Solar power in Jersey City, New Jersey
Solar for your home or business in Jersey City couldn't be a better investment with the current incentives in New Jersey.
New Jersey is one of only a handful of states to have an excellent SREC market. New Jersey law states that utilities must source a certain percentage of their power from renewable sources and a percentage of that must come from solar PV. What creates a market for these SREC certificates is that if states fail to meet their targets, then they are fined heavily. Currently SRECs in New Jersey trade for about $180-$240 per REC and each REC is equal to 1,000kWh of solar generation. A common 5kW system produces about 6,000 kWh annually in New Jersey resulting in 6 SREC's that are traded to the utility for $1,080-$1,440. That's $1,080-$1,440 every year!
Those lucky enough to be living in Jersey City can take advantage of net metering, which makes it easy to eliminate your electric bill.
Besides these two excellent incentives there is also the federal solar tax credit, which as of 2020 covers 26% of the system cost.
These incentives are considered by many state lawmakers as too generous and may end soon so there is a need to get into solar as soon as possible!
Net Metering Broken Down
Net metering provides you the customer with 1 for 1 retail value for unused power exported to the grid.
The reason for net metering being such a valuable incentive is that most people are out of the house during the middle of the day when their solar is producing the most power.
The average cost of installing residential solar panels in Jersey City,
New Jersey in 2020 is
$2.78 per watt. The average system size
in the US is 6 kilowatts, which means the average price of a solar system
in Jersey City, NJ
is $13,900.
(after claiming 26% tax credit and other rebates)
The 26% federal solar tax credit explained
If you have a federal income tax liability, 26% of the cost of your solar system can be claimed as a deduction to your taxes. This incentive is claimed when you do your taxes. In order to receive the tax credit quicker it's best to do your taxes as soon as possible after installation.
What if my tax liability is less than 26% of my systems costThere is the option to claim this incentive over several years if your tax liability is less than 26% of the system cost.
How much will solar panels on my home save me?
The answer to this question depends on your electricity usage. Generally speaking the greater your power usage the greater the potential savings from installing solar.
The average monthly usage in New Jersey is only 691kWh per month however, you are most likely using a lot more than this since this average includes condos and small apartments.
The Jersey City solar panel savings calculator below will convert your monthly power spend into power usage (in kWh's) and then work out exactly how many solar panels you need to offset your usage, how much they will cost based on the prices of local solar companies and the amount you will save. Our New Jersey solar savings calculator can do this because it contains a database of the electric rates charged by Public Service Elec & Gas Co
How much can solar panels save you in Jersey City
What does the cost of a real solar system look like?
Facts about installing a 11.21kW solar system in Jersey City, NJ
This system would offset 100% of your energy usage if your typical monthly bill is $255, however your situation may vary so try our Jersey City solar calculator to get a result tailored to you.
$21,568
Net cost of system
3 Years 6 Months
Average payback time
12,857 kWh
Annual power production
7¢/kWh
Levelized cost of solar energy
42¢/kWh
If you don't get solar
Cash flow graph based on cash purchase of this 11.21kW system
Life-time savings on this system over the next 25 years
$147,448
(Prices shown after repayments of capital)
46
Solar companies in Jersey City, NJ that provide pricing through the Solar-Estimate marketplace.
Average total cost of solar panel installation in Jersey City
| System Size |
Cash purchase After 26% solar tax credit |
Financed purchase After 26% solar tax credit |
|---|---|---|
| 3kw | $6,460 | $6,977 |
| 4kw | $8,495 | $9,175 |
| 5kw | $10,434 | $11,269 |
| 6kw | $12,343 | $13,331 |
| 7kw | $14,141 | $15,273 |
| 8kw | $15,925 | $17,199 |
| 9kw | $17,582 | $18,989 |
| 10kw | $19,240 | $20,779 |
Find out what system size you need for your home
Going solar in New Jersey
Check out all of the ways energy providers of New Jersey can help you be more energy efficient and save money.
The following programs are available:
| Incentive Name | Eligibility | Type |
|---|---|---|
| Residential Renewable Energy Tax Credit | Federal | Personal Tax Credit |
| Solar Renewable Energy Certificates (SRECs) Registration Program | State | Solar Renewable Energy Credit Program |
| NJ Clean Energy- Residential New Construction Program | State | Rebate Program |
| Net Metering | State | Net metering |
| Solar Energy Sales Tax Exemption | State | Sales Tax Incentive |
| Property Tax Exemption for Renewable Energy System | State | Property Tax Incentive |
Find your local rebates and incentives
Please keep in mind that the best source of up-to-date information on incentives are the solar installers who specialize in your area.
