There are various pros and cons of solar panels in New Jersey. Solar panels are becoming more popular among homeowners in NJ. In fact, New Jersey plans to have 50% of the state’s energy coming from Class 1 renewable resources by the year 2030. Of course, there’s a lot of people moving towards solar panels because of their impact on the environment. In fact, many are asking “is solar worth it in NJ?” As an NJ homeowner, you should consider installing solar panel systems to energize your residence. Read on for the pros and cons of solar panels in New Jersey.
Pro: Clean And Renewable Energy
Solar panels in New Jersey provide clean and renewable energy. During their operations, solar panels produce energy while reducing the emission of toxic chemicals in Essex, Passaic, Bergen and other New Jersey counties. More so, they eliminate the exposure of greenhouse gases that add to global warming and air pollution. In fact, you can live comfortably knowing you are not contributing to negative environmental conditions. Additionally, the energy it produces is renewable. As a result, unlike the ever depleting fossil fuels, your energy will never run out. Certainly, a pro of solar panels in NJ is the generation of clean and renewable energy.
Con: Solar Dependence
Meanwhile, New Jersey solar panels offer solar dependence. You are reliant on the sun to produce energy for residential and personal use. So, during the night, you cannot generate energy. However, your solar panels should collect enough exposure during the day to produce energy and electricity needed during hours of darkness. In fact, in New Jersey, on average, you receive about 4 hours of peak sun hours. So, if you have a single 370-panel watt, you get a daily electricity production of 1.5 kWh. Or, if you cover your entire roof, which on average in the US, is about 95 panels, you receive 142.5 kWh a day before its dark. Certainly, you would have to make the most of the allotted sunshine to power your NJ home with solar panels.
Pro: Electric Bills
Additionally, solar panels reduce electric bills in New Jersey. When you install solar panels, you generate your own energy resulting in solar panel savings NJ. As a result, you reduce your monthly electric bill, which on average in NJ is about $103, by relying less on your electric utility. Additionally, a typical solar panel system has up to a 35 year life span. Meaning, by going solar, you can cut your electric bills and costs for several decades. Of course, our solar installation specialists can create an estimate of your long-term energy bill savings. So, you can project how much you will save by installing a solar panel system. Surely, solar panels reduce electric bills in New Jersey.
Con: Initial Costs
However, the initial costs of NJ solar panels are high. The average NJ property owner spends upwards of $10,000 on solar panel installation. Or, they purchase panels for around $2.30 to $3.15 per watt. While there are some initial costs, you can earn your investment back in as little as 4 years. Additionally, you can receive solar panel performance-based incentives. In NJ, you can earn money from Solar Renewable Energy Credits (SRECs), if you received one before the program closed in 2020, or a Transition Renewable Energy Certificate (TREC). The SREC program pays depending on the market supply and demand. But, since the program closed, you only have until 2025 to keep earning from them. Meanwhile, the 15-year NJ TRECs program offers a fixed amount per kWhrs per year. Certainly, the initial cost of NJ solar panels can impact installation decisions.
Pro: Home Value
Finally, solar panels in New Jersey can increase home value. In NJ, home equipped with solar panels have the potential to sell for 9.9% more than homes without them. As a result, a median-valued home with a solar system could make a profit of around $32,000. Or, you can calculate your projected home value increase by reviewing a study in the Appraisal Journal. They state that home values increase $20 for each dollar reduced from your annual utility bill. So, if you save about $400 a year on energy bills, you could add about an $8,000 increase to the value of your home. Definitely, solar panel installations in NJ can increase your home’s overall value.
Of course, there are various pros and cons of solar panels in New Jersey. The pros of solar panels consist of producing renewable/clean energy, reducing electric bills and increasing home value. On the other hand, the cons include energy independence and costly initial payments. However, the cons are easily turned into pros when solar panel systems start to produce energy. Clearly, the pros of a solar panel solution outweigh the cons. These are the pros and cons of solar panels in New Jersey.