Why is Solar Energy Good?

 

Clean Energy Alternative

Solar energy is a renewable and sustainable solution to tackle the environmental problems that society faces today and into the future. The integration and conversion to renewable energy like solar reduces our reliance on fossil fuels and provides a clean renewable alternative for energy production.

Economical Energy Source

Solar energy can reduce electricity bills up to 100% if site conditions permit. And, according to Our World Data, the price of solar has decreased so dramatically it is now one of the cheapest forms of energy production on a kWh basis.

Increases Property Value

Solar energy systems increase the value of businesses and residences by around 10% in New Jersey. Moreover, there are several state and federal incentives that provide benefits for investment in solar energy.

 

NJ State Solar Incentives

Many people would like to reduce their energy bills and increase the value of their property, but believe that the installation of solar PV systems will be too costly. However, there are several state incentives that reduce the cost of installation significantly and provide a steady cash flow, making solar a very attractive option. The state incentives for solar include:

  • NJ Solar Renewable Energy Credits II(SRECs). For every megawatt produced by a PV system, the State of NJ gives the owner an SREC that they can sell on the open market. Currently, NJ SRECs can be sold for a fixed value of ~$110+/- and are valid for 15 years.

Federal Solar Incentives

There are also several incentives at the federal level for pursuing solar installation.

This renewable energy source is backed by incentives like:

  • Federal Tax Credits. Solar projects that begin this year are eligible for a 30% tax credit from the federal government.