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If you’ve been paying attention to the news, then you have seen that New Jersey has the fastest growing solar energy movement in America. This is because the amazing tax incentives and rebates that are being extended to New Jerseyans who opt for solar power. At the moment, New Jersey is the second in home solar installations nationwide.

#1: Now is the Ideal Time to Buy

Thanks to a new initiative towards clean energy, power consumers in New Jersey are paying more than $0.5 billion for incentives that will fund a movement to solar energy. There are long and short-term objectives associated with this plan. Not only did our state’s governor decide that the state should grow by 200% its solar energy production within the next three years. Along with that, he made the requirement for the state to provide 20% of its energy with renewable sources over the 7 years after.

The national government is also giving tax credits to homeowners for up to 30% off the cost of the solar system installation.

The result is that many solar power systems pay for themselves only three years after it has been installed. This is why 6,000 New Jersey homeowners have already switched to solar power for their homes. They are getting up to half of the price slashed on a $75,000 installation.

#2: Selling Solar Energy Back to the Grid Solar power pays off over the long run by allowing you to sell the power you don’t use back to the electric companies. This is more lucrative in New Jersey, since prices for electricity are relatively high here. One kilowatt of energy in New Jersey costs $.19 versus the average elsewhere in America, which pays only $.11.

Moreover, since residences will get tax incentives from the New Jersey and the federal government: $.25 per watt of energy production up to 500 kW.

#3: Pricing for solar manufactures has dropped rapidly in China Solar panel manufacturing has grown nearly 100 times during the past two decades 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.

As a result, some New Jersey solar electricity system consumers are able to install solar panel systems on their homes for just 10% the cost it may have been a decade ago).

I tell my clients to consider moving to solar power while these incentives last. Electricians like me know that reducing your power use 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 serving Mercer, Middlesex, and Monmouth counties since 195. To learn more about solar power in the state of New Jersey, visit his blog.