Solar Panel Cost Guide in Hopewell, NJ (2024 Update)
- Hopewell Solar Installation Cost: $11,653
- 25-Year Savings: $7,965
- Payback Period: 17.0 Years
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Average Cost of Solar Panels in Hopewell
Find out what the average cost of a solar system is in Hopewell.
Although the national average of solar panels is $2.66 per watt, solar panels in Hopewell generally cost around 4.Using this figure, a typical 4.7-kW system would cost about $11,653 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of going solar can vary quite a bit depending on several factors, such as how many panels you need, your energy usage and what installation company you go with.With average savings of about $14,000 on power bills over 20 years, many homeowners in Hopewell find going solar can be quite rewarding.
To get a free estimate from a vetted solar installer in Hopewell, you can click the button below.
Solar savings over time in Hopewell
| Year | Return on Investment |
|---|---|
| 1 years | $-10,473 |
| 3 years | $-8,112 |
| 5 years | $-5,752 |
| 7 years | $-3,391 |
| 9 years | $-1,031 |
| 11 years | $1,330 |
| 13 years | $3,690 |
| 15 years | $6,051 |
| 17 years | $8,411 |
| 19 years | $10,772 |
| 21 years | $13,132 |
| 23 years | $15,493 |
| 25 years | $17,853 |
Top Solar Installers in Hopewell
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Hiring a solar panel installer can make your swap to solar power much easier. Local solar installers can also help you optimize your return on investment by assisting with any local incentives you can take advantage of and by offering warranties and repairs.
If you’d like to go solar but still aren’t certain which solar system company to go with, here are our recommendations for providers near you:
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 Hopewell
Factors that Affect Solar Panel Costs in Hopewell
The cost of installing a solar system in Hopewell can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay around $3,530 per kilowatt in Hopewell.Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher 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 a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in Hopewell offer solar loans, which reduce the initial cost of installing solar panels.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Hopewell is the company you choose to install your solar panel system. As with choosing a company to install new cabinets, for instance, there are plenty of solar installers that provide a range of services at different costs.Larger national companies typically have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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 | $6,349 | 17.7 years |
| 8 kW | $3.60 | $20,163 | $8,861 | 17.4 years |
| 10 kW | $3.53 | $24,710 | $11,570 | 17.0 years |
| 12 kW | $3.46 | $29,059 | $14,477 | 16.7 years |
| 14 kW | $3.39 | $33,210 | $17,582 | 16.3 years |
| 16 kW | $3.32 | $37,164 | $20,885 | 16.0 years |
| 18 kW | $3.25 | $40,920 | $24,385 | 15.7 years |
| 20 kW | $3.18 | $44,478 | $28,082 | 15.3 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: Before signing a contract with a solar installer, make sure to look it over completely so you understand the terms. Also, ask questions if you’re unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for a long time and save you money on repairs and maintenance.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
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 Hopewell, NJ Solar Cost FAQs
How much does it cost to install solar panels in Hopewell?
The average cost of solar panels in Hopewell is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider other than cost when buying solar panels?
The initial cost is a very important factor to consider, but whether it’s the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Do solar panels increase how much your home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Hopewell is currently $699,670, so you can expect a value of about $28,686 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Hopewell is a worthwhile investment.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires 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 home 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.