Are Solar Panels Worth It In Nj

Yes even after the bonuses in year 1 an average size solar energy system still will cost about 15 000 for an example on payback details for a 5kw system check out our new jersey solar info page.

Are solar panels worth it in nj.

Most property owners can break even on their solar investment in 7 to 8 years. This is higher than the average price of residential solar power systems across the united states which is currently 2 60 per watt. Factors like electricity rates solar panel system cost and financing method all play into how worth it solar will be for you. A critical calculation for potential solar buyers is the solar payback period.

Higher than average electricity rates and strong solar incentives have helped thousands of new jerseyans achieve quick payback periods on their solar investments. In new jersey getting solar panels with a ppa costs nothign up front and saves you money from day 1. But no the solar door is not slammed in your face if you don t have stacks of cash lying around your home. 4 minutes new jersey has always been one of the best states for solar.

As of sep 2020 the average cost of solar panels in new jersey is 2 77 per watt making a typical 6000 watt 6 kw solar system 12 277 after claiming the 26 federal solar tax credit now available. The solar payback period tells the customer the timeframe in which the initial investment is recovered through your solar system electricity savings. Solar panels have fallen in price by more than 80 in the last ten years. For now the savings from a solar ppa in new jersey are about 02 per kwh of energy or around 129 in the first year.

Start comparing solar quotes on the energysage marketplace to see how much you can save. So you can sell your certificates in new jersey s srec marketplacefor good money. That s not a ton of cash but you ll also be contributing to environmental sustainability. As of september 2020 the average solar panel cost in new jersey is 2 88 w given a solar panel system size of 5 kilowatts kw an average solar installation in new jersey ranges in cost from 12 240 to 16 560 with the average gross price for solar in new jersey coming in at 14 400 after accounting for the 26 federal investment tax credit itc and other state and local solar incentives.

The disadvantages of installing solar panels in new jersey are new jersey falls out of the sunbelt area. This means that the solar irradiation will be much less than in other states like california therefore the electricity production per year will decrease significantly. Above all the state s renewable portfolio standard and associated solar renewable energy certificate srec market have been instrumental towards. A 5 kw solar system will produce close to six srecs every year and in 2017 the average marketplace value for one srec in new jersey hovered between 200 and 235 5pretty good when you consider you ll continue to generate srecs annually.