Table of contentsSolar power in New Jersey New Jersey solar panel cost New Jersey solar incentives or rebates Why choose New Jersey solar power? Should I buy or lease my solar panels? New Jersey solar panel companies The history of solar power in New Jersey Important solar factors to consider Solar power FAQs Solar energy by state
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Solar power in New Jersey
New Jersey is a leader in solar power as more homeowners embrace the financial and environmental benefits of green energy. Currently, more than seven percent of the state’s electricity comes from solar – earning it a spot within the top 10 solar-generating states in the country.
If you live in the Garden State, adding solar panels to your home can be a wise investment. By investing in New Jersey solar energy, you can save money, cut your carbon emissions, and establish energy independence. Keep reading to learn more about switching to solar in New Jersey.
New Jersey solar panel cost
A typical residential solar system costs between $3 and $5 per watt, coming out to a total of $15,000 to $25,000 for an entire system – before factoring in any tax credits, rebates, or other New Jersey solar incentives. Based on these estimated costs, most home solar systems pay for themselves within six to nine years after installation. Keep in mind that New Jersey solar cost will depend on a few different variables, including the size and configuration of the system, local taxes, and installation costs.
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New Jersey solar incentives or rebates
For many homeowners, the upfront costs of solar can be intimidating. Fortunately, there are several ways to offset these expenses, including tax credits, renewable energy credits, and net metering.
First, the federal government provides a 26% tax break to homeowners that install solar panels on their primary or secondary residence. To qualify, you’ll need to finish your New Jersey solar installation by the end of 2022. The credit decreases to 22% for installations completed in 2023 before expiring in 2024 (unless renewed by Congress).
In addition, the state government also offers solar incentives to encourage homeowners to go green. For example, there’s no sales tax on solar panels purchased in the Garden State. Plus, there are no additional property taxes required for adding solar panels (even though solar increases the value of a home). While there isn’t a specific New Jersey solar rebate, these tax incentives provide similar value.
On top of this, New Jersey has a net metering program, which allows homeowners to sell surplus electricity back to the public grid. They can also earn renewable energy credits for the solar power that they produce. The credits can then be sold to utility companies for savings.
Why choose New Jersey solar power?
There are many reasons to choose New Jersey solar. Here are three of the biggest reasons to make the switch.
Lower energy costs
Reduced energy costs are a major selling point of solar power. Instead of buying electricity from your utility or energy provider, solar panels allow you to generate your own electricity. As a result, you’re no longer obligated to make monthly payments for your energy usage.
Establish energy independence
When you produce your own power, you won’t have to depend on the public grid for electricity. As such, you won’t be affected by widespread power outages or blackouts if you have a solar battery to store your extra energy. You also won’t have to deal with your energy expenses constantly fluctuating due to varying demand.
Going solar is also a great way to protect the planet. By switching from fossil fuels to renewable energy, you’ll reduce your carbon emissions and minimize your environmental footprint.
Follow these steps to learn more about solar energy
- Call our solar energy experts
- Find out if solar energy is right for you and discuss the options available at your home
- Call: 866-579-8714 now to get a customized quote.
Should I buy or lease my solar panels?
It’s a common dilemma for homeowners: should you buy or lease your solar panels? The answer will depend on your particular situation, but the bottom line is that purchasing your solar system will offer more long-term financial benefits.
Let’s look at the advantages of buying your solar panels outright. For starters, you can only take advantage of the federal and New Jersey solar tax credit programs if you own your solar system. Plus, if you ever sell your house, having a solar system will add $15,000 to its resale value.
However, there are also compelling reasons to consider leasing your solar system or signing a solar power purchase agreement (PPA). For example, if you don’t have the financial resources to pay for solar panels upfront, solar leases and PPAs are wonderful ways to reap the benefits of solar energy. Alternatively, if you rent your home, have an old roof, or otherwise can’t install solar panels, you may be able to share a solar system through a community solar project.
New Jersey solar panel companies
As a New Jersey resident, you can choose from a number of companies for your solar needs. But before you choose a solar panel company in your area, you should do your research. Ask about each company’s history, read reviews, and search for customer testimonials. SaveOnEnergy is also here with a wealth of guides and resources to help you navigate the solar energy industry.
The history of solar power in New Jersey
Currently, New Jersey is tenth in the nation for solar production. The state has invested more than $11 billion in solar as part of its ambitious Renewable Portfolio Standard (RPS), which requires 50% of electricity to come from renewable sources by 2030.
As one of the top solar states, it’s not surprising that New Jersey has numerous solar projects running and in development. For example, the Pilesgrove Solar Project (18 MW) was completed in 2015 and generates enough electricity to power almost 2,800 homes.
Important solar factors to consider
Solar is a worthwhile investment in New Jersey, but there are a few factors to consider before making a purchase, including:
- Age, slope, and condition of your roof: According to the Department of Energy, solar panels will work best on a south-facing roof that has a 15-40 degree slope. Roofs should also be in good condition and not in need of updates or repairs.
- Sunshine levels: Solar panels will generate the most power when they’re in direct sunlight. They’re best suited for sunny climates, but they’ll also work in New Jersey conditions (as long as they aren’t blocked by trees or buildings).
- HOA or neighborhood guidelines: Check with your HOA or community association to find out if you need approval to add solar panels to your home.
Solar power FAQs
How much would solar cost in New Jersey?
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Is solar power a good investment in New Jersey?
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In many scenarios, solar is an excellent investment. However, if you live in place with very little sunlight or you don’t consume very much energy, then solar may not be worth it. We’ve covered a few of these factors in the previous section.
How much could I save by investing in solar?
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Where can I find a good solar panel installer in New Jersey?
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At SaveOnEnergy, we work with leading installers in the solar industry and can connect you with the best one for your needs. Submit the contact form on this page to get the process started.