THE GARDEN STATE IS GREENER WITH SOLAR
Why go solar in New Jersey
Did you know that according to the SEIA, New Jersey is a top 10 solar state?* Net metering and Solar Renewable Energy Credits (SRECs) are both offered in the state, and they can potentially save you a lot of money if you qualify. Imagine getting paid by your energy utility company! New Jersey homeowners can also qualify for rebates from their utility providers, all while saving money on taxes. New Jersey also offers property tax exemptions to those who qualify, which can help with the cost of going solar.
Save on energy
New Jersey has above average residential energy rates. This makes the potential for savings huge when you install a solar system. Solar helps reduce the amount of power you need from the grid. This means you purchase less from your utility. If you have batteries, you can use the excess energy stored in the batteries in lieu of the grid energy.
Be prepared for outages
Scheduled outages are normal and necessary, but they are inconvenient. Unforeseen weather may also cause outages and leave you without power. Installing batteries with your system allows you to store excess energy produced by the system, which can help power your home during outages. Talk to your dealer about what batteries best fit your lifestyle needs.
Preserve New Jersey’s outdoors
The state is known for gorgeous scenery and adventurous outdoors. Help preserve its natural charm by acting sustainably. Solar systems help cut down on water over-consumption and pollution. They reduce hazardous gas emissions and preserve the environment. A solar system decreases your dependency on fossil fuels.
Have predictable payments
Many homeowners go solar to have more consistent energy bills. With varying rates of energy usage, budgeting can be really impossible. If you offset** the energy you use, you may only have a minimum bill. You can plan on a much lower bill and then make consistent solar payments on your system.
Invest in your home
The average New Jersey home is currently valued at approximately $376,866, that’s a 10.6% annual increase from the previous year. Keep up with the rising home values in New Jersey by installing solar. Installing a solar system can also make your home more attractive to potential buyers.*** Reinvest into your home instead of giving your money to your utility company.
Solar incentives in New Jersey*
New Jersey requires investor-owner utilities and energy suppliers to offer net metering to qualified customers. Separate from net metering, New Jersey’s Transition Renewable Energy Credits (TREC) are vouchers that solar producers can earn, which can then be sold to utilities (who use the credits to meet their legal renewable energy requirements). New Jersey residents can also qualify for a sales tax exemption, and pay zero sales tax for their solar equipment, accessories, and installation. And there’s a similar property tax exemption which means you don’t pay additional property taxes based on the value solar adds to your home.
New Jersey homeowners are also eligible for the Solar Investment Tax Credit (ITC).**** The ITC allows you to deduct 26 percent of the cost of installing a solar energy system from your federal taxes.
Solar panels perform in all kinds of weather
Going solar is a big decision, and although there are many factors you should consider, local weather shouldn’t be a deterrent. Solar panels are designed to work in almost any type of weather… even snow and clouds!
There are sunny days ahead for solar. The more sun you have access to, the longer your panels work during the day. Your panels work best at converting energy when sun rays shine directly at them. The more energy you produce, the more excess you may be able to send back to the grid. Take advantage of the excess through net metering and other incentive programs.
As the rain pours down, your panels will continue to be hard at work. Solar panels will work with reflected or partially blocked sun rays to keep your home powered. Your production is linked to the amount of clouds. Rain will have some effect on your production, but the rays will still penetrate through the rain. It may actually help keep your panels working efficiently as they wash away any dust or dirt.
It is a misconception that panels don’t work on cloudy days. The best way to know how much the clouds affect your system’s performance is to monitor your system on sunny days and compare. Your system may actually be more efficient without the excess heat. This is because solar systems prefer the cold! The sun’s rays are still able to penetrate through cloudy skies and keep your system running.
Amazingly enough, even when covered in snow a solar system can still produce power! Scattered light filters through snow and reaches solar panels even when the snow cover is fairly heavy. Your solar panels may actual be more efficient in light snow. Cold weather helps them perform better, and usually snow slides right off. Power production may be reduced with heavier snowfall, but your system can still produce.
Solar panels are highly reliable and sturdy, they hardly notice your average winds. In most cases, damage from wind will be due to weakened roofs, not solar panels. This is why we assess your roof condition and reccomend any repairs prior to installing your system. In the event that higher winds cause an outage in the grid, you will still have power if you have batteries with your system.
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*This information is accurate as of May 5, 2021 and figures are approximations.
**Offsetting requires matching energy usage to the solar system’s output.
***We advise you to consult with the appropriate professionals (including, but not limited to, your solicitor or attorney, accountant, CPA, CGA, or any other financial or legal advisor) for the implications of any information contained in our website and in any link you access through our website.
****You should contact a qualified tax expert and consult with them. Neither Freedom Forever’s family of independent authorized dealers nor Freedom Forever itself can give you tax advice. A qualified tax professional will understand your situation and be able to give you the most relevant advice.