With the increasing energy prices, many New Jersey homeowners are considering solar panels to save. But can they really save you money? In a nutshell, yes! Here’s a quick look at how solar panels can reduce your expenses and offer long-term financial benefits. To see how much you could save, try our solar calculator today—or keep reading to explore ways solar can save you!
1. Lower Energy Bills
Solar panels will directly provide electricity from sunlight, thereby reducing your reliance on the grid and cutting down your monthly energy bills. Depending on the size of your system, the sunlight exposure, and how much energy you use, you might save up to 60% off your electric costs. Over a period of 20-25 years, that is thousands of dollars in savings.
2. Incentives and Tax Credits
New Jersey has many solar incentives that make solar more affordable.
- Federal Solar Investment Tax Credit (ITC): The federal government gives a credit of 30% of the cost of your solar system.
- Solar Renewable Energy Certificates: You generate credits for extra energy generated from your solar system by selling this generation to utility companies.
- Sales Tax Exemption: There will be no sales tax charged on the installation of solar systems in New Jersey. So, through these given incentives, you can get up to 50 percent of that system cost back in just one year.
3. Net Metering
With net metering, any extra solar energy is fed back into the grid, which earns credits on your future bills. This means more savings especially during low-sunlight periods when your energy needs exceed your solar production.
4. Added Property Value
Solar panels could raise your house value by as much as 4%. Houses with solar tend to sell sooner and for a better price, so solar is a good investment if you think you might sell in the future.
So are Solar Panels in New Jersey Worth It?
We think so. Solar panels are a great way for New Jersey homeowners to save money immediately and over the long term through lower energy bills, incentives, net metering, and adding value to the property that make solar a worthwhile investment.
Save now with solar! Contact Sun Up Zero Down for your free consultation today!