What makes Jersey special is the development of a Solar Renewable Energy Credit (SREC) market that requires utility companies to pay for producing dirty electricity. The upshot is that homeowners who produce clean solar energy can sell this energy (in the form of credits) to utility companies for a hefty profit.
This is how the solar credits work in New Jersey: for every 1 megaWatt hour (mWh) of electricity that your solar panel array produces, you get 1 SREC. The number of SRECs you’d produce depends on the size of your system and other factors, but your solar installer can easily help you calculate these numbers (find a solar installer in New Jersey today).
New Jersey solar is so good that we’ve even compared investing in the stock market vs investing in solar energy for your home. This assumes you’ve got some money to burn (have an extra $25,000 to invest in the market for example. Note: solar probably won’t cost you anywhere near that much), and it’s a generalization, but it does give you an idea of the long-term benefit of going solar in the Garden State.
While we won’t get into the details here, we came up with about a 324% return on money invested in solar energy. See if your financial advisor can beat that!