Solar power in Newark, New Jersey
Public Service Electric & Gas offer net metering and an SREC system to remain compliant with New Jersey's renewable portfolio standard of which a certain percentage must be met by home solar. If utilities fail to meet their RPS requirements they can be heavily fined. All this creates an SREC market. One REC is equal to 1000kWh of solar prodution. A common 5kW system pruduces about 6 REC's per year and at an average price of $180-$240 that's about $1,080 to $1,440 in your pocket every year!
Public Service Electric & Gas' net metering program gives you 1 for 1 with the retail power price for unused solar generation exported to the grid. After covering your bill credit is carried forward at the same value to future months. Remainging credit at the end of the yearly billing cycle is deposited into your account at the avoided cost rate (about 3-4 cents per kWh). Net metering works well since solar produces the most when during the day when little power is being used.
On top of two already excellent incentives Newark residents are also eligible for the 30% federal solar tax credit covering 30% of the system cost. With these 3 amazing incentives solar is a must have and be sure to act soon since these incentives will only dissapear with time and your electric bill will only go up. Even if you still aren't convinced a free estimate by entering your zip code below can be great to work out where you stand.
Even if you are not convinced about solar we recommend that at the very least you use the solar panel calculator for Newark 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 Newark 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 Newark, 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 Newark, 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 12.93kW solar system in Newark, NJ
This system would offset 100% of your energy usage if your typical monthly bill is $225, however your situation may vary so try our Newark solar calculator to get a result tailored to you.
Net cost of system
Cash - after 26% solar tax credit
Average payback time
Annual power production
levilized cost of solar energy
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 12.93kW system
Life-time savings on this system over the next 25 years
(Prices shown after repayments of capital)
Solar companies in Newark, NJ that provide pricing through the Solar-Estimate marketplace
Average total cost of solar panel installation in New Jersey
|System Size||Cash purchase
After 26% solar tax credit
After 26% solar tax credit
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:
|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.