Are Solar Panels Free In New Jersey

New jersey is one of the top states to be adopting solar power although not abundant in sunshine they are making solar power work.

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. That cost comes down quickly when you consider the tax credits and other incentives available. Free solar panels are not actually free. You will pay for the electricity that they produce usually under a 20 to 25 year solar lease or power purchase agreement ppa.

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. 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. This is 2 77 per watt. As of september 2020 the average solar panel cost in new jersey is 2 88 w.

The payback on solar panel systems in nj averages 5 years. 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. Free solar in new jersey the term free solar panels is typically used to advertise solar lease or solar power purchase agreements ppas. 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.

Federal solar tax credit itc. I was intrigued to do a little research on the most dependable. The solar 4 all project intends to increase the capacity for renewable energy in new jersey by 120 mw and is expected to be completed in 2013. 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.

If your roof is more than 7 10 years old you should replace your roof before putting on 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. With our new roof solar program you can get both with no out of pocket costs.