Ok, I wasn’t expecting to see such a blatant affirmation for solar panels and solar energy in New Jersey after my visit to “the Google”. Why are they worth it?
Why, hello curious soul who visits our humble website, the best resource for all your solar energy questions you may have, EVER! Here are six reasons why solar makes sense in New Jersey:
Reason #1: SRECs
Aside from generating electricity and lowering your electric bill which you already pay, the solar panels on your roof will pump out State Renewable Energy Certificates (or SRECs). They are worth big bucks, which your utility company will purchase from you, just to prove they are sourcing their electricity from a clean source, like your rooftop.
For a medium sized solar system, your New Jersey utility company will now pay you about $3,000 a year in SREC payments for the next 15 years. That amounts to roughly $45,000! How cool is that? To learn more about how you could be earning thousands of dollars in just a few months, get hooked up here.
Reason #2: New Jersey state solar rebate
In addition to holding the utility companies accountable for sourcing a small slice of their energy from the sun, the NJ state legislature also enacted a state rebate for solar homeowners. This rebate has stepped down in value as more and more residents have gone solar, but it currently stands at a still hefty amount of $.75/watt. Next year, it may be even less value, so you’ll have to check back with them (or us) to see what the new amount will be. What does $.75/watt mean for an average sized solar system? That amounts to about $4,000. Nothing to sneeze at, more cash right back in your pocket.
Reason #3: 30% federal tax credit
The feds will give you a big bonus tax credit for putting solar panels up on your roof in New Jersey, too. On an average sized system after the state rebate, your tax credit will be about $6,000. You can see how all the bonuses are really adding up!
Reason #4: The electricity savings and the environment!
Your new electric bill will probably be something like $15 instead of $120. That makes those monthly living expenses a little easier to deal with, no? Aside from that, just having solar on your roof is the equivalent of planting 70 trees, or eliminating the CO2 from driving across the country 75 times over the life of the system.
Reason #5: Awesome solar loan program
There are concerns out there from reasonable people who think that an investment in solar is only for the rich. Yes, even after the bonuses in year 1, an average size solar energy system still will cost about $15,000 (For an example on payback details for a 5kW system, check out our New Jersey solar info page).
But no, the solar door is not slammed in your face if you don’t have stacks of cash lying around your home. Reason being, if you are a PSE&G customer, they will finance your solar system for you which will be repaid by those SREC payments we just mentioned in Reason #1. Therefore, not much out of pocket at all, and you still can make money from the SREC credits down the road. Even if your loan is paid off by the SRECs prior to the 15 year payment window expiration, you’ll still get money from selling your SRECs over to PSE&G for financing purposes. You can request more info about the solar loan program here, or simply sign up with us and an expert will get in touch with you in a jiffy to share all the details with you.
Last modified: December 4, 2017