Are Solar Panels Free In New Jersey

The payback on solar panel systems in nj averages 5 years.

Are solar panels free in new jersey.

And moving forward electricity generated from the solar panels is essentially free aside from the utility company connection fees. Solar panel cost in new jersey the average cost for an installed residential solar system in new jersey is currently 12 277 after claiming the 26 federal solar tax credit. In 2009 public service enterprise group the largest utility company in new jersey announced plans to install solar panels on 200 000 utility poles in its service area the largest such project in the world. Federal solar tax credit itc.

If your roof is less than 7 years old you most likely won t need to replace your roof but we can still get you the solar energy system with no money down. Well now in 2016 we are starting to enter phase two which is where the state of new jersey is funding solar projects for your home. I was intrigued to do a little research on the most dependable. The cost of solar panels in new jersey for the average sized 7 2 kw solar panel system in new jersey the cost comes out to about 3 20 per watt or 23 040 before incentives.

Given a solar panel system size of 5 kilowatts kw an average solar installation in new jersey ranges in cost from 12 240 to 16 560 with the average gross price for solar in new jersey coming in at 14 400. That cost comes down quickly when you consider the tax credits and other incentives available. You will pay for the electricity that they produce usually under a 20 to 25 year solar lease or power purchase agreement ppa. As of september 2020 the average solar panel cost in new jersey is 2 88 w.

If your roof is more than 7 10 years old you should replace your roof before putting on solar panels. This is 2 77 per watt. Or if you decide to purchase outright with a loan you re still coming out ahead with all the incentive that new jersey has to offer. Free solar panels are not actually free.

So after five years the savings on your electricity bill have paid for the solar panels. You can get solar panels for free here with a power purchase agreement. Similarly thanks to the property tax exemption for renewable energy systems new jersey resident that invest in a solar energy system will not have to pay any additional property taxes on the value that their solar panels are adding to their homes. Free solar in new jersey the term free solar panels is typically used to advertise solar lease or solar power purchase agreements ppas.