New Jersey Solar Power May Save You Money
Many residents of New Jersey are not aware how much money is really spent on their home energy use each year. In the past 10 years, New Jersey electricity rates have been increasing at about 62% over the last decade. Electricity is projected to increase at a rate of approximately 5.5% for the next twenty years, meaning that if you are paying about $130 per month now for electricity, your bill will have increased to about $390/month by 2030.
Along with California, New Jersey has taken the lead in promoting renewable energy by creating substantial solar incentives to help reduce the cost of solar. New Jersey adopted a Renewable Portfolio Standard requires electricity suppliers to provide 22.5% of their retail electricity load from renewable energy sources by 2021. Part of this requirement must be from NJ solar energy. In early versions of the RPS, 2.12% of total retail electricity was to be required to be from solar power systems by 2021 an amount estimated to be 1,500 megawatts (MW). As a result of these mandates, the solar industry in New Jersey has really blossomed and the state is now a national leader in installations, second only to California. In fact, New Jersey installed over 137 MW of solar PV systems last year, ranking it second in the U.S behind California…that’s enough solar energy for approximately 50,000 homes!
So whether you live in Newark or Elizabeth and want to go solar, there could be a rebate and/or incentive that will help make solar power a reality for you. By investing in New Jersey solar, New Jersey residents can help insulate themselves from spikes in their electric bill but they can also potentially lower their electric bill.
Home Solar Financing
While many New Jersey residents may be excited at the prospect of investing in home solar, since the average residential solar system can cost between $15,000-$25,000 after rebates and incentives, this may represent too large of an upfront investment for most people. Not too worry…our solar installation partners recognize this and have developed a number of financing options to help residents invest in solar power without having to come up with such a large up-front payment. Whether it is a great interest rate on a home equity loan, a solar lease, or a power purchase agreement, there are plenty of options for consumers to consider making solar in New Jersey a reality. So even if you do not think you can afford the cost of solar up front, make sure you still talk to NJ solar companies who educate you on all available financing options.
New Jersey Solar Rebates and Tax Incentives
One of the great facts about solar in New Jersey is that there are large number of New Jersey solar rebate programs and New Jersey financial options that exist to potentially make it easier to afford solar power for your home. Whether you live in Burlington County, Cape May County, Mercer County, Middlesex County, or Monmouth County, there will be a rebate and/or incentive that will help make solar a reality for you. There are great rebate and incentive programs available from major New Jersey Utilities such as Public Service Electric Gas (PSEG), Jersey Central Power & Light (JCP&L, JCPL), and at times from numerous other NJ municipal and county electricity providers including Rockland Electric Company (RECO), Sussex Rural Electric Cooperative (SREC), and Atlantic City Electric (ACE)2. Talk to our professional NJ solar installers whom are up to date on all of the applicable NJ solar incentives to see if you can save on a home solar installation.
Home Solar Benefits
There are a number of benefits of home solar power: (1) solar systems can potentially lower your monthly electric company bill (2) current U.S. government tax credits could save you up to 26% off the purchase of a home solar system, (3) many solar providers are offering great financing programs so you can get solar for as little to $0 down if you qualify; and (4) you can protect yourself from rising costs of electricity! Save today and tomorrow with solar energy! Start with free estimates from qualified solar installers by filling out the short solar quotes request form here.
Hiring the right solar energy installer is essential to a hassle-free, efficient home solar installation. NJ solar panels are a large investment, not only for your wallet, but for your property. Make a payment now to ensure large future returns. To ensure that your system runs optimally, you’ll need to hire a certified and experienced solar professional who can guide you through every step of the solar installation process– from low interest finance options to maintenance- and help you avoid the common mistakes that people make when going solar. All of our solar installation partners are highly qualified, New Jersey solar energy professionals. When you get a quote through Solar-New-Jersey.org, rest assured that you are getting a residential solar quote from the some of the most professional solar installers in the state.
Solar-New-Jersey.org provides no-cost, no-obligation, risk-free solar estimates to anyone interested in lowering their electricity bill and going green.
1 *Based on estimates of what customers who enrolled with Sunrun between January 2016 and April 2018 would have paid for energy over 20 years versus estimates of what they may pay with Sunrun over 20 years. Analysis assumes consistent energy usage, annual utility rate increases of 3.76%, and full utilization of the 30% solar Investment Tax Credit by the system owner. Savings are not guaranteed and will vary based on various factors, including Sunrun product type, actual energy usage, actual system production, geography, weather, shade, and actual utility rate structures and rate increases. Contact a solar installer for a more individualized estimate.
2 Solar New Jersey is not affiliated with any of the utilities listed in any way.