There has never been a better time to go solar in Pennington, NJ 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 continue to drop and the price of SRECs in NJ is still relatively high. And until December 31, 2022, the 26% federal tax credit is still available on the retail price of the system. After then, it begins a scheduled reduction for the next few years.
At current electricity rates in Pennington, 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.
Residential solar energy systems typically cost $2.50 to $4.00 per watt (installed, before the federal tax credit). An average system in New Jersey is designed with approximately 30 panels. Such a system will generate around 13,000 kwh/year and will cost between $32-$38,000 before the 26% federal tax credit is applied, or between $24-$28,000 after the tax credit. If you pay cash, you get maximum savings day one. Choose to finance, and your loan payments will be significantly less than your current utility costs, also saving you money right away.
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 25 years. (In Pennington, 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
Studies have proven that a solar energy system increases the value of a home. This is because the systems last for 30+ years with minimal maintenance required, and they guarantee a homebuyer lower total electricity costs. You can learn more about these data driven studies in our post, Solar Adds Home Value.
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 solar energy system in Pennington, NJ 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.
You can find out more about home and commercial solar energy systems (PV) and solar pool heating in New Jersey, and take advantage of this amazing opportunity to reduce your carbon footprint and your reliance on imported carbon-based gas and oil products. Use your own, Pennington, New Jersey solar energy to power your home or business.