Solar power can reduce the cost of heating your home and your hot water. The sun is full of free energy power and will save you money each month on your electric bills. Using solar power for your home will reduce your dependence on your electric company and you will save on the high rising cost of electrical power from conventional means.
Incentive programs are available for homeowners who buy NJ solar systems and pay for them over future years. New Jersey has an earned credits program called solar renewable energy certificates (SRECs), which allows homeowners to sell energy credits back to businesses who need the energy.
New Jersey has a law that mandates the usages of renewable energy to be used by specific deadlines. Utility companies are being mandated to encourage homeowners and businesses to install solar power. Anyone installing a solar power system will reap the benefits of rebates and tax breaks as well as lower electric bills for years.
The saving alone that a business or homeowner will see over a period of five years will pay for the installation of their solar systems. After the first five years, savings will be continued by not having large electric bills that have to be paid out to the utility company. New Jersey electric bills are bound to go higher in the coming years, with rate hikes. You will not be paying large rate hikes with a home or business solar system.
Utility companies must produce a certain amount of clean energy. If they do not, then they have to buy it back from homeowners and businesses that have produced the proper amount and have extra kilowatts to sell. The homeowner would reap the reward of being able to sell the extra kilowatts back to the utility company. Every kilowatt is kept track of through Net Metering….net metering means that you only pay for the net amount of electricity that you use. With net metering, homeowners with solar installed are able to “bank” the excess electricity their solar system generates and receive credit up to 100% of their electric use bill at the full retail electricity price that they can use later.
New Jersey homeowners will also benefit from a tax break on their new solar system. The state will not charge any tax on the purchase of your solar system. This will save you seven percent right from the start. Once your system is installed, you will see lower electric bills right from the start.
Another savings that homeowners will see is that the tax assessor cannot charge you any extra property tax on your solar system. Solar systems will raise the value of your home by a fair amount; the tax assessor will not be allowed to add that amount into your property value for extra taxes.
Homeowners who have installed solar systems will save on taxes and benefit from the rising value of their homes. Many buyers are happy to see a solar powered home and it will weight greatly on their opinion for which home is the better value to buy.
New Jersey electric bills will keep going higher in the future years, but you can be ahead of the costs by installing a solar system in your home.