What You Need to Know About NJ Electricity Costs

Anyone who is considering a solar panel installation will weigh the costs upfront against potential electricity savings. Merely aspiring to be eco-friendly isn’t enough for most to take the leap, financial feasibility matters. And while going solar is an investment, it’s one that’s worthwhile since grid electricity costs are on the rise. Recently, the New Jersey Board of Public Utilities greenlit a rate hike, amplifying the appeal of a solar energy solution. In this article, our team at Green House Solar will take a closer look at the details surrounding the higher electricity costs and why solar is an ideal cost-effective energy option in the long run. 

Each year, New Jersey conducts electricity auctions for Basic Generation Service (BGS), allowing providers to bid competitively for supplying power. This past year saw a notable absence of major providers offering rates as low as before, signaling impending increases in electricity bills for consumers. From June 1, 2023 onwards, residents have already seen their electricity bills rise, price increases ranging between 3.3% to 8.6%, depending on their power distributor. There’s a good chance history will repeat itself, which means electric bills can rise again this June as a result of this auction overseen by state officials to acquire the power customers need to keep the lights on in their homes and businesses. 

*From NJ.gov

It’s important to note, these increases are based on current usage patterns in New Jersey. However, with such a mild winter and the heat already making an appearance in March, this can very well lead to heightened usage of our HVAC systems. Consequently, consumers could face a higher rate paired with increased electricity consumption, impacting their monthly bills even more.

In light of these circumstances, investing in solar panels emerges as a viable strategy to mitigate escalating electricity costs. Given the likelihood of continued price hikes, solar energy offers a solution to lower bills and shield against rising rates. Plus, if you take advantage of net metering, you can get credit for excess electricity you produce and sell it back to the grid. This means you could actually get a benefit from the increase in electricity prices! 

Cut Down Rising NJ Electricity Costs with a Solar Panel Installation for Your Home or Business

 

Contact Green House Solar to find out the cost to get solar panels for your business or home. We will take the time to explain all of the federal and NJ-based solar incentives available to you, so you can save the most money possible on installation. Plus, we can equip your solar panels with a power monitoring solution to help you pinpoint your building’s energy usage patterns, so you can make changes that will help you save money for months to come. 

 

To learn more about our solar panel installations in New Jersey and how we can get started on yours, give us a call or visit our website at: https://greenhouse.solar