Solar energy is a sustainable solution to the environmental problems that we face. The conversion to solar reduces our reliance on fossil fuels and provides a clean alternative for energy production.
In addition to the environmental benefits, the conversion to solar energy is an economical choice, for two reasons:
Reduces energy bills. Solar energy reduces electricity bills significantly, up to 100%, if site conditions permit.
Increases value of property. Solar energy systems increase the value of homes and businesses by ~10% in NJ.
Many people would like to reduce their energy bills and increase the value of their property, but believe that the installtion of solar PV systems will be too costly. However, there are several state and federal incentives that reduce the cost of installation significantly and provide a steady cash flow. This makes solar a very attractive option. The state and federal incetives include:
- NJ Transitional Renewable Energy Credits (TRECs). For every megawatt produced by a PV system, the state of NJ gives the owner an SREC that he or she can sell on the market. Currently, NJ TRECs can be sold for a fixed value of ~$189 and are valid for 15 years.
- Federal Tax Credits. Solar projects that begin this year are eligible for a 26% tax credit from the federal government.