3 Conditions Making NJ At The Head Of The Solar Movement
If are keeping up with the news, then you have seen that New Jersey has the most dynamic solar electric movement in the US. This is due to the amazing tax incentives and rebates that are being extended to homeowners who get solar power. At the moment, New Jersey is just behind the nation’s leader, California in house solar installations nationwide.
#1: Now is the Best Time to Buy
Because of New Jersey’s REMI, or Renewable Energy Manufacturing Initiative, utility customers are paying half a billion dollars to fund New Jersey’s solar plan. The short-term target: to increase our capacity for solar power 200% over the next 3 years. The long-term objective: to provide 20% of our 9 million residents’ energy via renewable energy.
The federal government is also offering some breaks on taxes for owners of homes in NJ. This may reduce the costs of installing solar panels by up to 30%.
Many solar power customers in New Jersey are impressed to see that the solar energy systems they buy pay for their own cost just a few years after installation. There are now more than 5,000 homes powered by solar in New Jersey, and many of them have saved 1/2 the installation cost as a reward for getting in early.
#2: Selling Solar Energy Back to the Grid Your solar installation will make you money by allowing you to sell the power you don’t use back to the electric companies. This is more lucrative in Jersey than nearly anywhere else in the country. One kilowatt of energy in New Jersey costs $.19 versus the rest of the country, which on average pays only $.11.
Moreover, since residences will get tax incentives from both the federal and the state government: $.25 for each watt of power produced to as much as 500 kW.
#3: Prices for solar equipment are dropping dramatically in China The production of solar panels has grown by 10000% during the last 20 years in China. This has resulted in favorable pricing in America for solar panels. Buyers can now ask for deep discounts on solar panels, which they pass on to New Jersey residents.
This all means that, some New Jersey solar electricity system consumers are able to install solar panel systems on their homes at a 10th of the cost it would have been just 10 years ago
I tell my clients to consider moving to solar power while these incentives last. Electricians like me know that reducing your energy consumption is a great way to cut your monthly bills, and it’s good for the environment too.
Ed Vedder is a 30-year veteran NJ electrician and owner of Vetter Electric Company, NJ electrical contractors that have been working in Princeton, Somerset, and Freehold New Jersey for more than 6 years. To learn more about solar power in the state of New Jersey, visit his blog.
