The benefits of making the switch to solar are well known, including potential energy savings, access to lucrative tax benefits, and the opportunity to support a cleaner and safer environment. But, what are the risks of going solar in New Jersey? Here are some of the risks of going solar in New Jersey, and several things to look out for.
1. Changing solar incentives
Net metering and solar renewable energy certificates (SRECs, or TRECs in New Jersey) are government-sponsored incentives programs that can make solar affordable for customers who qualify. The first is a program that allows you to sell excess generated electricity back into the grid; the second provides you with credits that can be sold to non-solar utilities, to help them meet their solar compliance requirements.
Some of these existing programs can change or end. There is no current indication that New Jersey’s net metering or TREC programs are going anywhere. However, there is always a small risk that programs will change.
2. Lower rates for electricity from traditional sources
Solar helps homeowners save money because the per kW rates for solar generation are so much cheaper than for traditional fossil fuel sources. What happens if traditional pricing tumbles? Then you wouldn’t be saving as much money… but there’s no indication of a price break on the horizon for traditionally sourced electricity in New Jersey, so this risk seems unlikely.
3. Roof repairs are more costly
If your roof needs repairs or replacement and you have a rooftop solar system installed, that system will need to be removed temporarily, then replaced. That extra work could run into the thousands of dollars, depending on the size of the solar system. Roof-related costs are already high enough, adding more on top can be a serious financial burden.
The solution: have your roof inspected and any needed repairs made prior to solar installation. Freedom Forever will install on any roof that is structurally sound. If your home or roof are both new, then you can expect smoothing sailing for many years.
4. Cost of repairs and non-warrantied damages
Rooftop solar system warranties cover most repairs owing to reasonable weather damage, from hail storms and heavy snowfall to severe winds and falling branches. For weather damage that’s not “reasonable” (massive hailstones, hurricane winds, etc.) you will need to have your panels covered under your home or property insurance. This can add to your insurance policy costs.
New Jersey is typically safe from the most extreme weather events, but be aware of the potential for extra costs related to insuring your solar investment.
Explore your options for going solar in New Jersey
Freedom Forever is a trusted partner for New Jersey homeowners when it comes to exploring options for solar power. We enjoy sharing resources and information about going solar in Garden State so you can make the most informed decision.
Contact Freedom Forever today, we are excited to start a conversation about your options and even provide you with a FREE quote for solar installation and service. Find out whether solar is the right choice for your home.