Solar Panel Cost Guide in Cherry Hill, NJ (Jun 2022)

  • Cherry Hill Solar Installation Cost: $9,552
  • 25-Year Savings: $9,280
  • Payback Period: 12.7 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 5/26/2022

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Average Cost of Solar Panels in Cherry Hill

Here's how much it might cost to go solar in Cherry Hill.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Cherry Hill, the average cost of solar panels is $3 per watt. The average solar panel system size in Cherry Hill is around 4.7 kilowatts, meaning a cost of about $9,552 for a solar installation, or $7,068 after the federal solar tax credit is applied.

Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy use, the type of solar system you want to get, your solar contractor and more. For many homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $15,000 in savings on energy bills over 20 years.

For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.

Solar savings over time in Cherry Hill

Year Return on Investment
1 years $-8,799
3 years $-7,292
5 years $-5,786
7 years $-4,279
9 years $-2,772
11 years $-1,266
13 years $241
15 years $1,747
17 years $3,254
19 years $4,761
21 years $6,267
23 years $7,774
25 years $9,280

Top Solar Installers in Cherry Hill

Many homeowners choose to use a solar installation company since trying to put up solar panels on your own can be challenging. Local solar companies can also help you maximize your return on investment by assisting with any local incentives and by offering warranties and repairs.

There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:

Best National Provider

SunPower

5.0

  • Pros iconMost efficient panels on the market
  • Pros iconNational coverage
  • Pros iconCradle to Cradle sustainability certification
  • Pros iconGreat warranty coverage
  • Con iconExpensive
  • Con iconCustomer service varies by local dealer

Best Regional Coverage

Momentum Solar

4.5

  • Pros iconGreat warranty coverage
  • Pros iconRepresentatives are experts on local policies
  • Pros iconConcierge service ensures steady communication
  • Con iconSlightly limited service offerings

Best Technology

Tesla Energy

4.5

  • Pros iconPrice-match guarantee
  • Pros iconSleek, efficient, and durable solar panels
  • Pros iconBest solar battery on the market
  • Con iconSome reported issues with customer service
  • Con iconCustomer service varies by local dealer

See all of the solar companies in Cherry Hill

Factors that Affect Solar Panel Costs in Cherry Hill

Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that will push your cost above or below the average in Cherry Hill: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.

Solar Equipment Size

The cost of solar panels varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size. Solar power systems that have better efficiency or power production 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. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. 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 too expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to a higher cost over time due to interest. However, the interest on solar loans also adds to your total costs, so it's important to include that in your estimate as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.

Solar Panel Installation Company

The final major cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in Cherry Hill, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle 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 $2.88 $12,791 $11,466 13.2 years
8 kW $2.83 $16,726 $15,616 12.9 years
10 kW $2.77 $20,498 $19,930 12.7 years
12 kW $2.71 $24,106 $24,407 12.4 years
14 kW $2.66 $27,549 $29,049 12.2 years
16 kW $2.60 $30,829 $33,855 11.9 years
18 kW $2.55 $33,945 $38,825 11.7 years
20 kW $2.49 $36,896 $43,959 11.4 years

Solar Incentives in Cherry Hill

Name NJ Clean Energy- Residential New Construction Program
Incentive Amount Incentives depend on the HERS score and the classification
Single family homes: Ranges from $1,125 to - 24,250
Multi-single homes: Ranges from $1,125 to $18,188
Multifamily homes: Ranges from $625-$12,125
Incentive Max Multifamily: up to $12,125
Individual homes: up to $24,250
Website Visit here
More Info Click here

Name Property Tax Exemption for Renewable Energy Systems
Incentive Amount 100% of value added by renewable system
More Info Click here

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Solar Renewable Energy Certificates (SRECs) Registration Program
Incentive Amount Determined by the market.
In June 2016, SREC traded at an average price of $229.90.
Incentive Max Maximum price set by the SACP for the particular year.
Website Visit here
More Info Click here

Name PSE&G - Solar Loan Program
Website Visit here
More Info Click here

Name Successor Solar Incentive (SuSI) Program
Incentive Amount Net-Metered Residential: $90/SREC-II

Small Net-Metered Non-Residential located on Rooftop, Carport, Canopy and Floating Solar
Projects smaller than 1 MW (dc): $100/SREC-II, $120 for public entities
Projects 1 MW to 5 MW (dc): $90/SREC-II, $110 for public entities

Net Metered Non-Residential Ground Mount
Projects smaller than 1 MW (dc): $85/SREC-II, $105 for public entities
Projects 1 MW to 5 MW (dc): $80/SREC-II, $100 for public entities

Community Solar LMI: $90/SREC-II
Community Solar Non-LMI: $70/SREC-II
Incentive Max MW-DC Capacity Blocks
Net Metered Residential: 150 MW
Net Metered Non-Residential: 150 MW
Community Solar (LMI and Non-LMI): 150 MW
Website Visit here
More Info Click here

Name Solar Energy Sales Tax Exemption
Incentive Amount 100% exemption
Incentive Max None
More Info Click here

How to Save on Solar Panels

There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:

  • Installation Process: Make sure you're aligned with the installer regarding how the installation process will go and what needs to be done before your solar panel system is installed, such as repairing your electrical system or roof.
  • Solar Panel Brands: The brand of solar panel you'd like to install plays a role in which installer you should choose, since different companies have different panels.
  • Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
  • Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.

Best National Provider

SunPower

5.0

  • Pros iconMost efficient panels on the market
  • Pros iconNational coverage
  • Pros iconCradle to Cradle sustainability certification
  • Pros iconGreat warranty coverage
  • Con iconExpensive
  • Con iconCustomer service varies by local dealer

Best Regional Coverage

Momentum Solar

4.5

  • Pros iconGreat warranty coverage
  • Pros iconRepresentatives are experts on local policies
  • Pros iconConcierge service ensures steady communication
  • Con iconSlightly limited service offerings

Best Technology

Tesla Energy

4.5

  • Pros iconPrice-match guarantee
  • Pros iconSleek, efficient, and durable solar panels
  • Pros iconBest solar battery on the market
  • Con iconSome reported issues with customer service
  • Con iconCustomer service varies by local dealer

EcoWatch's Cherry Hill, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Cherry Hill?

This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally 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 cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.

What other factors should I consider apart from cost when buying solar panels?

Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.

How much can I save on electricity bills after installing solar panels?

It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Cherry Hill, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.

How long do solar panels last in Cherry Hill?

Although 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 how much energy they produce will have decreased significantly after that point. You can opt to replace them after having 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.

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