Solar panels provide many advantages, including decreased electricity expenses, reduced carbon footprints, and perhaps increased house values. However, these positive effects usually come at a high cost in terms of installations, maintenance, repairs, etc.
For New Jersey homeowners, this article can assist you in doing the necessary financial computations to evaluate the feasibility of solar panels in New Jersey homes.
This article will cover
- New Jersey Solar Panels Installation Costs
- Incentives, Tax Credits, and Rebates for New Jersey Panels
- What to Look When Installing Solar Panels in New Jersey
- Top 7 Solar Energy Companies in NJ
New Jersey Solar Panels Installation Costs
Whenever you begin exploring the cost of solar panels in New Jersey, it immediately becomes daunting. Breathe deeply, and don’t worry.
The straightforward answer is that, in New Jersey, solar panel installation prices typically range around $12,000 to $16,000 after rebates and tax incentives, averaging at around $2.70 per watt. Below are some cost-determining factors for the installation of solar panels in New Jersey.
System size
Most individuals desire their solar panels to generate sufficient power to meet their energy requirements, thus reducing their power bills. As a result, it’s beneficial to begin by calculating your home’s power requirements.
The traditional house in the United States employs approximately 10,632 kilowatt-hours yearly, assuming that a homeowner chooses the traditional 250-watt panels, from 28 to 34 panels should be recommended. This value is also affected by the quantity of sunshine you get. New Jersey has an average of 56% sunny days and approximately 2,500 hours of yearly sunshine.
Costs of equipment
A solar panel system requires the following equipment:
- Solar panels – Today, the industry is led by two systems: polycrystalline and monocrystalline. They operate similarly, although monocrystalline is more efficient. They differ in terms of form and expense, with monocrystalline panels usually costing more.
- Racking – Solar panels are not directly fixed on your roof. Rather than that, they are placed on a rack; a frame-like structure that is mounted on your roof.
- Inverters – Solar energy is obtained as DC or direct current, and the inverter converts it to AC or alternating current, which most houses are equipped for.
- Performance monitoring systems – These systems demonstrate how efficiently your system is operating by displaying the amount of energy generated on an hourly basis by your solar panel system.
- Solar batteries – These are the storage solutions for solar power that enable owners to harness the solar power generated by their houses when the weather is inclement, like at nighttime or on gloomy days.
Solar Panel Companies
Numerous solar providers include a variety of estimates. Certain businesses charge extra because either they invest in high-quality products or allocate a significant portion of their budget to advertising. Make some research and inquiry about the solar providers in your area. Compare and select what is best for your needs and budget.
Installation cost breakdown
Solar panels are known for being prohibitively expensive. But, they typically account for approximately 34% of your overall expense. The majority of the expenditure is on labor and administrative fees.
Average solar panel cost in New Jersey (before tax credit)
| Size | Area it covers | Cost |
|---|---|---|
| 1 kW | 90 sq. ft. | $2,700 |
| 2 kW | 180 sq. ft. | $5,406 |
| 3 kW | 270 sq. ft. | $8,484 |
| 4 kW | 360 sq. ft. | $11,878 |
| 5 kW | 450 sq. ft. | $14,174 |
| 6 kW | 540 sq. ft. | $16,576 |
| 7 kW | 630 sq. ft. | $20,502 |
| 8 kW | 720 sq. ft. | $23,821 |
| 9 kW | 810 sq. ft. | $26,318 |
| 10 kW | 900 sq. ft. | $29,152 |
Incentives, Tax Credits, and Rebates for New Jersey Panels
In the United States, New Jersey has long become a pioneer in solar power projects; renewable energy is one of its priorities. Subsidies and rebates for utilizing solar panels in New Jersey are great incentives for anyone interested in getting started.
New Jersey assists households and businesses in implementing solar energy systems while reducing initial investment and maximizing cost-saving incentives.
Sadly, New Jersey is among the most expensive regular power costs, at 15.69¢ per kilowatt-hour. Cutting costs on your energy prices is probably the most compelling reason to convert to solar power. The best part is that switching to a solar panel setup is a prudent financial decision.
Metering Program
Net metering in New Jersey benefits you for the power generated by your solar panels. Whenever your solar panels generate excess power, you could sell it directly to the electric grid to earn energy credits that can be utilized whenever your panels are generating less power.
Solar Renewable Energy Certificates (SRECs)
Once solar panels are installed, they create an SREC per megawatt-hour of energy generated. You could market surplus SRECs to utilities to assist them in meeting the New Jersey RPS (Renewable Portfolio Standard). Although market forces determine the cost of SRECs, most individuals may earn extra sales by selling their SRECs to electricity providers.
Federal Tax Credit for Solar Energy
With these kinds of incentives and rebates, it’s no surprise that New Jersey is among the country’s solar superstars! Contact your nearest solar power provider now to discover more about going solar and the revenue you could save and generate.
Average solar panel cost in New Jersey (after 30% tax credit)
| Size | Area it covers | Cost |
|---|---|---|
| 1 kW | 90 sq. ft. | $1,855 |
| 2 kW | 180 sq. ft. | $3,710 |
| 3 kW | 270 sq. ft. | $5,810 |
| 4 kW | 360 sq. ft. | $8,145 |
| 5 kW | 450 sq. ft. | $9,695 |
| 6 kW | 540 sq. ft. | $11,399 |
| 7 kW | 630 sq. ft. | $14,070 |
| 8 kW | 720 sq. ft. | $16,345 |
| 9 kW | 810 sq. ft. | $18,130 |
| 10 kW | 900 sq. ft. | $20,020 |
Exemption from Property Tax
One possible tax advantage is the exemption from property tax for renewable energy installations. Solar panel owners in New Jersey do not have to pay extra real estate taxes, as they do with some other property renovations.
