton Square Solar Installation Cost: $11,653
- 25-Year Savings: $8,151
- Payback Period: 16.8 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Hamilton Square
We break down average solar pricing in Hamilton Square.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hamilton Square, the average cost of solar panels is 4 per watt.The average Hamilton Square homeowner needs a 4.7-kilowatt system, which would cost about $11,653 with the federal tax credit, or $16,664 before the 0 tax credit is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy needs, the type of solar panels you want to get, your solar contractor and more.For most homeowners, the upfront investment in solar power is worth paying. On average homeowners in Hamilton Square see about $14,000 in savings on electricity bills over 20 years.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Hamilton Square
| Year | Return on Investment |
|---|---|
| 1 years | $-10,412 |
| 3 years | $-7,931 |
| 5 years | $-5,449 |
| 7 years | $-2,968 |
| 9 years | $-486 |
| 11 years | $1,996 |
| 13 years | $4,477 |
| 15 years | $6,959 |
| 17 years | $9,440 |
| 19 years | $11,922 |
| 21 years | $14,403 |
| 23 years | $16,885 |
| 25 years | $19,366 |
Top Solar Installers in Hamilton Square
Although you can install solar panels by yourself, it takes extra energy and know-how. That's why most homeowners choose a solar panel installer. The expertise that solar installers provide can be valuable as well, particularly if you don’t quite know what kind of solar equipment would be right for your home.
If you're searching for a solar company in Hamilton Square, the EcoWatch team has put together a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Hamilton Square
Factors that Affect Solar Panel Costs in Hamilton Square
For many Hamilton Square homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Hamilton Square, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,530. The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are a popular choice because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.While solar loans make going solar more accessible for Hamilton Square homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar panel installer you pick will affect your total cost to make the switch to solar . Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Hamilton Square have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.67 | $15,419 | $6,585 | 17.5 years |
| 8 kW | $3.60 | $20,163 | $9,175 | 17.2 years |
| 10 kW | $3.53 | $24,710 | $11,963 | 16.8 years |
| 12 kW | $3.46 | $29,059 | $14,949 | 16.5 years |
| 14 kW | $3.39 | $33,210 | $18,132 | 16.2 years |
| 16 kW | $3.32 | $37,164 | $21,513 | 15.8 years |
| 18 kW | $3.25 | $40,920 | $25,091 | 15.5 years |
| 20 kW | $3.18 | $44,478 | $28,868 | 15.2 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, 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:
- Solar Panel Brands: The kind of solar panel you want to get plays a role in which company you should go with, since different companies have access to different panels.
- Installation Process: Make sure you’re on the same page with the company with regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as updating your electrical system or roof.
- Contract: It’s important to look over your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Hamilton Square, NJ Solar Cost FAQs
How much does it cost to install solar panels in Hamilton Square?
This is a hard question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Hamilton Square?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home 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 financial benefits from going solar.
Do solar panels increase how much your home is worth?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.