Home solar in New Jersey
New Jersey has long been one of the leading states in home solar. Above-average electricity prices and the state’s Solar Renewable Energy Certificate (SREC) program provide some of the best returns on a home solar investment in the country.
Recently there have been several changes to this program with the initial SREC program being replaced by the Transitional Renewable Energy Certificate (TREC) program on April 30, 2020. Subsequently the TREC program was replaced by the SREC-II program on August 28, 2021. We discuss the details and how the changing programs will affect you here, but with the SREC-II program now in place, you’re probably wondering: Is home solar still a good investment in New Jersey?
The short answer is YES, but let’s illustrate that with some numbers.
Home solar in New Jersey
New Jersey has long been one of the leading states in home solar. Above-average electricity prices and the state’s Solar Renewable Energy Certificate (SREC) program provide some of the best returns on a home solar investment in the country.
Recently there have been several changes to this program with the initial SREC program being replaced by the Transitional Renewable Energy Certificate (TREC) program on April 30, 2020. Subsequently the TREC program was replaced by the SREC-II program on August 28, 2021. We discuss the details and how the changing programs will affect you here, but with the SREC-II program now in place, you’re probably wondering: Is home solar still a good investment in New Jersey?
The short answer is YES, but let’s illustrate that with some numbers.
In 2021…
11,729 New Jersey homeowners had a home solar system installed
45 percent of homeowners who chose to own their solar system
55 percent of homeowners chose to have the system owned by a third-party
9 kilowatts or 9,000 watts was the average system size
$23,000 to $30,000 is the typical price range for a 9kW system
$6,000 to $8,000 is the estimated federal tax credit IF a homeowner owns the system
In 2021…
11,729 New Jersey homeowners had a home solar system installed
45 percent of homeowners who chose to own their solar system
55 percent of homeowners chose to have the system owned by a third-party
9 kilowatts or 9,000 watts was the average system size
$23,000 to $30,000 is the typical price range for a 9kW system
$6,000 to $8,000 is the estimated federal tax credit IF a homeowner owns the system
The bottom line. A 9kW home solar system in NJ should produce…
$1,000 in estimated annual SREC income
$1,755 in estimated annual energy savings
A 6 to 8 year payback on a home solar investment
Positive monthly cash flow if financed with a loan
The bottom line. A 9kW home solar system in NJ should produce…
$1,000 in estimated annual SREC income
$1,755 in estimated annual energy savings
A 6 to 8 year payback on a home solar investment
Positive monthly cash flow if financed with a loan
Sound appealing? It should be! Home solar in New Jersey is a great investment as long as your property has the right type of space for solar panels.
Learn more about who’s going solar in your area with our Solar in my neighborhood lookup tool.
Ready to get started? To see whether your home is a good candidate for home solar, click the button below to start your free Solar Assessment.
Sound appealing? It should be! Home solar in New Jersey is a great investment as long as your property has the right type of space for solar panels.
Learn more about who’s going solar in your area with our Solar in my neighborhood lookup tool.
Ready to get started? To see whether your home is a good candidate for home solar, click the button below to start your free Solar Assessment.
Have a question about home solar in New Jersey or anything else? Send us a message and we’ll answer ASAP.
Have a question about home solar in New Jersey or anything else? Send us a message and we’ll answer ASAP.
Home solar in New Jersey
We’ve compiled and analyzed data about NJ home solar. These are our most useful and insightful findings.
