Residential Solar Power – What Are Solar Panel Costs?
Despite the amazing benefits of home solar, many property owners hesitate to contact an installation company due to concerns about solar panel costs. You know that these amazing alternative energy producers will minimize your energy bills that come in every month. However, you still need the funds to have them installed in the first place. If you wonder about the average cost of solar panels in New Jersey today, you may be pleasantly surprised.
Factors that Affect the Average Cost of Solar Panels
As with any home improvement projects, a solar system for home installation depends on the specific products you choose, how many you get, and the time it takes to finish the job. A smaller home with less roof area will obviously cost less than a large home with more space would. That is if you want maximum coverage of the roof. We at Steve Whitman Solar can help you determine how many residential solar panels would work best for your home and give you the highest savings on your utility bills.
It starts with an exploration of your monthly energy usage. You can find out this information on the electric bill you receive every month. While it may not be possible to completely cover the whole amount, it gives a good guideline of how to design an effective solar system for your home. Overall costs can range anywhere from approximately $10,000-$25,000 and more. Before you dismiss the idea due to cost, take into consideration the current incentives for home solar and financing options.
Solar Panel Costs Offset by State and Federal Incentives
If you get residential solar panels installed before the end of December 2022, you can take advantage of a federal tax credit up to 26% of the total cost. This decrease in your overall tax payment responsibilities can bring the average cost of solar panels down considerably.
In New Jersey, additional tax credits and incentives also provide financial help to make the solar energy decision. These include the following:
100% sales tax exemption on a solar system or home
No additional property tax on solar value increases
TREC program that allows you to sell energy certificates
NJ net metering to sell energy back to the grid
Alongside all these financial incentives, it is possible to either lease the solar system or finance it in a variety of ways. Steve Whitman Solar offers multiple options for you to discuss with our team during your first meeting.
From a financial perspective, residential solar panels offer a unique opportunity to affect your budget for many years to come. This is especially useful if you intend to live in your current home for five or more years. These savings on your energy bills add up considerably over time. You can even make more money than you spend if you produce extra energy for the grid. Let us help you understand the average cost of solar panels in your area and how choosing a solar system for your home can make a big difference in many ways. Request a quote today!