There are several signs switching to solar is right for homeowners asking, “When does it pay to go solar in NJ?” According to recent reports, solar power is one of the cheapest energy sources in history. Over the past decade, solar panel costs have declined by over 60%. Indeed, improved photovoltaic technology, increased demand, and supply chain competition are working together to lower solar costs. Additionally, homeowners are reducing their solar installation costs with incentive programs as well. With these lower costs, New Jersey solar systems typically pay for themselves in about 6 years. As a homeowner, you need to know the best time to make the switch to solar. This way, you can maximize these cost savings. Read on to learn more about when does it pay to go solar in NJ.
Your Electric Bill Is On The Rise
First, it pays to go solar in NJ when your electric bill is on the rise. Over the past 10 years, electricity costs have increased by almost 30%. Depending on your region, prices may continue to increase by up to 2 to 3% each year. Importantly, each year you do not invest in a solar system, you miss out on the opportunity to avoid these rising prices. For example, a typical U.S. household may spend about $1,400 each year on electricity. With solar panel installers Clifton NJ and other areas, you can reduce this expense to almost nothing. If prices go up to $1,500 the next year, that is $100 more you can save. Since solar panels usually last 25 to 35 years, you can continue to increase your savings as your electric bill rises. In general, it makes the most financial sense to go solar if your monthly electric bill is $75 or more. Absolutely, consider your electric bill if you’re asking, “When does it pay to go solar in NJ?”
Your Roof Gets Enough Sunlight
Next, it also pays to switch to solar in NJ if your roof gets enough sunlight. Naturally, solar panels are most effective in areas that get a lot of direct exposure. Therefore, rooftops with few trees and shaded areas are often a good candidate for solar panels. In addition, roofs with southern sun exposure usually get enough sunlight as well. To maximize your sunlight, consider trimming trees that may be shading your rooftop before your solar installation. Of course, homeowners do not have to live in a completely sunny area for solar panels to work. Indeed, solar panels still work in cloudy and shaded areas. The energy output just may not be as high. Therefore, consider your roof’s sun exposure if you’re asking, “When does it pay to go solar in NJ?”
You Want To Maximize Incentives
In addition, it also pays to go solar in New Jersey if you want to maximize your incentives. For example, many homeowners can save with the federal solar investment tax credit (ITC). With this clean energy programs NJ, you can save 26% on your installation costs through a federal income tax deduction. To qualify, you just need to purchase your solar system from your provider and have more income taxes than the deduction. Importantly, the residential solar tax break drops to 22% in 2023. By 2024, this incentive will no longer be available for property owners. Therefore, start your installation by 2022 to get the most out of these cost savings. In short, consider how incentives can impact your cost savings when thinking about when does it pay to go solar in NJ.
You Want To Increase Your Home’s Value
Moreover, switching to solar in NJ pays when you want to increase your home’s value as well. According to recent studies, each kilowatt of solar power you generate adds nearly 1% to the total value of your home. On average, residential solar systems generate between 3 to 6 kilowatts of production. Thus, you can potentially add tens of thousands of dollars to your home’s sale price. In addition, solar homes tend to sell nearly 20% faster than homes with a nonrenewable energy source. If you are considering selling your home within 20 years after your solar installation, solar panels are a great way to give your property a market boost. Plus, it’s getting easier to transfer solar leases to new homeowners as well. Undoubtedly, consider your home’s value when asking, “When does it pay to go solar in NJ?”
Fall & Winter Installation Advantages
Furthermore, it pays to go solar in NJ during the fall and winter seasons. Often, this means it’s easier for homeowners to get on the home solar panel companies Sussex NJ schedule or with their local solar contractor. Simultaneously, solar companies may be able to get to your house quicker for your installation. This way, you’ll pay less for air conditioning in the upcoming summer months. In addition, solar panel efficiency usually increases during colder months as well. Therefore, you can maximize your solar energy output as soon as your system is connected to the grid. Definitely, fall and winter seasons offer installation advantages for homeowner wondering when does it pay to get solar panels in NJ.
There are several signs switching to solar is right for homeowners asking, “When does it pay to go solar in NJ?” First, it pays to switch to solar when your electric bill is on the rise or when you are paying more than $75 per month on energy. Next, it also pays to go solar if your roof has enough sunlight. In addition, you can maximize your incentive savings by switching to solar now. Moreover, it pays to go solar when you want to increase your home’s value. Furthermore, fall and winter months are a great time to switch to solar panels as well. Consider these points to learn about when does it pay to go solar in NJ.