It has never been a better time for more New Jersey homeowners to explore going solar. Phil Murphy, New Jersey’s new governor, is a clean energy advocate. He is considering a bill, recently passed by the NJ legislature, expanding solar requirements in the State. That’s the good news.
The potential downside for homeowners is the bill also contains a provision to eliminate Solar Renewable Energy Credits (SRECs) for homeowners who have not yet installed solar panels.
SRECs are issued for one megawatt of electricity generated from your solar system and most homeowners get 5 to 6 SRECs per year. The average SREC is worth $170.00. SRECs are good through 2030, but may be discontinued for new installations.
A good reason to go solar now in New Jersey!
Let us help. At SunLynk, we provide a free service committed to helping people understand not only the benefits of solar panel installation but also the incentives available in New Jersey for joining over 300,000 homeowners who have already switched.
The Best Way to Pay for Solar in New Jersey
This can be daunting and we’re here to help you understand what’s best for your situation. From loans and leases to power-purchase agreements, the options can be overwhelming. We ask you a few questions to get you started, then provide cost estimates and example return-on-investment (ROI) calculations for the various options.
Another way to pay is with a solar loan or home-equity loan, which mean paying for the system over time while reaping a big financial benefit beginning in year 1.
In New Jersey you get a 30% federal tax credit, energy savings, and SREC sales, realizing money in the first year. Over 15 years, you’ll save on electricity immediately and more so as the utility companies raise their rates, while increasing the resale value of your home and stabilizing your utility rates.
Some people prefer a solar Power-Purchase Agreement (PPA), also called third-party ownership. With a PPA, the solar installation company puts panels on your roof at no cost to you and you make monthly payments for the energy they produce. This saves very little initially, but the savings increase over time as the PPA energy costs rise less than utility hikes. Unless they have escalators increasing the price in later years. Make sure that is not the case.
Contact us today. We will get you on the road to solar!