New Jersey homeowners and business owners are experiencing “liberty and prosperity” because they are growing their electricity savings with solar panels. Solar panels are a popular choice for clean power in New Jersey because the state has some of the highest electricity rates in the country.
New Jersey gets an abundance of sunny days throughout the year, and sunshine is all you need to free yourself from that high electricity bill from your utility. Install solar panels to transform sunshine into a clean, reliable, and affordable energy source. With solar panels from Direct Energy Solar, you can declare energy independence, lower your electricity bill, and do your part to protect the planet.
It’s time to grow your electricity savings with solar.
According to the U.S. Energy Information Administration (EIA), New Jersey is one of the top 15 most expensive states in the country for residential electricity—March 2017 rates averaged at $.155/kWh! Not many states had higher rates.
And while there are occasional dips in prices, electricity rates in New Jersey are trending upwards. This table was compiled using New Jersey electricity rate data provided by the EIA.
That’s more money back in your pocket to spend on more important things than utility bills. Just think of the possibilities.
New Jersey Solar Snapshot
New Jersey has been an early leader in solar and the market continues to be strong. According to the SEIA, 181 MW of solar electric capacity was installed in New Jersey in 2015, ranking it 10th nationally. That brings the total installed solar capacity in New Jersey to 1,632 MW, ranking it 4th in the country!
The Solar Investment Tax Credit (ITC) is a very generous federal solar incentive that allows you to claim a tax credit for 30% of the total cost of installing your solar system.
It will remain at the 30% level until the end of 2019 and will then ramp down incrementally through 2021. After 2023, the residential credit will drop to 0% while the commercial credit will drop to a permanent 10%.
We’ve prepared a checklist you can use to ensure you meet the criteria for this incentive, with links to the forms needed.
New Jersey utility companies are required to participate in the net metering program. Net metering allows homeowners and businesses that generate excess energy with their solar system to offset the cost of power drawn from the utility.
When your net meter sends back to the grid any excess solar electricity that your solar system generates, you’ll receive the full retail value of that electricity.
At the end of each billing cycle, if you send more electricity back to the grid than you used, you earn credit towards your next bill.
When your solar panels produce electricity for your home, they also produce Solar Renewable Energy Certificates (SRECs). SRECs are credits that represent the environmental benefits associated with producing 1,000 kilowatt hours (or 1 megawatt hour) of solar electricity. You can sell your credits back to utility companies in an open market and earn more money from going solar.
As one of the country’s top residential SREC aggregators, Direct Energy Solar can offer you the best value for the New Jersey SRECs you will generate with your solar system. We have various SREC offerings that help you maximize your earnings and allow you to choose the timing of your earnings.
Looking for more information about New Jersey state policy, solar incentive information, statistics, and electricity rates?
We’ve compiled a list of useful links for you. When you meet with us, we’ll show you what incentives you are entitled to.
Direct Energy Solar combines the reliability and skill of a national solar company with personalized service and local knowledge. Going solar is an exciting decision! We can help you harness the sun’s full potential for your home in New Jersey and are devoted to delivering the most carefree solar experience.
35 Twinbridge Drive, Suite A
Pennsauken, NJ 08110
Find out if you are in our service territory and if you are a good fit for solar by requesting your free solar quote.