Updated November 18, 2021
New Jersey is a beautiful state to live in. With fantastic weather and a lot of local attractions, New Jersey is a highly populated state. But it’s also a great place to go solar because the cost of going solar in NJ is below the national average.
To learn more about going solar in New Jersey and why it’s an excellent choice for any homeowner, keep reading!
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The State of New Jersey
New Jersey is a state on the eastern seaboard. It is bordered by the Atlantic Ocean, New York, Pennsylvania, and Delaware. With 8.8 million residents in its borders, New Jersey has a lot of people to keep happy!
New Jersey is home to some major American cities. Cities like Newark, Paterson, Trenton, Red Bank are just a few. Plus, there are many smaller towns located in New Jersey.
These cities offer a wide range of attractions, from the Jersey Shore to local events and even major sports teams. In addition, there’s an expansive list of things to do in New Jersey. There are casinos and racetracks, state parks and nature reserves, outdoor activities like skiing and kayaking, shopping centers and malls, and more.
All of these things make New Jersey a great place to live in. The weather is nice and sunny during the spring and summer months and can even get cold and snowy in the winter months! Because of this, NJ typically has high electricity usage rates.
Why Going Solar in New Jersey is Ideal
New Jersey also boasts 206 sunny days per year, higher than the national average. With such great weather, it makes sense that most people would want to save money by going solar, and with electricity costs continuing to rise year after year, the time is now!
There are a lot of reasons to go solar in New Jersey, including:
- You may help decrease global warming by utilizing clean energy
- It’s a fantastic way to save money on your power bill.
- There is no need to worry about utility companies if you have solar panels.
- Solar energy is a renewable resource
- Solar panels will raise the value of your property.
- There are incentives and tax credits available for going solar that may save you even more money.
Solar Facts About New Jersey
- New Jersey has 3,739.3 MW of solar installed around the state, ranking them 7th in the nation.
- Enough Solar Installed to Power: 579,252 homes
- 5,384 Solar Jobs in New Jersey.
- Over the last five years, prices have dropped by 36%.
- 6.79% of the state’s electricity comes from solar
- Solar Market in New Jersey: 469 Solar Companies
- $11.1 billion in total solar investment has been made.
- Growth is projected to be 2,284 MW over the next five years.
- 140,749 Solar Panel Installs
Getting Started with Solar Power
Your solar installer will help you determine if your property is a good candidate for solar service, and after they do so, they can start preparing for installation. This process typically takes 1-3 days, depending on the size of your system and how much work needs to be done to get it up and running.
The installation of your solar panels will not take any more than a day, but you can’t go solar immediately after installation. The time it takes to make the switch ultimately depends on the type of system you have installed. There are two types of systems available for homeowners in NJ: grid-tied or off-grid.
If your system is grid-tied, it will be quick and easy to go solar. In this type of system, the house’s electrical meter runs backward when you use solar energy to power your home, resulting in a credit being applied to your account. Off-grid systems, however, don’t require a grid connection.
Saving Money with Solar Power
Going solar is not only good for the environment, but it’s also a great way to save money. While how much you can expect to save depends on your energy use and home, going solar can help you lower what you pay for power each month by a significant percent. Also, there are several different incentives available for going solar in New Jersey.
The average cost of solar panel installation in New Jersey ranges from $11,730 to $15,870. The cost of savings from a solar panel system is determined by the size of your home, the size of your solar panel system, and how much energy you consume each day.
Can I Afford Solar Panels?
While solar panels seem like a great way to save money, you need to have the panels installed before starting to save.
You can choose to pay for your solar panels with:
- Cash Upfront
- Personal Loan
- Finance through Vendor
- Power Purchase Agreement (PPA)
- Cash Upfront – You pay the total amount of the solar panels and installation upfront. This allows you to enjoy the saving sooner.
- Personal Loan – You can get a loan for your solar panel system through various licensed lenders.
- Finance through Vendor – This is where you work with a local company to finance your system, which allows you to make monthly payments on the system that fits into your budget.
- Power Purchase Agreement (PPA) – This allows you to lease your solar panels instead of purchasing them, which means you sign a contract with a solar company to pay them for the power generated by their system. While this is more expensive initially, it’s also less costly than paying upfront. It’s also possible to buy out the system after the term expires.
Incentives for Buying Solar Panels
Solar incentives in New Jersey, such as rebates and tax credits, are a big part of the financial case for solar power. New Jersey has some of the best incentives in the country. Including the option to sell excess electricity back to the grid. You can also sell the TRECs (Transition Renewable Energy Certificates) generated when your solar panels create energy.
Tax Incentives for Solar Panels
In New Jersey, you may take advantage of the solar tax credits:
- Solar Sales Tax Exemption – if you purchase your solar system, you won’t have to pay any sales tax.
- Property Tax Exemption – if you purchase and install a solar system, you won’t have to pay any additional taxes on the added value of your home.
- Federal Solar Tax Credit – if you buy your solar system outright, you can save 26%.
The Benefits of Going Solar in New Jersey
Solar panels are an excellent method to save money on your utility bill while also protecting the environment. You’ll not only help lower your expenses in the near term, but you’ll also significantly reduce your carbon footprint by switching to solar energy.
Solar power is a financially sound investment that will continue to pay back your investment for decades to come, all while being environmentally friendly. If you are interested in making the switch to solar, contact your local solar company today! Be sure to check out our other solar articles on going solar in Los Angeles and the Bay Area.
