Whether you live in Lawrenceville or New Brunswick, Princeton or Hamilton, Trenton or Ewing:
There has never been a better time to go solar in New Jersey than right now and Exact Solar is the NJ solar installer to call. Across NJ, the economics are especially favorable for solar energy systems that create electricity, also called solar PV (photovoltaic) systems, because the price of panels has plummeted over the past 2 years and the price of SRECs in NJ are still relatively high. Additionally, the 30% federal tax credit is still available on the retail price of the system.
Residential solar energy systems typically cost $3.00 to $4.00 per watt (installed, before the federal tax credit). So a 5 kW system costs around $15,000 to $20,000, depending on the complexity of the installation. Subtract from that 30% and your out-of-pocket expense is $10,000 to $14,000.
At current electricity rates, in NJ it generally takes about 4 – 5 years for a solar electric (PV) system to pay for itself — that’s a 20%+ return on your investment!. After that, your own solar “power plant” creates electricity for you using a free and abundant energy source, forever offsetting your energy expenses, and producing electricity that never goes up in price…no mining, drilling, transporting, or re-fueling required.
At today’s prices, your own residential solar energy system, will provide you with electricity at a rate of about 1 – 2 cents/kWh over the next 20 years. (In NJ, most people are paying the utility company about 18 cents/kWh today…and that will continue to go up over time.).
Increase the value of your home
A solar energy system (PV or thermal) increases the value of your home. The systems last for 30+ years with minimal maintenance required. Read an article on how a solar energy system increases the value of your home in our news section.
Earn income year after year
SREC values in NJ, although lower than in the past, are still quite a bit higher than in most states in the country. Each SREC earned by your New Jersey solar energy system can be sold to a utility company. The utility companies are required to purchase a certain percentage of their energy each year from renewable sources and your SRECs help them meet that goal. Currently, SRECs can provide you with regular, ongoing income increasing the ROI of your home solar panel system.