Solar Panel Cost Guide in Cherry Hill Mall, NJ (2023 Update)
- Cherry Hill Mall Solar Installation Cost: $9,036
- 25-Year Savings: $8,815
- Payback Period: 12.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Cherry Hill Mall
Find out what the average cost of solar panels are in Cherry Hill Mall.
While the national average of solar panels is $2.66 per watt, solar panels in Cherry Hill Mall generally cost around 2.77. To account for the typical energy usage of the average home in Cherry Hill Mall, most homeowners require a 4.7-kilowatt system. Using the per-watt figure above, a solar installation costs about $9,036, or $12,921 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of making the switch to solar can vary based on several factors, such as how many panels you need, your energy consumption and what company you go with. But, once you've paid the upfront cost of installation, the payback for most homeowners is typically good, with a net average savings of about $15,000 over 20 years on electricity bills.
Click the button below to get connected to a reputable solar panel company in your area for a personalized estimate.
Solar savings over time in Cherry Hill Mall
| Year | Return on Investment |
|---|---|
| 1 years | $-8,322 |
| 3 years | $-6,894 |
| 5 years | $-5,466 |
| 7 years | $-4,038 |
| 9 years | $-2,610 |
| 11 years | $-1,182 |
| 13 years | $247 |
| 15 years | $1,675 |
| 17 years | $3,103 |
| 19 years | $4,531 |
| 21 years | $5,959 |
| 23 years | $7,387 |
| 25 years | $8,815 |
Top Solar Installers in Cherry Hill Mall
Many homeowners opt for a solar panel company since trying to put up solar panels by yourself can be hard. Also, companies with a good reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 depends on 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 considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production need 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. The brand of solar panels and equipment you get is another factor that will largely impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment is more than just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many Cherry Hill Mall homeowners choose to finance their solar panel systems to offset upfront costs. 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 interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar installer you hire to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Cherry Hill Mall, and each can charge varying amounts for labor and equipment. Additionally, some companies in Cherry Hill Mall are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. 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 | $10,892 | 13.2 years |
| 8 kW | $2.83 | $15,822 | $14,833 | 12.9 years |
| 10 kW | $2.77 | $19,390 | $18,929 | 12.7 years |
| 12 kW | $2.71 | $22,803 | $23,181 | 12.4 years |
| 14 kW | $2.66 | $26,060 | $27,587 | 12.1 years |
| 16 kW | $2.60 | $29,163 | $32,148 | 11.9 years |
| 18 kW | $2.55 | $32,110 | $36,865 | 11.6 years |
| 20 kW | $2.49 | $34,902 | $41,737 | 11.4 years |
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 pick the right company for you, here are some tips to keep in mind:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can verify your installer's reputation is by reading reviews.
- Solar Panel Brands: The type of solar panel you need plays a role in which company you should choose, since different companies have different panels.
- Installation Process: Make sure you're aligned with the company regarding how the installation process will go and what needs to be done before your solar panels are installed, such as updating your electrical system or roof.
- Contract: When reading over your solar company's contract, ask questions 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.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Cherry Hill Mall, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Cherry Hill Mall?
The average cost of solar panels in Cherry Hill Mall is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the actual cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Does Cherry Hill Mall have a net metering program?
Most states have net metering programs of some kind. Through these, you can either receive compensation for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to account for their typical energy usage.
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.