Want to lead New Jersey's transition to solar energy?
Up and down the Turnpike, homeowners in New Jersey are locking in savings by going solar. The Garden State is a leader in the solar industry, with the third-most solar panel installations of any state in the country. One of the main reasons for this great leadership: some of the most attractive savings in the U.S.
The economics of solar in New Jersey are so beneficial due to the presence of Renewable Energy Credits (commonly known as "RECs"), which allow local utilities to meet their mandated renewable energy requirements. The average solar system in New Jersey typically creates 8-10 RECs each year, with RECs currently valued around $200 each! These credits go to the owner of the system, so owning your system directly – with a Dividend Finance solar loan, for example – is incredibly favorable in New Jersey.
Our customers in New Jersey have installed home solar panels for a variety of reasons: to help the local environment, to save money from Day 1, to gain independence from the utility companies, and to show off their sweet new panels to their neighbors. All of them have taken advantage of one of New Jersey's great natural resources: the sun.
With some of the highest utility prices and most generous incentives in the country, New Jersey is a perfect place for solar energy to shine.
Home Solar in New Jersey Is More Affordable than Ever Before
- Federal Tax credit may be available
- Renewable Energy Credits (worth thousands of dollars!)
- Sell Your Extra Production with Net Metering
What Our New Jersey Solar Customers Are Saying
I highly recommend Dividend Solar Loan. Extremely easy to qualify and the flexible payment schedule really fits my needs. So exciting to be able to get solar electric installed on my home for no money down!Judy | Brick, NJ
I've wanted to install solar panels ever since the technology was available. Come on, to be able to harness the never ending power of solar energy is a dream come true. But installing panels is a pretty expensive project and most companies offer lease programs, which is ok, but I prefer to own. I couldn't have imagined having such a smooth, transparent and worry free experience. They make it look easy. And the local solar companies that are affiliated with them are true professionals. I'm recommending Dividend Solar to all my friends and neighbors who are interested so they can enjoy a hassle free solar installation experience.Henry | Woodbridge Township, NJ
How Going Solar in New Jersey Works
Step 1: Sign up online
Step 2: Talk to a solar specialist
Step 3: Check out your custom design
Step 4: Relax during installation
Step 5: Watch your savings grow
New Jersey is one of the top states to go solar and maximize your savings. Aside from saving money on your electric bill, there are three other key incentives that help solar in New Jersey make sense: 1) the 30% federal tax credit, 2) Renewable Energy Credits, and 3) Net Metering.
First, the federal government offers a 30% tax credit which is available in all 50 states. This credit is applied to the federal taxes you pay each year, thereby lowering the net cost of your solar system. This credit is a great benefit of going solar: money that you would otherwise pay in taxes can now be used to own your solar system sooner. It is important to note that you can only reap the benefits of the federal tax credit* – which can cover up to 30% of your system's cost – if you own your system directly (instead of leasing it or choosing a Power Purchase Agreement). With a Dividend Finance solar loan, you own your system and you get all of the economic benefits of going solar in New Jersey.
Secondly, New Jersey offers Renewable Energy Credits which can generate tens of thousands of dollars of cash savings in addition to your utility bill savings. For more information on RECs, please see the next question!
Finally, like many other states, New Jersey utilities have Net Metering policies which allow homeowners to be credited for extra energy fed back to the power grid. If designed optimally, a homeowner can expect to offset 100% of their current electricity use while also having some left over to sell back to the grid.
*Dividend Finance does not provide tax or legal advice. Please consult your tax advisor for more information.
In New Jersey, the typical solar energy system will produce between 8-10 megawatt hours of electricity each year, and every 1 megawatt hour of production also generates 1 Renewable Energy Credit ("RECs"). RECs can be sold to utility companies which allows them to meet their required quota of renewable energy production. It is very simple to sell RECs, and we offer an easy way to lock in REC payments for 5 or 10 years with a contract through one of our partners.
From a homeowner's perspective, Renewable Energy Credits are an additional source of savings that can add thousands of dollars of cash savings each year – on top of your utility bill savings! These RECs are a key driver of the economic benefits of going solar in New Jersey, and help homeowners save money immediately.