Exemption from Solar Sales Tax
To help households save money, any solar panel setups in New Jersey are sales tax-free. At the moment, New Jersey’s sales tax is 7%, which implies that you could discount 7% on any solar panel products.
What to Look for When Installing Solar Panels in New Jerse
An increasing number of individuals are investing in solar panels in New Jersey. The solar energy industry has made tremendous strides in previous years. However, there seem to be several factors to look at before diving in and starting the installation procedure. Here below is a list of factors to consider before installing solar panels.
Roof damage and repairs
Whenever you consider adding solar panels, assess your roof first—the roof’s age, sturdiness, or any damages. If possible, schedule any necessary repairs before the installation. In this manner, you avoid paying extra for the job to be dismantled and then reassembled.
The solar panels’ weight
Solar panels add weight to your roof’s framework. When a load of solar panels becomes too heavy, your roof could fall. It is incredibly hazardous and expensive. It is essential to get an expert to assess your roof and decide if extra reinforcement is needed.
Roof’s water flow
Rainwater runs off the roof and through the gutters; however, mounting solar panels, racking, and wire connections may obstruct the passage and drainage of water.
Solar equipment may cause the water to flow in an unexpected path, resulting in leakage and other complications. Assure that you express your concerns with your provider. They will be able to provide you with a design that fits your roof.
Mother nature’s surprises
Coping with extreme weather such as hurricanes, heavy snow, hailstorms, and lightning storms is a necessary part of sustaining your solar panels. Specific solar energy equipment may be affected throughout these occurrences. Although many insurance policies will handle these kinds of disasters, it is worth considering, mainly if you reside in a region prone to this sort of weather.
Insurance, warranty, and maintenance
Having the appropriate insurance to protect not only yourself but any damage to your property throughout installation is critical. Numerous issues may occur throughout the installation that you may not consider until they do.
Solar panels, installation, and equipment all come with a variety of warranties. Inquire about the kinds of warranties given by your provider and what you may be eligible for.
Maintaining the functionality of your panels and the quality of your roof is about setting appropriate maintenance practices. It’s a wise practice to figure out the maintenance practices from your provider before the installation.
Top 7 Solar Energy Companies in NJ
If you’re considering shifting to solar power, below is the list of the top 7 solar panel companies in New Jersey. Provided a few details and links you can compare to fit your needs and budget.
1. Sunpower
SunPower has been a worldwide specialist in solar technologies since 1985. It continuously provides clients with greater power and lengthy inner peace with the industry’s top solar energy systems. It is the solar power system of choice for homes and companies worldwide.
Location: 300 American Metro Blvd #230, Hamilton Township, NJ 08619
Phone: 714-787-3800
2. Sunrun
Brightbox batteries in combination with solar panels service are used in conjunction to offer power and backup. Purchase in whole or in installments comes with tracking and a lifetime warranty. Sunrun is available in several states.
Location: 26 Worlds Fair Dr Ste J, Somerset, NJ 08873
Phone: 732-649-1097
3. Green Sun Energy Services, LLC
Established in 2010, Green Sun Energy assisted over 1000 households in New Jersey to become more power independent. The market leader in solar panel installation plans, GAF Timberline roofing solutions, Generac generator setups, installation, and services.
Location: 79 McCutcheon Ct, Middletown Township, NJ 07748
Phone: 732-410-7818
4. PowerLutions Solar
Providing solar excellence since 2008. PowerLutions Solar is a turnkey solar energy business. If you’re searching for solar providers within NJ, PowerLutions Solar is one call away. They have NABCEP Certified Technicians who supervise each job from start to finish.
Location: 216 River Ave, Lakewood, NJ 08701
Phone: 732-987-3939
5. Kaitanna Solar, LLC
Are you willing to save money on your power bills proclaim power independence and equip your house with a modern, effective source of energy? Kaitanna Solar offers home clients in Mullica Hill and the neighboring regions of New Jersey solar energy solutions.
Location: 34 N Main St, Mullica Hill, NJ 08062
Phone: 856-218-8354
6. Vivint Solar
Investing in solar energy should not be daunting. As a top solar business in Mount Laurel, Vivint Solar simplifies the process by offering the assistance and support you need at every stage.
Location:687 Prospect St #480, Lakewood, NJ 08701
Phone: 848-295-5056
7. NJ Solar Power, LLC
NJ Solar Power, LLC is committed to delivering the finest business and residential solar planning and construction services available. NJ Solar Power has been in business for around nine years and has already installed over 8mW of solar and 400 industry and residential systems across New Jersey.
Location: 90 Atlantic City Blvd, Bayville, NJ 08721
Phone: 732-269-0308
Summary
There are more than just methods to economize on installation expenses; solar energy may earn you money! If you’re considering solar panels in New Jersey, there’s probably no better day than today to take advantage of the credits such as SRECs and ITC before they go forever. Consult your local contractors to determine the benefits of installing your green power system.