How Much Money Can You Save When Your Home is Solar Powered?
People have different reasons for going solar, from reducing their environmental impact to increasing their access to a reliable source of energy, but the main reason for most people is that they want to save money. So, how much can you really save? Our residential solar team in Morris County, NJ looks at this important issue.
Solar Installation Cost in Morris County NJ
Moving off the grid is an expensive investment, so your savings need to be able to cover the cost of solar installation (including the installation of a solar battery back-up system). While this cost used to be very high, the price has decreased dramatically as the tech has become more easily available. The cost of the system you’ll need is dependent on how much energy you want to produce, the complexity of the roof installation process, and the solar panel products that you buy.
The great news is that in the long-term, this installation cost will be paid off by your energy savings so in the end, all solar panel systems are free. There are several ways to make this a more affordable process:
- Cash results in the fastest payback, usually in 5-7 years. The Federal government and State of NJ also offer financial incentives to increase your savings – but be aware that these are set to change during 2019, so you have limited time to take advantage of these.
- Solar loans: These are loan programs where you don’t have to make any net payments, as your solar panels pay back your loan. This way, you can get a solar energy system and the savings benefits they offer without having to pay in yourself.
- Solar lease: This is a lease program that operates on a fixed monthly cost and the leasing company is responsible for maintaining and repairing your system when needed.
Average Savings with Residential Solar Energy Systems in NJ
According to studies that look at the 20 year returns on residential solar, households using a 6 kilowatts solar system to produce 10,400 kilowatt-hours per day (the national average) set against a 2.2% projected utility inflation rate will see savings of almost $20,000 over the first 20 years of system use. This is calculated without the Federal tax credit which offers even greater savings. And, if you produce more energy then you need, you can sell it into the local grid to increase savings even further.
At Greenhouse Solar, we offer the latest in powerful, reliable and affordable home solar systems. As a small local company, we specialize in residential solar in Morris County, NJ, and our fully-certified and experienced team is ready to design, install and maintain your solar system, ensuring you get all the benefits of clean, affordable energy. We are an authorized dealer of SunPower solar systems. To find out more about solar installation cost in Morris County NJ, our company or services, please contact us today or visit our website at https://greenhouse.solar/