Take Advantage of Local New Jersey Tax Incentives for Solar Panels
Find out exactly how much solar will save Newark, NJ homeowners
Solar Panels in Newark, NJ
For residents of Newark, the decision to install solar panels is a very smart choice that often results in substantial cost savings over the span of homeownership. New Jersey has been a leader in solar installations, consistently ranking in the top 10 states. This is due, in part, because NJ offers residents incredible incentives and solar financing options to make solar panels affordable.
At Momentum Solar, we make it easy for Newark residents to go solar. From a fuss-free installation to comprehensive solar financing options, our team ensures the process is simple and straightforward.
Guaranteed Money with SREC Credits from Solar Panels in Newark
Homeowners in Newark are guaranteed to save money with solar panels thanks to an incentive called the Solar Renewable Energy Credit (SREC). The credit exists because New Jersey has a policy that requires utility companies to generate a certain percentage of electricity from solar panels each year. In order to achieve these goals, the utility companies rely on residential solar panels to generate the bulk of their green energy.
The utility companies issue a SREC certificates for solar power to Newark residents during the first 10 years that they own solar panels. These credits alone equate to about $12,000 over 10 years, resulting in substantial savings for homeowners.
SRECs are a great incentive to go solar, but the program is set to expire in the near future. At the moment, applicants will only be accepted until the end of 2021. If you’re considering solar panels in Newark, we encourage you to contact Momentum Solar today to learn about your solar financing options so you can take advantage of SRECs before they expire.
How Much Will I Save with a Solar System in Newark?
In addition to the money generated from SRECs, Newark residents enjoy substantial savings in comparison to purchasing electricity from the grid. The amount of money you’ll save depends on whether you buy your system outright or take advantage of some of the great solar financing options available today.
Buy your system upfront. Substantial savings are gained if you are able to purchase your system outright. By using the federal solar investment tax credit (ITC), you can purchase an average-sized solar panel system for around $11,375. Newark residents typically enjoy about $950 in electricity savings during each year of operation, so combined with SRECs, solar panels can be fully paid for within 6 years. This means that you can generate at approximately $24,000 in savings over the lifetime of your system.
Take out a loan. Many homeowners do not have the upfront capital needed to purchase their solar panels! In fact, NJ is one of the few states where it actually makes better financial sense to take out a solar loan to pay for your solar panels. Many Newark residents are eligible for a home-equity line of credit that boasts a 4% interest rate and payment over 15 years. Using this loan, you can expect a savings of around $30,000 over the lifetime of your system.
Use a Power Purchase Agreement or solar lease. A Power Purchase Agreement (PPA), also known as a solar lease, is an option available to those who cannot purchase a system and are not eligible for a loan. In this agreement, a third party will fully own the solar panels that are installed in your home. With a PPA, you can get solar panels installed for $0 down and enjoy worry-free maintenance of your system, which is fully covered by the installer. Most homeowners will experience a savings of around $4,500 over the course of their 20-year solar lease.
Finding a Solar Installer in Newark, NJ
Whether you’re determined to go solar this year or still exploring your options, we encourage you to contact us today. Our team has been installing solar panels in Newark for over 10 years. We are committed to providing the highest level of service to our customers as they make the smart decision to go solar.
In addition to fully handling planning, installation, and maintenance of our systems, we also are able to advise you on the best solar financing option for your unique situation. From the solar tax credits available to Newark residents to providing solar leases, our experienced team truly handles it all.
This customer’s bill is estimated to be $150 lower than the previous bill.
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