Solar Panel Cost Guide in Cherry Hill, NJ (2024 Update)
- Cherry Hill Solar Installation Cost: $11,511
- 25-Year Savings: $9,800
- Payback Period: 15.3 Years
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Average Cost of Solar Panels in Cherry Hill
We break down average solar pricing in Cherry Hill.
In Cherry Hill, solar panels cost about 4 per watt on average.The average solar panel system size in Cherry Hill is around 4.7 kilowatts, meaning a cost of about $11,511 for a solar installation, or $16,461 before the 0 federal solar tax credit is applied.
How much you pay can go higher or lower than the average in Cherry Hill depending on a few factors, such as the type of solar panels you choose and the solar contractor you hire.For many homeowners, the upfront cost of solar is worth paying. On average Cherry Hill homeowners see about $15,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a top solar installer in Cherry Hill for a quote for your home.
Solar savings over time in Cherry Hill
| Year | Return on Investment |
|---|---|
| 1 years | $-10,069 |
| 3 years | $-7,187 |
| 5 years | $-4,304 |
| 7 years | $-1,421 |
| 9 years | $1,461 |
| 11 years | $4,344 |
| 13 years | $7,227 |
| 15 years | $10,109 |
| 17 years | $12,992 |
| 19 years | $15,875 |
| 21 years | $18,757 |
| 23 years | $21,640 |
| 25 years | $24,522 |
Top Solar Installers in Cherry Hill
Although it's possible to install solar panels by yourself, it involves extra effort and know-how. That's why the majority of homeowners choose to go with a solar panel installer. Companies can also provide access to quality options of the best solar panels and help you pick which one will be best for your family.
Working with a vetted solar company can help your solar project go smoothly. 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
See all of the solar companies in Cherry Hill
Factors that Affect Solar Panel Costs in Cherry Hill
There are a number of criteria that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Cherry Hill, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy consumption, which you can figure out by looking at past power bills. Your total cost can increase by around $3,530 for each additional kilowatt you need.The brand and type of equipment you get 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 a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Cherry Hill to be prohibitively costly, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to higher prices over time because of interest.However, the interest on solar loans also adds to your total costs, so it’s important to consider that as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The last major cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Cherry Hill, you’ll have plenty of options to choose from, but each comes at varying price points for labor and equipment.Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on 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 | $8,838 | 15.9 years |
| 8 kW | $3.60 | $20,163 | $12,179 | 15.6 years |
| 10 kW | $3.53 | $24,710 | $15,718 | 15.3 years |
| 12 kW | $3.46 | $29,059 | $19,454 | 15.0 years |
| 14 kW | $3.39 | $33,210 | $23,388 | 14.7 years |
| 16 kW | $3.32 | $37,164 | $27,520 | 14.4 years |
| 18 kW | $3.25 | $40,920 | $31,850 | 14.1 years |
| 20 kW | $3.18 | $44,478 | $36,377 | 13.8 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose significantly impacts your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- Contract: When reading through your solar company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running for a long time and save you money on repairs and maintenance.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. While there are many options for which kind 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 ask for 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
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 Cherry Hill, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Cherry Hill?
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. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Are solar panels free in Cherry Hill?
A solar panel system isn’t free in Cherry Hill, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Can solar panels significantly reduce my power bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $808.55 per year.
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 are completely unusable 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 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.