The Garden State keeps getting greener with Solar Rebates & Solar Incentives in NJ
New Jersey has an admirable solar success story to tell. Ranked amongst the top 5 solar-powered states in the nation, the State demonstrates solar dominance due to acceptance of the pro-solar attributes and surplus monetary benefits.
The most important factor which encourages NJ to switch to solar is the high cost of residential electricity. The average residential electricity rate of 14.50¢/kWh in NJ is 32.83% greater than the national average residential rate of 11.88¢/kWh.
The benefits of Solar Rebates & Solar Incentives in NJ, help homeowners to avoid these high electricity rates and save money in their pockets by switching to a self-sustainable rooftop solar system. Solar panels help reduce the use of utility electricity and helps to offset electricity up to 98%.
New Jersey’s solar incentives are categorized into two core programs; one which compensates homeowners for the electricity produced by their solar panels and second, the rewards they receive for the clean characteristics of the power generated.
Solar Incentives in NJ
Net Metering: New Jersey’s net metering program makes the utility company compensate the homeowners for the excess energy produced by their solar panel system, which is fed to their grid. Net metering is lucrative because it allows homeowners maximize the return on their solar energy investments by selling the excess energy and savings on electricity bill with lower energy rates.
SREC’s/Performance-based Incentives: For every megawatt hour (MWh) of clean energy generated by the solar system, the owner is credited with 1 SREC. The owner can trade these SREC’s in the SREC trade market. NJ has a very strong RPS (Renewable Portfolio Standards) which mandates the utilities to have 22.5% of their energy from renewable sources by 2021. Defaulting, which they are liable to pay high fees. So, the utilities in NJ buy solar power generated from homeowners in the form of SRECs.
Solar Panel Tax Credits:
Solar sales tax exemption – New Jersey offers sales tax exemptions to homeowners and businesses, which means that they would not have to pay any state sales tax on their solar panel system. That is an additional 7% savings for New Jersey homeowners.
Property Tax Exemption – Homeowners can evade property tax for installed solar systems which allows excluding the added value of the system during the valuation process of the property for taxation purpose. Solar Tax Credit (ITC) – Solar power rebates are incentives federal or state governments offer to reduce the upfront cost of going solar by 30%. This incentive applies to homeowners only who has purchased the solar system either by cash or on loan.
Solar Power Panels in NJ:Be the change you want to see.
Climate change, the most severe global environmental threat has risked lives in the World at an alarming rate. New Jersey, being a coastal state has been at an increased threat from sea level rise, out-of-season thunderstorms, and hurricanes. Keeping the climatic changes in mind the state has introduced policies to reduce greenhouse gas emissions and encourage clean energy production.
Since then, New Jersey has been a perennial top ten solar state, and as per the SEIA 2018 report, the state ranks 5th in the nation with a cumulative 2,390 MW solar capacity installed. The state advocates clean energy and offers lucrative incentives for solar power adapters. The NJ Solar market is driven by rewards such as net metering, a solar RPS and an accompanying SREC market which further lured businesses and homeowners transition to solar. The subsequent demand for solar power panels in NJ has lowered the cost of solar panels installation, further giving solar a tremendous boost in the Garden State.
The facts below highlights the trend in Solar Power New Jersey
• National Ranking: 5th (11th in 2017).
• State Homes Powered by Solar: 371,251.
• Percentage of State's Electricity from Solar: 3.72%.
• Solar Companies in State: 561 (81 Manufacturers, 354 Installers/Developers, 120 Others).
• Total Solar Investment in State: $7,651.34 million.
• Prices have fallen 55% in the last five years.
• Growth Projection: 1,584 MW over the next 5 years (ranks 11th).
Now, let’s glance into the futuristic solar canvas in NJ.
The NJ legislature had passed a bill that expands the solar requirement in the state but contains a proposal to get rid of SRECs. Additionally, the ex-governor’s love for fossil fuel crashed the solar market and shrunk solar jobs almost to half. Where formerly, NJ led the nation in the use of solar energy, has now fallen to ninth place regarding solar jobs.
