It is estimated that emissions from electric generation contributes 19% of carbon emissions in New Jersey. Installing your own solar is one way to help reduce these emissions. The State of New Jersey has been a national leader in recognizing and encouraging the use of solar energy
Installing solar panels on your rooftop will give you great autonomy as you are producing your own energy. Plus, it provides great savings on your energy bill. There are tax incentives and the ability to sell back your excess electricity produced. The amount you can save depends on how you finance the purchase of the solar system. Similar to buying a car, you can lease
a solar system, purchase one with a loan, or buy a system with cash. Each option provides different payback periods and long-term benefits.
Energy Sage and Project Sunroof can help you determine if you are a good fit for roof panels explain how financing and savings work and provide companies that can help. Add battery storage to your rooftop solar and if the grid goes down you're power stays on!
If you are a home who is adding electric vehicle charging and electric space and water heating, you'll want to add roof top solar to ensure that your increase in electricity consumption is powered by clean energy.
Do Solar Panels Increase Home Values?
Yes. Research from Zillow found that homes with rooftop solar systems sold for nearly $24,000 more than similar homes without one in the NY Metro area. (www.zillow.com/research/solar-panels-house-sell-more-23798/)
What Incentives Are Available to Support Rooftop Solar?
- Net Metering: When the solar PV system generates more electricity that is needed by the owner, the excess electricity can be sold back into the electricity grid at the retail rate.(https://www.energysage.com/local-data/solar-rebates-incentives/nj/)
- SRECS: When a solar system generates a megawatt-hour (MWh) of solar power, it earns an SREC, which can then be sold to utilities to help them meet the New Jersey Renewable Portfolio Standard (RPS).(https://www.njcleanenergy.com/srec) The price for a 2020 SREC in NJ was $228 in July 2020. (https://www.srectrade.com/markets/rps/srec/new_jersey)
- Federal Investment Tax Credit: The current 26% federal investment tax credit will step down to 22% in 2021 and then 10% starting in 2022.
- Solar Sales Tax Exemption: Home solar systems are 100% exempt from NJ sales tax.
- Solar Panel System Sales Tax Exemption: 6.625% home solar system state sales tax exemption.
- Property Tax Exemption: Installing a solar system will not increase property taxes on the addition to the home’s value.15
- Utility Incentives: PSE&G has historically provided solar loans and SREC incentive programs for residential and commercial owners
How to get started?
Input your home address and utility bill to determine if your home is a good candidate for Solar
Google Project Sunroof - https://www.google.com/get/sunroof
Energy Sage - https://www.energysage.com/solar/calculator/
Energy Sage can also help you to find a solar company in the area.