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 for Jersey City to find out:
- How many solar panels you need to cover your power bill;
- How suitable your house is for solar;
- What incentives your house may be eligible for;
- The cost of solar panel installation in Jersey City and whether you are eligible for zero down solar deals; and
- Your likely payback period and return on investment from installing solar
Estimate your solar savings
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. (before claiming 26% tax credit and other rebates)
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
Cash - after 26% solar tax credit
3 Years 6 Months
Average payback time
12,857
kWh
Annual power production
7¢
/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 11.21kW system
Life-time savings on this system over the next 25 years
$147,448
(Prices shown after repayments of capital)
Solar companies in Jersey City, NJ that provide pricing through the Solar-Estimate marketplace
46
Average total cost of solar panel installation in New Jersey
| 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 |
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 |
Please keep in mind that the best source of up-to-date information on incentives are the solar installers who specialize in your area.