How Much Do Solar Panels Cost in NJ
One of the questions we hear often is how much do solar panels cost in NJ? Or what is the cost to install solar panels in New Jersey? However you choose to look at it, the solar power system cost for your home is going to depend on many factors. How many solar panels do you need to offset your electric usage, roof space and the type of solar installation you choose are a few of many factors we consider. Your system cost could be as little as $15,000. It could also be up to $45,000. You might also be eligible for a $0 down installation through financing.
We understand that deciding the best way to install solar panels and choosing the best solar panel installers for your home can be a little intimidating. From purchases and leases to power-purchase agreements, there sure are a lot of programs and companies out there to choose from. As your solar power and green energy savings advocate, we work with many different private solar energy companies in NJ. This way we can help you choose the absolute best program, rates and technology to save you time and maximize savings.
To help push you in the right direction, we’ve put together the below overview. This way you can begin to think about which NJ solar energy program might make the most sense for you and your home.
Which NJ solar energy program makes the most sense for you?
1) New Jersey Solar Power Purchase Agreement – PPA
- Solar provider installs solar panels on your roof, and you purchase the electricity they produce at a discounted, pre-determined rate
- The only thing you pay for is the power you produce
- Solar provider maintains the panels and owns them for the duration of the agreement
- Simple, cheap option to go solar
- Most solar power purchase agreements are $o down
- The company maintains the system for the duration of the lease – so if any part of the solar energy system stops working, the company will fix it
2) Lease Solar Panels
- Lock in your power prices going forward
- Solar leases provide significant savings over your utility bill
- Most solar leases are $0 down
- Leasing is a “one-stop-shop” solution for homeowners who want to go solar
- Leases include a power production guarantee – so if the panels don’t produce a certain amount then the financing company will pay the difference
- The company maintains the system for the duration of the lease – so if any part of the solar energy system stops working, the company will fix it.
- From our experience, solar leases are the most common way of installing solar power in New Jersey
3) Own Your System – Financed Purchase
- The benefits of ownership with little or no up-front costs
- Ownership of your solar system
- Loan is taken out to finance the cost of the system – you pay it back over time
- Many loans are $0 down – allows you to start receiving benefits of solar power immediately
- You’re entitled to any available incentives and rebates
- There are a variety of providers to choose from for a loan
4) Own Your System – Cash Purchase
- Requires financial investment up front
- You are responsible for maintaining the system
- Any available incentives, rebates or energy credits are yours to keep
- Reap the benefits of receiving credits from your utility for any excess power you produce
- Provides protection from increasing and fluctuating energy prices
- Immediate increase in the value of your home by adding solar
Is solar power worth it?
If you are asking yourself is solar power worth it, then we want to give you a high-five. Looking at financial investments that can reduce your monthly utility bills, potentially increase the value of your home, and ultimately protect the environment is forward-thinking. As a progressive homeowner you should be rewarded, not burdened by the complex task of comparing companies and costs.
You can easily use a tool on the web like a solar power calculator to estimate your solar savings potential. However, the keyword to consider there is estimate. When evaluating a significant investment such as residential solar panels, do you want to weigh a decision on something equivalent to a guess?
Our goal at Delaware Valley Home Eco Tech, home of The New Jersey Solar Ladies, is to take the guesswork out of should I get solar panels. We work with you to not only evaluate your roof for solar potential, but also to better understand your financial goals. We are also able to recommend other energy savings technologies when installing solar panels for your home does not make financial sense. This unique blend of resources, technology and people is what differentiates us from other solar companies, enabling us to better serve you, building a more efficient home.