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Cost of Solar in Jersey City, NJ
If you’re thinking about getting solar panels in Jersey City, one of your first questions will probably be about the cost of solar. While residents of New Jersey can save a considerable amount of money by going solar, the upfront costs are something that most homeowners are concerned about. Fortunately, by using a combination of solar tax credits and/or solar financing options, a solar panel system is well within financial reach for most Jersey City homeowners. There are even programs available that allow homeowners to go solar for as little as $0 down!
Cost of Solar Panels in Jersey City
Established in 2009, Momentum Solar has been helping Jersey City homeowners find affordable ways to purchase or lease solar panels. Thanks to our extensive experience providing solar in this region, our solar installers will provide you with the most cost-effective system based on your home size and energy requirements.
Here are some numbers to help you understand the cost of solar in Jersey City:
- The average Jersey City home needs a 5-kW solar panel system, which costs an average of $16,250.
- The price of the solar panels can be reduced by 26% by using federal solar tax credits (ITC), which are given in the form of a tax rebate at the end of the tax year. This provides an average savings of $4,225.
- In Jersey City, homeowners can take advantage of a unique incentive called Solar Renewable Energy Certificates (SRECs). Through this program, the utility company buys a portion of the solar energy you produce in order to meet their renewable energy quotas. With a 5-kW system, you can expect to receive a cash bonus of approximately $850 – $1,300 per year for the first 10 years that your system is in place!
Purchasing a Solar Panel System in Jersey City
For homeowners who wish to purchase their solar panels, there are two options available – pay in cash for the system or take out a home-equity line of credit (HELOC). Homeowners who pay in cash can expect to save at least $37,000 over 25 years (average lifespan of a solar panel system), while those who take out a loan will save at least $30,000 over 25 years.
In Jersey City, many homeowners choose to take out a HELOC because it allows them to start making money from solar during the very first year. Through a combination of SRECs, solar tax credits, and electricity savings, homeowners can come out nearly $5,000 ahead in the first year – and this is after taking loan payments into consideration! In NJ, a loan means that your solar panel investment starts paying off from day one.
Solar Leases in Jersey City – Solar Panels for $0 down!
Some homeowners will not qualify for a solar loan and don’t have the capital to purchase their system outright. Other Jersey City residents may decide that they aren’t ready to make a big investment in solar panels. For these individuals, a solar lease, or Power Purchase Agreement (PPA), is a smart way to enjoy get solar panels for $0 down and enjoy the savings associated with solar without the cash investment.
Solar leases are one of the most appealing solar financing options because they require no initial cash investment. With a solar lease, you’ll save money on your monthly power bill and know that you’re actively helping improve the environment. With a PPA, the solar installer will own your solar panels and be responsible for installing and maintaining your system. You’ll pay a fixed rate per kWh, as established in your solar lease agreement. This rate is secured in for 25 years, so you won’t be subject to electricity rate fluctuations or the rising costs of electricity.
Explore Your Solar Financing Options with Momentum Solar
Our team has been installing solar panels in Jersey City for over 10 years, so we are very knowledgeable about the solar financing options available. We can help you go solar regardless of your financial situation.
We offer full-serviced solar leases, as well as the option to buy your solar panels outright. Whether you prefer to get solar for $0 down or benefit from the long-term savings associated with owning solar panels, our team can present an option that works best for you. If you’re ready to take that first step towards going solar, please give us a call or email today to arrange your free, no-obligation consultation.
Find Out if Switching to Solar is Right for You
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