Solar Panel Cost Guide in Cherry Hill, NJ (Mar 2023)
- Cherry Hill Solar Installation Cost: $9,036
- 25-Year Savings: $9,797
- Payback Period: 12.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Cherry Hill
See how much it might cost to install solar panels in Cherry Hill.
The average cost of a solar panel system in Cherry Hill is 2.77 per watt. Since a 4.7-kW system is needed to cover the energy consumption of a typical home in Cherry Hill, the average price of going solar will be about $9,036 after claiming the federal solar tax credit of 30%.
How much you pay can go above or below the average in Cherry Hill based on a few factors, such as the kind of solar panels you choose and the solar contractor you hire. But, once you've paid the upfront cost of installation, the savings for most homeowners is quite fruitful, with a net average savings of about $15,000 over 20 years on power bills.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Cherry Hill
| Year | Return on Investment |
|---|---|
| 1 years | $-8,282 |
| 3 years | $-6,776 |
| 5 years | $-5,269 |
| 7 years | $-3,763 |
| 9 years | $-2,256 |
| 11 years | $-749 |
| 13 years | $757 |
| 15 years | $2,264 |
| 17 years | $3,770 |
| 19 years | $5,277 |
| 21 years | $6,784 |
| 23 years | $8,290 |
| 25 years | $9,797 |
Top Solar Installers in Cherry Hill
Although you can install solar panels by yourself, it requires extra effort and expertise. That's one of the reasons most people choose to hire a solar panel installer. Plus, if you're not certain what kind of solar panels and equipment you may need, a solar installer can help you find the right equipment for you after a site survey and consultation.
If you're on the hunt for a solar company in Cherry Hill, the EcoWatch team has organized a list of our top suggestions here:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 Cherry Hill
Factors that Affect Solar Panel Costs in Cherry Hill
For many Cherry Hill homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Cherry Hill, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,770. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Cherry Hill, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited 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
Many homeowners find the average cost of solar in Cherry Hill to be prohibitively steep, even if the investment pays off over time. Thankfully, nearly every solar company in the area offers financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in higher prices over time because of interest. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar installer you choose to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar installation companies operating in Cherry Hill, and each can charge different amounts for labor and equipment. Additionally, some companies in Cherry Hill have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 | $2.88 | $12,099 | $12,157 | 12.5 years |
| 8 kW | $2.83 | $15,822 | $16,520 | 12.2 years |
| 10 kW | $2.77 | $19,390 | $21,038 | 12.0 years |
| 12 kW | $2.71 | $22,803 | $25,710 | 11.8 years |
| 14 kW | $2.66 | $26,060 | $30,538 | 11.5 years |
| 16 kW | $2.60 | $29,163 | $35,522 | 11.3 years |
| 18 kW | $2.55 | $32,110 | $40,660 | 11.0 years |
| 20 kW | $2.49 | $34,902 | $45,953 | 10.8 years |
How to Save on Solar Panels
The solar panel company you choose will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, including:
- Reputation: Well-established companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: Even though reading through a contract can be tedious, it's important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Solar Panel Brands: Different companies have different brands and kinds of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 Cherry Hill, NJ Solar Cost FAQs
How much does it cost to install solar panels in Cherry Hill?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Are solar panels free in Cherry Hill?
You can't get solar panels for free in Cherry Hill. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Cherry Hill?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and how much direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.