Do Solar Panels Save Money?

Do Solar Panels in New Jersey Save Money

There are several reasons to buy solar panels for your home. Since you’re using less electricity from your power company, you’re lowering your carbon footprint. And solar panels can power your home when the power goes out. But many people buy solar panels to save money. Is this an economical choice? Let’s take a look.

The Sun

The first thing to consider is whether you have a suitable roof for solar panels. If your roof is shaded by buildings, mountains, or trees you can’t trim, this idea is probably not worth pursuing. You need a place where solar panels can get a lot of direct sunlight for this project to eventually break even.

Roof pitch and direction is also important. The best circumstance is having a large roof area that angles toward the equator, because that’s where the sun usually is. Your geographic location is a factor as well. Homes in Hawai’i get a lot more sunlight than homes in Alaska, which spend winter months in darkness.

Upfront Costs

Buying solar panels and having them professionally installed is not considered cheap. You also need to consider whether you want to buy a battery. The ability to store energy for later use is a great benefit, but adds to your starting cost. Other costs include labor for installation, plus additional hardware needed to maintain and monitor your system. All told, the installation can cost between $11,000 and $17,000. The only way to get a good estimate on your startup costs is get a consultation from a solar company. They can take a look at your roof and electrical system, ask the right questions, and make suggestions that you probably wouldn’t know to consider.

Incentives

To encourage clean energy, the federal government has created a solar power incentive program. According to energy.gov, this incentive “provides a 26% tax credit for systems installed in 2020-2022, and 22% for systems installed in 2023.” This credit applies to the cost of both the parts and labor of the installation. Many states have similar incentive programs.

Conclusion

Factoring in all these costs against the energy generated by an average size solar installation, you can expect to earn back your initial costs within 10 to 20 years. If you plan to move soon, this may not be a great investment for you, but if you plan to stick around and care about the planet, consider going solar.

At InfinityEnergy, we’re proud to have built a team of trained, in-house professionals devoted to bringing affordable and clean energy to the Northeast. We help homeowners save money each month, with the best solar energy system available while making a better tomorrow for us all. And with our advanced in-home monitoring controls, A+ warranty, and exceptional service, our customers know they’re getting the best in the industry. Based in Mahwah, New Jersey we service Northern New Jersey, Hudson Valley, NY and Connecticut. Feel free to get in touch with your questions or contact us for your free quote!