How Much Do Solar Panels Cost in New Jersey? (2024) – MarketWatch

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If you are looking to save money on a solar installation in New Jersey, you can take advantage of the following incentives.

Claim Federal and State Incentives

The federal and state solar incentives available in New Jersey can help homeowners significantly lower their system’s price tag. For instance, considering the above-mentioned average price of $19,175, homeowners can save about $5,752 by claiming the federal solar tax credit.

Other incentives, such as the Successor Solar Incentive (SuSI) Program, can offer a rebate of $85 for every $1,000 kWh of energy generated. The state’s sales and property tax exemptions can also lead to savings of a few hundred dollars.

Enroll in Net Metering

Net metering is a billing mechanism that measures incoming and outgoing electricity from a home solar system and pays the homeowner for supplying excess energy to the grid. In New Jersey, net metering allows homeowners to use solar and grid power flexibly and offers energy credits for every kilowatt-hour of energy supplied into the grid.

To enroll in net metering, homeowners must apply for a system interconnection and have a bidirectional meter installed. Most installers in New Jersey handle the net metering application on behalf of customers.

Compare Quotes from Multiple Installers

The lower the cost of a system, the greater the savings you can achieve over time. With over 250 solar installers operating in New Jersey, homeowners can expect a wide range of solar pricing throughout the state. Different installers in New Jersey will offer different system pricing.

Large, national installers may offer lower prices thanks to the benefit of scale, but experienced companies like SunPower may charge more due to equipment quality. Some smaller, local installers may also offer competitive pricing to boost market presence.

For these reasons, it is important to request quotes from multiple providers and compare offers thoroughly based on cost, equipment quality and warranties.

Improve Your Home’s Energy Efficiency

Solar power is a great way to reduce your energy bills, but considering your existing energy requirements can result in even greater savings. A home that already has lower electricity bills will need a smaller solar panel system, thus saving on its purchase cost. But you can see even more energy savings by boosting your home’s energy efficiency overall, which you can achieve by using energy-saving appliances, improving insulation and more.

If you are interested in implementing energy-efficient measures, look for solar companies that offer whole-home audits and other services.

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