How to save money and energy with solar panels in New Jersey
Solar power is a smart choice for New Jersey residents who want to lower their electricity bills and reduce their carbon footprint.
New Jersey is a national leader in solar energy, with over 4 gigawatts of installed solar capacity and a mandate to get 4.1% of electricity sales from solar by 2028.
New Jersey is indeed a national leader in solar energy. According to the New Jersey Department of Environmental Protection (NJDEP), the state has more than 4.2 gigawatts of installed solar PV capacity from over 169,000 individual solar PV installations1.
This is equivalent to powering over 500,000 homes2. The Solar Energy Industries Association ranks New Jersey eighth in the nation for total installed PV capacity2.
The state has a mandate to get 4.1% of electricity sales from solar by 20281. As of mid-2022, solar power provides 6.7% of the state’s electricity consumption3.
Solar panels can help you save up to $1,190 every year on your electric bills, depending on your usage and system size.
Solar panels can be installed year-round and can produce enough energy to power your home. Although summer is the most popular time to install solar panels, it isn’t completely true that solar systems are less effective over the winter months.
Solar panels can also increase your home's value by up to 4.1%, according to a study by Zillow.
Solar panel savings estimates by state
STATE | AVERAGE PRICE (8KW SOLAR SYSTEM) | AVERAGE ELECTRICITY RATE PER STATE ($/KW) | 25 YEARS SAVINGS |
|---|---|---|---|
Arizona | $14,445 | $0.13 | $33,644.29 |
California | $16,931 | $0.24 | $76,720.59 |
Colorado | $20,365 | $0.14 | $34,156.61 |
Florida | $15,274 | $0.14 | $38,979.60 |
Maryland | $18,530 | $0.16 | $41,045.58 |
Massachusetts | $20,957 | $0.31 | $96,700.94 |
New Jersey | $17,464 | $0.17 | $46,552.95 |
New York | $20,602 | $0.23 | $66,655.55 |
Texas | $16,398 | $0.14 | $38,200.19 |
U.S. Total | $16,520 | $0.15 | $40,758.32 |
Washington | $19,240 | $0.10 | $19,162.51 |
Solar panels can be used for more than just powering your appliances. You can also use them to heat your water, charge your electric vehicle, light your garden, or warm your pool.
Solar panels are more affordable than ever, thanks to the federal tax credit, net metering, and the state's transitional renewable energy credit program.
The average cost of a residential solar system in New Jersey is $2.78 per watt, or $11,676 for a 6-kW system, after claiming the federal tax credit.
There are several financing options for solar panel systems in New Jersey. One popular option is a solar loan. A solar loan allows a homeowner to borrow money from a lender or solar developer for the purchase and installation of a solar system. The homeowner owns the solar system, possibly subject to a lien or security interest held by the lender1.
According to EnergySage, in the state of New Jersey, the average cost of solar panel installation ranges from $12,538 to 16,962.Onacostperwatt(/W) basis, a solar panel installation in New Jersey ranges in price from $2.51 to $3.392.
The payback period for a solar system in New Jersey is between six to nine years, depending on the size and configuration of the system, local taxes, and installation costs.
The payback period is the time it takes for the savings from your solar system to equal the cost of installation. The payback period depends on several factors such as the size and configuration of the system, local taxes, and installation costs.
According to EnergySage, the solar payback period in New Jersey is 7.70 years. However, the average payback period for solar panels is between six and nine years, but it varies from state to state.
If you are interested in getting solar panels for your home or business in New Jersey, you can find the best solar companies near you by comparing quotes online. You can also request a free quote from providers near you by clicking here.
Don't miss this opportunity to save money and energy with solar panels in New Jersey. Go solar today and enjoy the benefits of clean, renewable power for years to come. One of the reliable solar installers in New Jersey is Maxeon Energy, which offers high-quality solar panels and services. You can visit their website at maxeonenrgy.com to learn more about their products and solutions.
