When you think of solar energy, it's not usually Jersey City, New Jersey, that springs to mind first. But the state's aggressive Renewable Portfolio Standard, combined with low renewable energy costs and high investment in solar technology, makes New York City one of the most financially advantageous places in the country for New Jersey to install a solar energy system. New York has long been an early pioneer in solar energy; it has always been one of the leading solar states in our nation.
While New Jersey does not have solar rebates and state tax credits, the state offers a number of other incentives, including the New York State Renewable Portfolio Standard (RPS). One of the most important is the performance payments that the US Energy Information Administration (EIA) and the Federal Energy Regulatory Commission (FERC) offer to the states.
This means that SRECs play an important role in the return on investment of solar power plants in New Jersey. By making the government's renewable investment credit more efficient, residents and business owners can earn money back from their investments, making them more competitive with other states.
You can also learn more about the CleanPower Choice Program in New Jersey, which allows you to support renewable energy by installing appliances in your home or business. Combining integrated municipal energy planning with your existing energy efficiency efforts and implementing Clean Power Choice is the easiest way to choose the right energy source for your community and its energy needs. Together they ensure that customers of renewable energy systems and generators are compensated for the clean, renewable energy they produce. In addition to the government's clean-energy investment loans, it also excludes ties with other states.
New Jersey currently has one of the highest tax rates in the nation to provide additional revenue to low- and middle-income communities through renewable-energy projects. This includes the benefits that a municipal solar energy project can bring to a low- to moderate-income community that might otherwise not be able to participate in clean energy programs.
Moreover, the state's RPS includes a renewable energy target - 5.1 percent renewable energy by 2030, meaning that all solar power must come from renewable sources such as wind, solar, and geothermal. New Jerseyans should be aware, however, that we will not be easy to buy a solar system when 5 percent of our energy will come from solar.
The statewide Renewable Portfolio Standard requires New Jersey utilities to source at least 50 percent of their energy from clean sources by 2021. Meanwhile, the state's renewable energy standard requires that no more than 30 percent or 1,000 megawatts of electricity come from renewable sources in 2021, and 100 percent in 2035.
If you want to install NJ solar panels for your commercial business, it is important to calculate your savings potential. Check out our top rated solar companies and read our Verified Solar Customer Report and check your current electricity bill to see which solar panel in Jersey City, New York is right for you and your business. Follow the above to learn more about whether or not your NJ Solar Panels in Jersey City are right. For more information on which NJ Solar Panels in Jersey City are "right for me," please follow the links at the bottom of the NJ New Jersey Solar Energy Association website.
New Jersey has a sales tax exemption that makes solar installations cheaper, and renewable systems that add value to your property are exempt from property tax. New Jersey residents are subject to a 100 percent property tax, meaning that the value of your home will likely rise with the installation of solar panels, as well as property taxes.
The average New Jersey resident could expect to save more than $50,000, and anyone buying a solar system can expect to pay for their solar investment in about five years. If electricity rates are high in New York, a typical solar panel system in New York can save more than $75,000 over the system's lifetime. Consider the cost of solar panels in New York, California, Texas, Florida, and other states, as well as other parts of North America.
In New Jersey, buying a solar panel system will save big dollars in the long run, but it requires that the system be paid in full upfront. Solar panels in New York pay off over the lifetime of the energy used, not just over the first five years. Although electricity prices in New Jersey are higher than the national average, homeowners and business owners can still benefit from reasonable savings by leasing solar panels, as there will be no lease payments and electricity rates below the national average.
The New Jersey Clean Energy Program will help you recoup the cost of installation over the life of the system. If you are building a new home and want to install your own solar system, such as a solar system on the roof, you will also be offered discounts. And if you are interested in solar panels but are unable to buy a system directly, it is a good way to get a loan to finance a solar system in New York or a loan to finance solar systems in New Jersey. There are several comprehensive factors that determine whether Jersey City solar panels are the right choice for you and your business.