Solar Panel Cost Guide in Cherry Hill Mall, NJ (Jun 2022)
- Cherry Hill Mall Solar Installation Cost: $9,552
- 25-Year Savings: $8,298
- Payback Period: 13.4 Years
See cost of a solar system near you:
Updated 5/26/2022
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Average Cost of Solar Panels in Cherry Hill Mall
Let's take a look at the average cost of solar in Cherry Hill Mall.
The average cost of a solar panel system in Cherry Hill Mall is $3 per watt. Since a 4.7-kW system is needed to cover the energy usage of a typical home in Cherry Hill Mall, the average price of going solar will be about $9,552 before claiming the federal solar tax credit.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of making the switch to solar can vary quite a bit based on multiple factors, such as how many panels you need, your energy usage and what installation company you go with. For many homeowners, the upfront investment in solar panels is worth paying. On average Cherry Hill Mall homeowners see about $15,000 in savings on electricity bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Cherry Hill Mall
| Year | Return on Investment |
|---|---|
| 1 years | $-8,838 |
| 3 years | $-7,410 |
| 5 years | $-5,982 |
| 7 years | $-4,554 |
| 9 years | $-3,126 |
| 11 years | $-1,698 |
| 13 years | $-270 |
| 15 years | $1,158 |
| 17 years | $2,586 |
| 19 years | $4,014 |
| 21 years | $5,442 |
| 23 years | $6,870 |
| 25 years | $8,298 |
Top Solar Installers in Cherry Hill Mall
Although it's possible to install solar panels by yourself, it takes extra effort and handiness. That's why most people choose to go with a solar panel installer. Companies can also offer access to quality options of the best solar panels and help you pick which one will be best for your family.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some in Cherry Hill Mall:
Best Regional Coverage
Momentum Solar
4.5
Great warranty coverage- Representatives are experts on local policies
- Concierge service ensures steady communication
-
Slightly limited service offerings
Best Technology
Tesla Energy
4.5
- 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 Mall
Factors that Affect Solar Panel Costs in Cherry Hill Mall
For many Cherry Hill Mall homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Cherry Hill Mall, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment Size
System size is one of the largest factors that influences the overall cost of going solar. Because of that, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. The brand and type of equipment you choose for your solar system can raise or lower 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 limited roof space or just want maximum energy production, you will be looking at 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
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are offered by most installers in Cherry Hill Mall, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The solar company you choose will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and find a company that has the products, warranties and services you're looking for and also fits within your budget.
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 | $10,201 | 13.9 years |
| 8 kW | $2.83 | $16,726 | $13,929 | 13.6 years |
| 10 kW | $2.77 | $20,498 | $17,821 | 13.4 years |
| 12 kW | $2.71 | $24,106 | $21,878 | 13.1 years |
| 14 kW | $2.66 | $27,549 | $26,098 | 12.8 years |
| 16 kW | $2.60 | $30,829 | $30,482 | 12.6 years |
| 18 kW | $2.55 | $33,945 | $35,030 | 12.3 years |
| 20 kW | $2.49 | $36,896 | $39,742 | 12.0 years |
Solar Incentives in Cherry Hill Mall
| 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 many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Contract: Review the contract terms carefully to make sure you understand how much it will cost, project timeline rebates and warranties.
- Installation Process: Make sure you're aligned with the company with regard to how the installation process will go and what you need to do before your solar system is installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you go with.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
Best Regional Coverage
Momentum Solar
4.5
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
4.5
- 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 Mall, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Cherry Hill Mall?
This is a hard question to answer exactly, because the cost depends on a variety of 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. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Cherry Hill Mall?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home 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 financial benefits from going solar.
Do solar panels increase the value of your home?
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 Cherry Hill Mall is currently $241,068, so you can expect about a value of about $9,884 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Cherry Hill Mall is a rewarding investment.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.
