Solar Panel Cost Guide in Hopatcong, NJ (2024 Update)
- Hopatcong Solar Installation Cost: $11,874
- 25-Year Savings: $6,866
- Payback Period: 18.3 Years
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Average Cost of Solar Panels in Hopatcong
Find out what the average cost of installing solar panels is in Hopatcong.
In Hopatcong, solar panels cost about 4 per watt on average.Because a 4.8-kW system is needed to cover the energy needs of a typical home in Hopatcong, the average price of going solar will be about $11,874 after claiming the federal solar tax credit of 0.
These figures are only estimates, and your own solar costs will vary based on your specific situation and what company you choose to go with.Many homeowners find going solar is a rewarding investment. The average homeowner in Hopatcong can save around $13,000 on their electricity bills over 20 years.
You can click the button below to get connected with a vetted solar installer in Hopatcong for a quote for your home.
Solar savings over time in Hopatcong
| Year | Return on Investment |
|---|---|
| 1 years | $-10,815 |
| 3 years | $-8,696 |
| 5 years | $-6,578 |
| 7 years | $-4,460 |
| 9 years | $-2,341 |
| 11 years | $-223 |
| 13 years | $1,896 |
| 15 years | $4,014 |
| 17 years | $6,132 |
| 19 years | $8,251 |
| 21 years | $10,369 |
| 23 years | $12,488 |
| 25 years | $14,606 |
Top Solar Installers in Hopatcong
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Hiring an installer can make converting to solar power much easier. Solar warranties and repairs are usually included in the cost of installation when you sign a contract with a solar company too, which can save you more money after your initial investment.
Working with a vetted solar installer can help you make the most of your investment in solar. Here are our recommendations:
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Hopatcong
Factors that Affect Solar Panel Costs in Hopatcong
For many Hopatcong homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Hopatcong, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need, 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 nearly $3,530. There are several different solar panel brands and the one you pick also affects the cost. In general, the brands that are more efficient tend to also cost more. Plus, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That’s why many Hopatcong homeowners decide to finance their solar panel systems to make paying for solar more affordable.However, the interest on solar loans also adds to your total costs, so it’s important to take that into consideration as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you select will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Hopatcong know more about local solar incentives and can help you take advantage 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 | $4,788 | 19.1 years |
| 8 kW | $3.60 | $20,163 | $6,780 | 18.7 years |
| 10 kW | $3.53 | $24,710 | $8,969 | 18.3 years |
| 12 kW | $3.46 | $29,059 | $11,356 | 18.0 years |
| 14 kW | $3.39 | $33,210 | $13,940 | 17.6 years |
| 16 kW | $3.32 | $37,164 | $16,722 | 17.2 years |
| 18 kW | $3.25 | $40,920 | $19,702 | 16.9 years |
| 20 kW | $3.18 | $44,478 | $22,879 | 16.5 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: Before signing a contract with a solar installer, make sure you read it through fully so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. While 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 take a look at their list of options before deciding.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Hopatcong, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Hopatcong?
The average cost of solar panels in Hopatcong is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the real cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Hopatcong?
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 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.
Do solar panels increase the value of your home?
Solar panels can increase your property’s 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 a solar system."
How often do you have to replace solar panels?
Even 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 decide to replace them once you've had 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.