The State of Solar in New Jersey

Calling all New Jersey residents! Say hello to cash in the mail! Thanks to the state’s new incentive program, you could be receiving annual checks for up to 15 years simply for harnessing your solar panel production.

Picture it: potentially earning money every year for your solar system’s performance!

 

New Jersey ranks as the seventh-highest solar state in the nation, according to the Solar Energy Industries Association (SEIA). The Garden State’s allure for solar power stems from its robust clean energy legislation and an average of 206 days of sunshine annually.

Despite its potential, New Jersey has only tapped a fraction of its solar capacity, as per Google’s Project Sunroof. If 78% of existing buildings in the state were equipped with solar panels, New Jersey’s yearly solar output could soar to 34.1 million MWh AC.

Solar Energy Production in New Jersey

Presently, New Jersey boasts over 137,000 active solar systems. In the first quarter of 2021 alone, these installations generated 3,653.1 MW, sufficient to power 586,709 homes. Projections from SEIA anticipate a further increase of 1,834 MW in solar power production over the next five years.

Advantages of Going Solar in New Jersey

Transitioning to solar energy in New Jersey presents numerous benefits for both homeowners and the environment. By leveraging solar power, residents can substantially reduce their electricity costs, potentially offsetting up to 83% to 112% of their regular bills, leading to significant savings over time.

Over a span of 20 years, these savings could amount to $43,385 to $58,698, effectively covering the initial investment in a solar system within four to six years. Additionally, installing solar panels can enhance a property’s value by at least 4%.

 

 

Cost of Solar in New Jersey

The cost of a home solar system varies based on several factors, including panel quality, installation expenses, roof specifications, and energy requirements. In New Jersey, the average ownership cost of a 5 kW solar system ranges from $13,900 to $15,550, equating to $2.78 to $3.11 per watt. These figures do not account for potential tax credits or incentives.

To lower the upfront costs of solar installation, homeowners can take advantage of various incentives, such as the federal solar tax credit, net metering programs offered by utility providers like Jersey Central Power & Light and PSE&G, Solar Renewable Energy Credits (SRECs), and Solar Investment Property Tax Exemption.

Choosing the Right Solar Solution

To ensure optimal performance and longevity of your solar system, partnering with an experienced and licensed solar installer is crucial. A professional assessment of your property will facilitate tailored recommendations for the ideal solar setup. Moreover, knowledgeable solar experts can assist in accessing available incentives and rebates to further reduce installation costs.

Kickstart Your Solar Journey

Ready to harness the power of solar energy for your home? Request a free consultation with SunPower today to explore your solar options. Our team will work with you to design a custom solar solution that meets your needs and maximizes your savings. Schedule your appointment now or contact us directly at info@spus1.com.

 

Start your journey towards solar-powered savings today! Schedule your online appointment with Solar by EnFin.