New Jersey Solar Facts:
Everyone knows by now that solar panels are becoming more and more prominent among home owners. But did you know that New Jersey ranks 6th among all the states in the country in regard to installed solar panels? Towns like Toms River, Egg Harbor, Brick, Howell and other areas in Monmouth County and Ocean County are leading the solar revolution in New Jersey. A big misconception among home owners is that solar is too expensive to obtain and install. Well did you know that the price of solar has fallen over 47% in the last five years? And in addition to that, the cost to go solar is $0 up front, $0 for install. That’s just one of the many benefits to going solar in New Jersey. Check out our list below of just some of the advantages to installing solar panels on your home.
Take advantage of all the financial incentives such as:
- 30% Federal Tax Credit (ITC Tax Credit). In 2019 the credit is 30% and in 2020 it goes to a 26% tax credit. So act now and take advantage of the 30% tax credit while it’s available
- SREC (Solar Renewable Energy Credits) (SREC website: https://www.srectrade.com/ srec_markets/new_jersey ) SREC’s are credits that you can use to pay off your system even faster. Every 1,000 KW your system produces, NJ sends you an SREC. Each SREC is currently valued at $220. The average Solar System produces 7,000 KW per year which would mean 7 SREC’s or an additional $1,540 back per year from the State.
- There are both leasing and financing options available, so we can come up with an option that best fits your situation.
- The main 3 Utility companies switching to solar are: PSEG (Public Service Enterprise Group), JCPL (Jersey Central Power & Light Co) & ACE (Atlantic City Electric). Don’t miss out on the 30% Federal Tax Credit (ITC Tax Credit). In 2019 the credit is 30% and in 2020 it goes to a 26% tax credit. So act now and take advantage of the 30% tax credit while it’s available.
- Energy rates typically increase 4% a year through utility companies. With solar, you are locking in a fixed rate that cannot increase. Thus, protecting you from an increase in rates from your utility company.
- Currently, there are over 700 Solar Companies Installing in New Jersey. That’s why it’s so important to work with Tru Power Solar Energy because we know the best of the best and will only put you in contact with the highest reviewed solar companies. That way you can avoid the headaches of potentially dealing with a subpar solar company.
If you sell your home and own the solar system, it will add value to your home. Who doesn’t like adding value to their home?
If you sell your home before the system is paid off, the new homeowners can take over the payment agreement or put the remainder of the balance in the cost of the home.
If there’s a power outage or downed line, your utility company will still handle the problem just like they do now.
So as you can tell, there are many reasons to take advantage of going solar in New Jersey. Solar is already extremely popular in Central and Southern New Jersey, and now it’s made its way north to areas like Morris County, Bergen County, Essex County, Passaic County and Sussex County. Don’t wait, reach out to Tru Power Solar Energy today and let us put you in touch with the best solar company NJ near you who can show you what you can save by going solar.