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Solar Program to Save $1 Billion in Energy Savings for NJ
The Biden-Harris Administration and the Department of Energy (DOE) have launched new solar initiatives to connect more families to reliable clean energy, reduce electric bills. The Community Solar Subscription Platform was started in 2022 in 6 states including New Jersey. This program will aid solar incentive programs, including low income assistance and is projected to create $1 billion in energy savings by 2025, with $175 million in savings in New Jersey alone. New Jersey Governor Phil Murphey added "It’s crucial collaborations like these that will help us provide every community member with ample opportunities to reap the benefits of a clean energy future."
Solar Incentives and Savings Programs in NJ
NJ Community Solar Programs
The Department of Health and Human Services (HHS) and the Department of Energy (DOE) are working together to bring a new platform to New Jersey residents that will assist low-income households in reducing the cost of solar energy acquisition and energy bills. This partnership aims to create new solar energy jobs, reduce installation costs and ultimately save millions for New Jersey homeowners. The platform is being fine-tuned in New Jersey and the state is leading the way for the rest of the country to benefit from this program. It's a win-win situation as it will help reduce energy costs and promote the use of renewable energy while creating jobs and economic growth.
The Garden State has implemented many NJ Solar incentives and programs to help its residents with solar panels. The state has a Solar Renewable Energy Credit (SREC) program, which encourages the development of solar power by offering credits to solar energy system owners that can be sold to utility companies to meet their renewable energy requirements. Another program is the Residential Solar Financing Program, which provides low-interest loans to residents to help finance the installation of solar panels on their homes. The Solar Energy System Incentive Program also provides financial incentives to residents and businesses that install solar energy systems on their properties. In addition, New Jersey has a Net Metering program that allows residents with solar panels to send excess energy back to the grid and receive credits on their utility bills. Lastly, New Jersey allows properties with solar energy systems to be eligible for a property tax exemption which helps to offset the costs of installation. These programs and initiatives have helped to make solar energy more accessible and affordable for New Jersey residents, and have played a significant role in increasing the adoption of solar energy in the state.
Are Solar Panels Worth It In NJ?
Solar panels are a great investment for residents of New Jersey for several reasons. One of the main reasons is the high cost of electricity in the state. The average electricity bill in New Jersey is high and is predicted to increase as oil prices and logistics become more complicated in 2023. Installing solar panels can significantly reduce or even eliminate electricity bills. Additionally, New Jersey receives over 200+ sunny days per year on average, which is ideal for solar power generation. The state also offers financial incentives such as sales and property tax exemptions to incentivize residents to switch to solar, as well as the federal solar tax credit which was extended in 2022. The cost of solar panels in New Jersey has decreased over 50% in the last 10 years and residents pay about $3.00 per watt and around $15,000 for a complete home solar energy system. Solar energy is a clean, renewable energy source that does not produce greenhouse gas emissions, helping to reduce the state's carbon footprint. The partnership and initiative between the Department of Health and Human Services and the DOE is expected to create many new solar energy jobs, reduce solar installations costs, and save millions of dollars in energy costs for NJ homeowners. Overall, solar energy is a cost-effective, environmentally friendly, and financially beneficial option for New Jersey residents.
How Much Does Solar Cost in NJ?
The cost of solar energy systems in New Jersey can vary depending on factors such as the size of the system, location, and the type of equipment used. On average, the cost of installing a solar energy system in New Jersey can range from $12,000 to $20,000 for a residential system, and from $100,000 to $1 million for a commercial system. However, these costs can be significantly reduced through various state and federal incentives, such as the Solar Renewable Energy Credit (SREC) program, the Residential Solar Financing Program, and the Solar Energy System Incentive Program. Additionally, the federal Investment Tax Credit (ITC) offers a 26% tax credit for solar energy systems installed before the end of 2022, which can help to offset the costs of installation. With these incentives, the net cost of solar energy systems in New Jersey can be greatly reduced, making it more affordable for residents and businesses to adopt solar energy. There are even programs in NJ designed to help residents get solar for free! Start your solar journey with NJ Solar Initiative to see how much you could save on solar panel installation and powering your home with solar.