New Jersey residents enjoy a mature, lucrative, and ambitious solar incentive regime that has consistently delivered them extraordinary savings over the years. Although solar adoption has gone through the roof in the past few years, it still has a long way to go before it becomes the primary source of electricity for households in the state.
The relative rarity of solar panels in NJ can be a source of anxiety for homebuyers who are often unsure how to factor solar installations into their property evaluations.
That’s why we’ve created this quick guide to answer their common doubts and questions. So, let’s get started.
Utility Savings
Solar power systems produce free electricity for decades. So, when you buy a property with solar panels in NJ, you are securing yourself several years, if not decades, of free electricity. Now, take a moment to consider all the savings on utility bills that you will incur over the years. That’s the gift of solar to you.
Bear in mind that these savings will be yours only if the solar panel system is already purchased and its ownership lies with the current homeowner.
Solar Lease Savings
If the solar panels are on the lease, you can get the lease agreement transferred to you. Even on a lease, solar installations deliver substantial savings to you every month. Lease rates are fixed for years, unlike highly volatile utility prices. The fixed solar leases protect you from price fluctuations and deliver good savings to you.
Tax Reprieve
Although solar panel installation increases the property value, the gains in property value are exempt from tax. So, you are essentially buying a higher valued property but paying lower taxes on it. That’s a win, hands down.
Steady Cashflows
As the state transitions from the SREC program to the TRECs, homeowners can expect steady and stable income from their solar installations annually.
To give you a sense of these earnings, consider a 10kW solar panel installation. It may produce roughly 12,000kWh of energy annually, which translates to a little over 12 TRECs per year. At a fixed rate of $91.20 per TREC, you can accrue incentives of $1094.4 each year for many years to come.
Besides, you also have New Jersey’s net metering program that rewards you for the solar energy you produce and feed into the grid, which can be substantial in itself.
Conclusion
So, what you need to know when buying a house with solar panels in NJ is that you are potentially looking at several years of money savings, tax savings, incentive-based income, and a reduced carbon footprint on the environment.
Contact Green Power Energy for more information.
