Just like the rest of the country, homeowners the Garden State are environmentalists. However, there is a more compelling reason that large numbers of people are going solar. Right now New Jersey has the most compelling conditions in history for residential solar residential solar power. Small wonder why New Jersey has rapidly become America’s second biggest state for solar installations–and is rapidly approaching the state in the #1 spot, California.
#1: State Support for Solar Power in NJ
Because of the state’s Renewable Energy Manufacturing Incentive (REMI), New Jersey utility customers are footing a half-billion dollar bill to promote solar installation in the state. The objective is to grow the state’s solar power production 2x by 2013. The long-term goal: to provide 20% of our nearly 10 million residents’ power via renewable energy by 2020.
The federal government is also handing out tax credits to homeowners for as much as thirty percent off the price of the residential solar system.
As a result, New Jersey solar energy installations will provide a full return on investment in just three years in many cases. Clearly this is the reason 6,000 New Jersey homeowners have already opted for solar energy for their homes.
#2: Getting into energy sales is a Lucrative Business for New Jersey Homeowners
Solar energy pays for itself by allowing homeowners to sell their excess energy back to the grid. Solar Renewable Energy Credits, or SREC, sales are more lucrative in New Jersey than almost any other state. New Jersey homeowners can sell their credits for up to 15 years. The typical home in New Jersey can earn as much as $5,000 every year by selling their SRECs on the open market.
#3: Solar Panel prices are the most affordable in History
Right now, solar panel manufacturers are producing double the panels as the global market can buy, a phenomenon referred to as “solar panel glut.” Moreover, prices for silicon, a critical element in solar panels, have been cut in half since 2008. With these two conditions, panel prices have gone through the floor.
All in all, this is the best time ever to move to solar power on your New Jersey home.
To learn more about New Jersey solar energy, start with a free home solar evaluation for the latest on solar prices, rebates and savings.