Check out some fun facts about solar energy in NJ! Knowing more about solar power can help you decide if it’s suitable for your property. You can also make the best decision about when to schedule solar installation for your home or business. There's no better time than the present to go solar in New Jersey.
New Jersey enjoys over 200 sunny days annually and about 2500 hours of sunlight annually. In turn, it’s an excellent spot for solar panels! It’s one of the sunniest states in the northeast. Remember this fact if you assumed that New Jersey just wasn’t bright enough to justify a solar installation.
Some studies estimate that a solar installation can reduce a homeowner’s energy costs by 83%. Consider what that might mean for your property. You would see an $83 reduction for every $100 you spend on power currently!
Also, consider these savings over time. For example, if your average electric bill is only $100 per month, you will save just under $1000 every year. That’s $10,000 every ten years and $20,000 every 20 years! This cost savings is one primary reason why so many choose to go solar in New Jersey.
Did you know New Jersey ranks 8th in the country for solar power? This is because so many property owners are eager to take advantage of clean, green solar energy for their property. Also, consider that the solar industry has grown tremendously over the past few years and is poised for even more growth in the future.
When listing all the benefits of solar power, property owners often overlook the jobs created by solar installations! In 2022, the solar industry created over 5300 jobs. Also, remember that you cannot outsource jobs such as solar array design and installation. In turn, solar helps boost the local economy.
In 2022, solar accounted for just over 6% of the state’s electricity. However, the state has committed to increasing this number to 50% by 2050. This commitment includes building more solar farms and exploring added financial incentives for property owners looking to go solar.
Solar installation typically increases property values by about 4% or more. For area homeowners, this typically translates into a $6000 increase in their home’s values. However, the state has waived the increased property taxes that usually come with such an increase! If your property values go up after a solar installation, you can build equity faster and sell for more money but still pay taxes based on the previous value of your home.
The 2022 Inflation Reduction Act increased and extended federal tax credits for solar power. Under this provision, a property owner can claim 30% of their solar costs as a credit on their federal taxes from the year of installation until 2033. In other words, if you spend $10,000 on a solar installation in 2023, you can claim a $3000 deduction on your tax returns that year.
Even after reviewing these facts about solar, you might be wondering if the investment is worth it for your property. The short answer is yes, solar is an excellent choice for any home or business! Keep reading to learn more about why you should consider going solar:
Go Solar New Jersey is happy to provide you with these fun facts about solar energy in NJ. Hopefully, you found it informative as well as enjoyable! Call our New Jersey solar installation contractors if you’re ready for clean, green energy on your property. We offer FREE consultations and price quotes and guarantee every installation for quality. To find out more, contact us right now!