Is Solar Energy Worth It In Nj

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.

Is solar energy worth it in nj. 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. New jersey is one of the top states to install solar in the nation. 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.

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. 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. 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. Srecs solar renewable energy credits are produced proportionately with the energy your solar system produces and they are traded on an open market.

New jersey solar power overview.