If you have been reading the news, then you have seen that NJ has the most rapidly accelerating solar energy movement in America. This is due to the incredible tax rebates and other incentives that are being extended to New Jerseyans who install solar power. As of publishing, New Jersey is number two in residential solar installations nationwide.
#1: A Wonderful Solar Energy Buying Opportunity
Due to New Jersey’s last governor’s commitment to renewable energy. New Jersey consumers are paying more than $ 500 million in utility expenses to pay for the state’s movement to solar energy. The former Governor decided that the state should grow by 200% its solar power production over the next 3 years.
The president has also committed to increasing solar production. The administration will give tax breaks that are worth up to 30% of the solar panel installation costs.
As a result, it may only be a couple years and many New Jerseyans to determine that their solar power system has already paid for the expense of installing it. For the thousands of homeowners here that have made the switch over, the decision was often not difficult. They’re receiving discounts number in the tens of thousands on their solar panel system installation.
#2: Selling Solar Energy Back to the Grid Your solar installation will make you money by allowing you to sell your excess energy back to the grid. This is more lucrative in New Jersey than almost any other state. One kilowatt of energy in New Jersey costs $ .19 versus the national average, which is only $ .11.
Furthermore, with the incentives for panels that homeowners get from both the federal and the state government, anyone who installs panels to receive an incentive. $ .25 per watt of energy production up to 500 kW.
#3: Pricing for solar manufactures has dropped rapidly in China Manufacture of solar equipment 80 fold over the past 10 years. This increasing competition has caused huge discounts on solar panels and other solar products. Many Chinese companies now sell their products directly to consumers in America, and are even beginning to help with the financing aspect of solar panel installs. In return, the companies get the revenue from electricity sold back to the grid.
This all means that, some New Jersey solar electricity system consumers are able to install solar panel systems on their homes for just 10% the cost it may have been a decade ago).
I tell my clients to think about moving to solar power before these deals end. Having a NJ electrician to help you work on reducing your energy consumption is a great way to cut your monthly bills, and it’s good for the environment too.