If you are like many homeowners who have considered the installation of solar energy systems, but have been turned away by the cost of such equipment, you may be surprised to find that they are not as expensive as most people believe. This is especially true today and in the state of New Jersey. Jersey City solar panels cost far less than they ever have in the past. This is due to impressive federal and state solar incentives. Once you factor in government rebates, you will find that you can save up to 50% on the cost of solar panels.

There are a number of federal tax credits that focus on encouraging people to purchase energy-efficient appliances, including fuel-efficient vehicles and solar panels that provide clean energy. Current consumer energy tax incentives offer a credit of 30% off a solar energy system. This reduces the Jersey City cost of solar panels quite a bit.

You will also find that New Jersey offers Solar Renewable Energy Credits (SRECs), which will help you to pay back the initial cost of Jersey City solar panels for your home. For 15 years, you will earn one SREC for every 1,000 kWh your system produces. With each credit worth around $650, profits will add up quickly. Within the 15 years, an average home installed with solar energy panels has the potential to earn over $75,000 through SRECs. Jersey City solar panels cost far less when you factor in these credits.

Don’t forget the overall solar power cost saving from reduced electric utility bills. New Jersey, in particular, has a high cost for electricity. The US average is $0.11/kWh, whereas, in New Jersey, it is $0.19/kWh. The average household in New Jersey receives an electricity bill of about $200 per month. With a typical solar energy system, you can easily knock off almost 90% from that bill.

Many homeowners are discovering that Jersey City solar panels cost significantly less than they first believed. If you are seriously thinking about installing solar panels on your home, set up a consultation with an expert. You can then discuss your budget and energy needs. A reputable solar power professional will be able to determine how much solar panels cost to meet all of your requirements. You can then subtract from this cost the federal and state rebates you will receive. By doing this, the Jersey City solar power cost will not seem as daunting as you thought.