Under Gov. Murphy, solar energy market once again seems promising, and the provision of SRECs is still available to New Jersey residents. The bill establishment will once again open doors to increased solar jobs, boosting an innovative sector of the economy, curtail pollution and will catapult the Garden State back to the frontline.
How much do solar panels cost in New Jersey?
New Jersey runs a close second to Massachusetts in terms of the financial returns to be made by installing solar power for your home. And it is also one of the states to enjoy best solar incentives in the country; making New Jersey the best state in America to install solar panels for your home.
In places such as California, New Jersey, and Arizona, incentives have been responsible for the good response to solar, subsequently they served to increase competition in the marketplace and drive the costs down.
While buying solar panels in NJ, you may not come across a fixed market price, unlike when you check the cost of a shelf-product. It is essential to understand that having a solar panels installed on your roof is not a-one-key-fits-all type process. The customer need variables, energy consumption, roof-feasibility and the financing option which you choose have a lot of impact on the overall cost of the solar power system. The upfront cost of solar panels is driven by 3 important factors such as:
1. The State where you live
2. Expected energy production by your solar system.
3. Finance option for which you qualify and would like to avail.
The best way to get a customized quote is getting in touch with 855.Suntuity - the leading energy company in the nation.
Going Solar? Have you found the right solar panel installer in NJ?
Solar energy has become prevalent across the nation, and the belief that solar panels work and help save money has taken firm roots amongst homeowners and businesses. Notably, in the Garden State, the demand for solar energy is increasing day-by-day and so is strongly visible the precipitous growth of solar panels installation companies around.
How to choose the right solar panel installers in NJ can be a daunting task!
Once you decide to go solar, the first step is to find a solar installation company that is easy to talk to, acts professionally, and offers premium products and provides flawless installation services. Look for high-quality solar services providers to avail trusted and quality solutions.
The best and the easiest way to find one is checking the solar panels installation company reviews. Solar aspirants usually check with their friends or neighbors’ who have installed roof solar panels as they would share insights on their real-experience and could highlight the downfalls as well. Search engine reviews and social media are another excellent platforms where you can find unpretentious reviews about a solar company.
Financing Options to buy Home Solar Panels System in NJ
Solar energy has hit the mainstream, and according to the Solar Energy Industries Association (SEIA), solar energy now powers more than 371,251 homes in New Jersey (Source: https://www.seia.org/states-map). Solar panels, once limited to affluent consumers and strong environmentalist values, are now far less expensive than before and are helping customers’ save huge money on their electricity bills. New Jersey State is amongst the top 5 states to harvest the benefits of solar and the demand for best solar panels in NJ is growing. There are different financing options available to obtain your solar power system. Understanding how each option works is essential before you consider making a switch to solar. Below are the best 3 financing options from Suntuity to buy home solar panels systems in New Jersey.
Leasing Solar Panel
Solar panel system on lease is a great solar financing option for homeowners who prefer no upfront costs and want their payments fixed on an annual basis. Its benefits include: Complete care and insurance for the solar system. No maintenance/repair requirements. Complete warranty on the solar system for 20 years. Fixed monthly payments Power Production guarantees You collect the Savings!
Power Purchase Agreements
One of our most popular solutions is the PPA. It’s a great solar financing option for people who wish to switch to solar energy without any upfront cost. Its benefits include: You pay only for the power generated. Complete care and insurance for the home solar panels system. No maintenance/repair requirements. Complete warranty of the solar system for 20 years. You collect the Savings!
Solar Loans are a great way to finance solar power. No money down options is available. Suntuity offers a variety of solar power financing so you can choose a payment plan that fits your needs. If you pay federal taxes, a solar loan could be the perfect option to help monetize a 30% savings for your solar system. Its benefits include: Low monthly payments. No upfront costs. Take advantage of all state and federal incentives that could significantly reduce the total cost of the system for you. Own your system and increase value in your home solar panels Maintenance programs built into the program available
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