Take Advantage of Local New Jersey Tax Incentives for Solar Panels
Find out exactly how much solar will save Clifton, NJ homeowners
How Much Can I Save with Solar Panels in Clifton, NJ?
There are many reasons why residents of Clifton, NJ wish to invest in solar panels, but the cost savings of going solar is the reason we hear most often. For over 10 years, our solar installers> have been helping Clifton homeowners save money with solar panels. Momentum Solar can help people from all walks of life and income levels achieve clean, renewable energy.
Secure Your Financial Future with Solar Panels in Clifton
Before we go into exact figures, it’s important to understand how investing in solar can help you better plan for the future. Energy prices have steadily increased over the past decade and most experts predict that they will only increase with time. When you create a budget for your household, it can be difficult to plan when one of your outgoings is inconsistent.
By investing in solar panels, you are essentially locking in your energy costs for the next 20 to 25 years (the average lifespan of a solar panel system). With this cost more stable, you can better plan for long-term goals, such as college savings and retirement.
Cost of Solar in Clifton, NJ
Before diving into the amount you can save by generating your own electricity, you’ll need to understand how much it costs to purchase solar panels for your property. On average, the initial cost of a solar system is roughly $18,000. A system of this size can meet the average Clifton family’s energy requirements throughout the year. Residents of NJ are eligible for two programs that will quickly lower the overall cost of their system:
- Federal Solar Investment Tax Credit (ITC): This well-known program lowers the cost of solar for American homeowners by 30%. This solar tax credit lets you deduct the equivalent of 30% of the cost of your solar panels from the total income tax you owe that year. It can also be spread over two or more years if your tax liability is low. On average, the ITC can reduce the cost of solar panels by roughly $12,600.
- Solar Renewable Energy Credit (SREC): This program is only available to residents of New Jersey. It was created to motivate utility companies to source a certain percentage of their electricity from solar energy. Solar energy owners can receive a monthly credit rollover for their excess energy production. Customers can see savings of around $12,000 over 10 years.
How Much Will I Save with Solar Panels in Clifton?
In addition to locking in your costs, you can also expect to save a substantial amount of money by purchasing solar panels for your Clifton home. The exact amount of money you will save depends on the size of your system and the amount of energy your household consumes.
Schedule Your Free Consultation Today
At Momentum Solar, we have been helping homeowners make the move to clean, renewable solar energy for over 10 years. In fact, we are one of the oldest solar installers operating in NJ. We understand the demands of the market and the solar financing options available to Clifton residents. We offer a free, no-obligation consultation at your property for those interested in learning more. During this meeting, one of our solar installers will assess your property and provide you with a quote for your solar panels.
This customer’s bill is estimated to be $150 lower than the previous bill.
What you can do next:
Discover a new way to save energy.