Is Solar Energy Worth It In Nj

New jersey is one of only 15 states with a deregulated energy market 1 giving new jerseyans a bit more control over their electric bills.

Is solar energy worth it in nj.

2 high electric rates top notch solar policies and incentives make a rooftop solar system a stellar option for most jersey homeowners. High electricity rates the federal tax credit net metering and the state s transitional renewable energy credit program means that homeowners in the garden state can get an excellent return on their investment when installing residential solar panels. In the state of new jersey earning srecs is an additional financial solar incentive when installing solar panels on your property. Furthermore besides arizona new jersey has the best net metering across the states as well as being one of the main powerhouses of solar energy in the country.

As of october 2020 the average solar panel cost in new jersey is 2 88 w given a solar panel system size of 5 kilowatts kw an average solar installation in new jersey ranges in cost from 12 240 to 16 560 with the average gross price for solar in new jersey coming in at 14 400 after accounting for the 26 federal investment tax credit itc and other state and local solar incentives. This rebate has stepped down in value as more and more residents have gone solar but it currently stands at a still hefty amount of 75 watt. Srecs solar renewable energy credits are produced proportionately with the energy your solar system produces and they are traded on an open market. In addition to holding the utility companies accountable for sourcing a small slice of their energy from the sun the nj state legislature also enacted a state rebate for solar homeowners.

That means that you don t have to worry a bit about not having enough incentives in options available to jump forward and implement a solar system in your home.