Benefits of Solar Energy
Solar energy provides multiple advantages that will enhance your home for years to come.
- Lowered energy bills: Solar panels allow you to generate your own energy to power your home, minimizing your monthly electricity costs. You can eliminate your bills completely if you go off-grid. Plus, a significant number of states have adopted net metering, which permit you to earn money by selling your unused energy back to the grid.
- Reduced carbon footprint: The sun is one of the universe's most abundant clean energy sources, meaning you can minimize or conquer your home's dependence on "traditional" sources.
- Better energy independence: Solar energy can keep your home running through blackouts and emergencies. You can use your solar energy anytime with an optional battery backup system.
What Solar Incentives Are Available to New Brunswick Homeowners?
New Jersey homeowners who decide on solar could qualify for special financing, tax credits, rebates and reimbursements. Here are just a few of the region's incentive programs.
Incentive Type: Sales Tax Incentive
Incentive Amount:
100% exemption
Incentive Type: Performance-Based Incentive
Website: njcleanenergy.comIncentive Amount:
Net-Metered Residential: $90/SREC-II
Small Net-Metered Non-Residential located on Rooftop, Carport, Canopy and Floating Solar
Projects smaller than 1 MW (dc): $100/SREC-II, $120 for public entities
Projects 1 MW to 5 MW (dc): $90/SREC-II, $110 for public entities
Net Metered Non-Residential Ground Mount
Projects smaller than 1 MW (dc): $85/SREC-II, $105 for public entities
Projects 1 MW to 5 MW (dc): $80/SREC-II, $100 for public entities
Community Solar LMI: $90/SREC-II
Community Solar Non-LMI: $70/SREC-II
Incentive Type: Property Tax Incentive
Incentive Amount:
100% of value added by renewable system
Incentive Type: Solar Renewable Energy Credit Program
Website: njcleanenergy.comIncentive Amount:
Determined by the market.
In June 2016, SREC traded at an average price of $229.90.
Incentive Type: Other Incentive
Website: pseg.comIncentive Type: Rebate Program
Website: njcleanenergy.comIncentive Amount:
Incentives depend on the HERS score and the classification
Single family homes: Ranges from $1,125 to - 24,250
Multi-single homes: Ranges from $1,125 to $18,188
Multifamily homes: Ranges from $625-$12,125
Incentive Type: Rebate Program
Website: NJCnjcleaneEnergy.comIncentive Amount:
Rebates
Single family : $2,000 to $4,000
Multi-family : $500-$1,500 per unit
Rebates for single family and multi-family should not exceed 50% of the cost of the measures used to calculate total estimated savings (TES)
See table below for details
Loans
Single-family: $5,000 (Tier II) or $10,000 (Tier III)4.99% interest loans up to $15,000 (where utility 0% financing is unavailable)
Incentive Type: Rebate Program
Website: NJCleanEnergy.comIncentive Amount:
Central AC: Tier 1 $300(Tier 1), $500 (Tier 2)
Ductless Mini Split A/C or Heat Pump: $500
Air Source Heat Pump: $300 (Tier 1), $500(Tier 2)
Geothermal Heat Pump: $500
Incentive Type: Rebate Program
Website: NJCleanEnergy.comIncentive Amount:
Residential Electric Customers (including municipal utility customers):
Solar Hot Water Heater: $1,200
Heat Pump Water Heater: $500
Geothermal Heat Pump: $500
Air-Source or Ductless Mini-Split Heat Pump: $300- $500
Residential Gas Customers (including propane):
Gas Furnace: $250- $500
Gas Boiler: $300
Gas Water Heater: $300
Solar Hot Water Heater: $1,200
Oil Heating Customers:
Oil Furnace: $250
Oil Boiler: $300
Combination Rebate
Boiler and Water Heater Combination Rebate: $700
Furnace and Water Heater Combination Rebate: $700- $950
Incentive Type: Rebate Program
Website: njcleanenergy.comIncentive Amount:
$900,000 or 30% of the cost per project, which ever is less
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in New Brunswick
The purchase price and performance of solar panels often hinge on the provider that installed them. Make your choice based on the following essential elements.
Licensing and Training
Licensing requirements mean that your New Jersey solar installation team will likely have a variety of different professionals, including a master plumber for piping work and an electrician for wiring work. The most experienced professionals on the team will also handle permit work for the job. Solar providers can also earn certifications from standards organizations and trade groups. The most recognized ones in the industry come from the NABCEP. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Cost of Solar Panels in New Brunswick
Different solar panel types look and perform differently. Monocrystalline panels cost more than other options, but they generate the most power and generally have the highest quality. Polycrystalline panels produce less power, but start at a more budget-friendly price point. Thin-film panels work well for small projects like RVs and sheds, but they're not ideal for larger installations due to their low performance.
If you need to charge an electric vehicle (EV) or use your solar power in dark weather, you can pay extra for accessories. By selecting the right components, you can make your panel array more effective and user-friendly. Not all solar providers include these extras, so look for a company that installs them if it's crucial for you.
Generally speaking, it will cost about $17,650 for a five-kilowatt solar array in New Brunswick. This table shows more specific prices for different solar panel types and system components in your area.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,204 |
| Solar Polycrystalline | $939 |
| Thin-Film | $549 |
| Solar Battery | $770 |
| Solar Home EV Charger | $2,889 |
Financing Solar Energy in New Brunswick
Choosing the ideal financing plan will influence your overall solar system cost and potential savings. Common payment options include loans, leases, cash payments, and power purchase agreements. Most solar experts recommend paying cash or using a solar loan. Cash payments demand a large up-front sum, but they help you avoid paying interest, grant you system ownership, and qualify you for cost-saving solar incentives. Solar loans have the same benefits, though you'll pay more in total due to interest and fees. Similar to an auto or home loan, you'll pay a set monthly rate with as little as $0 down. Solar leases allow you to pay a monthly fee to rent your panels, while a PPA lets you pay a variable rate based on only the energy you use. We generally advise against these options since you will not have ownership of your system and are disqualified from solar incentives, but they might be suitable in specific circumstances. We suggest working with an installer that offers multiple financing options. Talk to each salesperson about what's available, and get more than one estimate for the best odds of staying within your spending limits.
The table below lists the average payback periods for different capacities of solar systems in New Brunswick.
The IRS allows you to claim a 26% federal solar tax credit on the full cost of the solar system, so long as you purchase it before 2032. Municipal authorities and utilities might also offer their own incentives, rebates, and financing programs that could save you more money.
| Solar System Capacity | Estimated Payback period |
|---|---|
| 1 kW | 2.8 years |
| 2 kW | 5.6 years |
| 5 kW | 14.1 years |
| 10 kW | 28.2 years |
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Frequently Asked Questions About Solar in New Brunswick
How much money could I save by going solar in New Brunswick?
How popular is solar energy in New Brunswick?
Should I expect a property value increase after installing solar panels?
How can I check my home's solar suitability?
What care do my solar panels need, and how frequently do they need it?
What size should my new New Brunswick solar system be?
How can I boost my solar array's performance?
- optimize the panels' position with your solar installer
- regularly clean your solar panels
- upgrade to a more efficient inverter trim or cut down trees in the way of your panels
- use energy-efficient appliances
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