Solar panels in NJ are an excellent choice for any homeowner or business owner, lowering and even eliminating electrical costs for a home or business. While solar panel installation might seem a bit costly for some property owners, these costs can be offset by your utility savings over the years.
There are also many other reasons to consider solar panels in NJ, in addition to lower electric bills! To help you better understand why solar power systems are an excellent investment for your property, check out a few details about why it’s worth getting solar panels for your home or business.
How Much Can You Save With Solar Panels in NJ?
The amount of money you save with solar panel installation in NJ will depend on the quality of panels you choose, average sunlight exposure, and the number of panels you have installed on your property. New Jersey solar usually works with what is called net metering. How does net metering work?
First, electricity produced by your solar panels won’t power your property but is sent back to the local utility company. Your property still consumes power provided by that utility company, while you’re credited for the electricity produced by your solar panels.
In other words, if your solar panels produce $90 worth of electricity but your property consumes $125 of electricity in a month, you would receive a bill from your power company for that $35 difference. If those panels produced $90 worth of electricity but you only used $70 worth of power, that extra $20 would be credited toward your next electric bill.
Electricity is measured in terms of watts, and 1000 watts are called a kilowatt. Solar panels might collect about 1500 watts or 1.5 kilowatts per day, or 450 kilowatts per year. Most residential homes use about 9000 kilowatts of power every year; investing in 10 panels can then mean cutting the average power bill in half!
While these numbers are just averages and will vary significantly from one property and solar panel system to another, consider how much savings that can mean for your home. If a homeowner currently pays $150 for electricity, he or she might invest in just 10 panels and then save $75 per month or $900 per year. A solar panel system might then pay for itself within a few short years, so any savings after that is just cash in your pocket!
Other Reasons to Get Solar Panels in NJ
Your cost savings is probably the most compelling reason to invest in solar panels in NJ! Even if you reduce your electric bill only by half, this can mean saving thousands of dollars over the years. Homeowners and commercial property owners can also upgrade appliances or install new equipment around the property without worrying about increased energy costs.
There are other reasons to consider getting solar power systems for a New Jersey property. One vital reason to invest in solar is that you can enjoy electricity without creating fumes, emissions, and other pollutants. While electricity is a clean energy source, power plants producing that electricity create tremendous amounts of pollution every year!
Solar panel installation is also a very labor-intensive process and not a job a company can outsource. In turn, investing in solar for your property creates and sustains local companies and jobs, which then improves your local economy.
Solar panel manufacturers also work hard to improve panel efficiency and recyclability. This also means high-quality jobs for those in the development and manufacturing industries. Recycling old panels also supports local recycling companies.
Getting solar for your property can also encourage other homeowners and business owners around you to do the same! As other property owners notice your solar panels, this might pique their interest in solar so that you start a domino effect in your neighborhood. More property owners investing in solar means less pollution generated for electrical consumption and the more local jobs created in your area.
Do Solar Panels Ever Wear Out?
Another reason to consider investing in solar power systems is that those panels don’t tend to actually wear out and stop working altogether. Solar panels don’t have moving parts that cause friction and don’t use liquids that might evaporate.
However, solar panels do tend to lose efficiency over the years as their wires and other pieces degrade due to sun and air exposure, usually at a rate of about 1% annually. In other words, solar panels that are 25 years old might have lost 25% of their efficiency over the years, so that they’re now only producing about 75% of the power they generated when brand new.
This loss of efficiency doesn’t mean that a property owner will absolutely need to replace those panels! If your solar panels are only producing 75% of the power they once did, this can still mean a tremendous reduction in your energy costs. Many solar panel owners will simply reassess if they should invest in new panels once their system gets to be 20, 25, or 30 years old.
What If You Can’t Afford Solar Panel Installation in NJ?
If you can’t afford solar panel installation in NJ, ensure you’ve checked all financial incentives and programs designed to make solar more accessible for property owners. For example, some tax rebate programs meant to be phased out in the early 2020s were extended due to the COVID-19 pandemic, so double-check with your accountant about credits and deductions available currently.
Solar loan programs are loans for solar panel installation in particular, and these loans might offer lower interest rates than standard personal or home improvement loans. Solar leases also allow you to lease those panels, so you only pay a small lease price every month versus a larger upfront purchase price.
Never hesitate to speak with an installer about the cost of solar panels in NJ and any concerns you have about their affordability. An installer will usually know about all current loan opportunities, leasing programs, tax credits, manufacturer rebates, and other such incentives that can help you afford the solar panel system you need!