Cost of solar in Jersey City, NJ

Electricity Consumption in Jersey City

Electricity Consumption by New Jersey residents averages 691 kWh per month. It ranks #4 in the nation for savings from installing solar panels on the home.

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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 SREC's 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 also have net metering providing 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. Besides these two excellent incentives there is also the 30% federal solar tax credit covering 30% 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!

Even if you are not convinced about solar we recommend that at the very least you use the solar panel calculator to find out:

 

Estimate your solar savings

 

Solar power in New Jersey

The average cost of installing residential solar panels in Jersey City, New Jersey in 2018 is $3.66 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 $18,300. (before claiming 30% tax credit and other rebates)

What does the cost of a real solar system look like?

Facts about installing a 5.71kW solar system in Jersey City, NJ

This system would offset 100% of your energy usage if your typical monthly bill is $130, however your situation may vary so try our solar calculator to get a result tailored to you.

$14,789

Net cost of system
Cash - after 30% solar tax credit

4 Years 8 Months

Average payback time

6,554
kWh

Annual power production


/kWh

levilized cost of solar energy

42¢
/kWh

If you don't get solar
The forecast average utility price over the next 25 years

Cash flow graph based on cash purchase of this 5.71kW system

Life-time savings on this system over the next 25 years

$69,640

(Prices shown after repayments of capital)

 


 

Solar companies in Jersey City, NJ that provide pricing through the Solar-Estimate marketplace

46

 


Solar calculator and quote comparison tool

Average total cost of solar panel installation in New Jersey

System Size Cash purchase
After 30% solar tax credit
Financed purchase
After 30% solar tax credit
3kw $8,400 $9,072
4kw $10,892 $11,763
5kw $13,230 $14,288
6kw $15,372 $16,602
7kw $17,395 $18,787
8kw $19,264 $20,805
9kw $20,979 $22,657
10kw $22,540 $24,343

 

Design your own solar panel system 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
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.