subject: 3 Reasons New Jersey Is Scorching For Solar Power [print this page] Like the rest of the United States, people from New Jersey care about the environment. However, that is not the only reason that such huge numbers of people are installing solar power for their homes right now. As you read this, New Jersey has the most appealing conditions in history for installing solar power on a residence. It's easy to understand why New Jersey has so quickly become America's second biggest state for home solar power--and is gaining on the state in the #1 spot, California.
#1: Government Support for Solar Power in NJ
Because of the state's Renewable Energy Manufacturing Incentive (REMI), New Jersey utility customers are footing a half-billion dollar bill to subsidize solar installation in the state. The objective is to grow our state's solar power production 2x by 2013. The long-term goal: to provide 20% of our nearly 10 million residents' power via renewable energy by 2020.
The federal government is also giving tax credits to owners of homes for as much as three-tenths off the cost of the solar power system.
As a result, New Jersey solar energy installations will provide a full return on investment in just three years in many cases. Clearly this is the reason 6,000 New Jersey homeowners have already opted for solar energy for their homes.
#2: Getting into energy sales is a Lucrative cash flow option for New Jersey Homeowners
Solar energy also pays for itself by allowing homeowners to sell their excess energy back to the grid. SREC sales are more lucrative in New Jersey than nearly anywhere else. New Jersey's cost per kilowatt is $0.19 as opposed to the national average, which is $0.11.
#3: Solar Panels are going for the most affordable prices in History
Right now, solar panel manufacturers are producing double the panels as the worldwide renewable energy market can buy, a situation known as "solar panel glut." Moreover, the raw material cost for silicon, a major component in solar panels, have dropped by 50% since 2008. With these two conditions, panel prices have gone through the floor.
All in all, now is the best opportunity to install solar on your New Jersey home.
