First off, if you’re looking for a solar installer in New Jersey, you can find more information here.
Which makes it one of the best places in the US to go solar in terms of how quickly your investment will pay itself off. New Jersey incentives also include the benefits of a reduced or eliminated energy bill as well as earning Solar Renewable Energy Credits, which are sort of like free money.
Interested? Read on.
What if I told you that just for putting solar on your roof you could be earning a few extra thousand dollars a year, not counting energy savings or anything else? Sound extraordinary? Sure, until you understand that New Jersey State requires utilities to produce a certain amount of energy from renewable sources. This means they can buy clean energy from you, the smart homeowner.
For every 1mWh of solar energy you create, you get a free solar renewable energy credit, or SREC. These SRECs can be traded on the open market for cash. Keep in mind that because of normal market mechanisms, SREC pricing can and will fluctuate. While you can’t necessarily rely on the future value of SRECs, it’s still like earning free money.
Solar energy credits are a fantastic incentive, and this market system is being duplicated around the country.
Check out the latest on SREC value at SRECTrade.
Another great incentive that takes care of a large portion of the cost of going solar is the Federal Residential Renewable Energy Tax Credit, which allows you to write off 30% of the cost of your solar array (there is no cap, so sky is the limit on this one). However, keep in mind that you have to pay this money out and you won’t get it back until you do your taxes the following year.
For more information, see the solar state and federal incentives database.
One of the most active programs in the state is One Block Off the Grid’s group discounts, which simply use the power of group purchasing to create volume discounts. All you have to do is sign up (it’s free) and you can access discounted pricing, get a free phone consult, and instantly see the cost of going solar using their online calculator.
To find out more, check out the New Jersey solar group discount.
There are numerous ways to go solar without paying up front, from leasing the panels (PPA Financing) to a home equity loan.
Last time we checked, the cost of electricity in New Jersey was really high, somewhere around $0.08 / kWh higher than the US average. With a standard-sized solar array, you could easily be saving yourself $175 / month in electricity costs.
New Jersey solar is basically a no-brainer. It’s hard to imagine better incentives anywhere.
So what are you waiting for, find out how much you can save today!