Benefits of Solar Energy
Solar energy provides multiple benefits. Let's look at a few of them.
- Better energy independence: Photovoltaic solar panel systems with battery backups and storage systems function through blackouts and emergencies, and you won't have to rely on the electrical grid for your safety and comfort.
- Reduced carbon footprint: Using clean solar power lowers your dependence on fossil fuels, which release greenhouse gases that damage the environment.
- Lowered energy bills: You can dodge the added cost of grid-tied power by creating some electricity right where you use it. Plus, many states offer net metering which can allow you to sell your unused energy back for credits on your bill.
What Solar Incentives Are Available to Vineland Homeowners?
New Jersey agencies and electric companies offer a variety of solar incentives to help offset your solar system costs. Here's a breakdown of available solar programs where you live.
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: 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 Vineland
The more informed your company research is, the better your solar system will ultimately operate. Here are some crucial criteria to keep in mind while shopping for a solar company.
Licensing and Training
Licensing requirements mean that your New Jersey solar installation team may have a variety of different professionals, including a master plumber for piping work and an electrician for wiring work. The master-level professionals on the team will also liaise with your local government and utility on permit matters. You should also visit a company's website to learn about its private certifications. Two of the most respected are the Solar Heating Installer and PV Installation Professional certificates, awarded by the North American Board of Certified Energy Practitioners (NABCEP). Some companies don't publish this information online, so you should also ask your estimator about them.
Cost of Solar Panels in Vineland
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 inclement weather, you can pay extra for add-ons. By choosing the right components, you can make your system more productive and user-friendly. Not every solar company includes these add-ons, so look for a contractor that installs them if it's important for you.
You can plan to spend about $17,650 on average for a five-kilowatt solar energy system in Vineland. Use the table in this section to get an idea of how much Vineland solar companies might quote for your specific solar system's price.
Solar Panel Cost | Average Cost |
---|---|
Solar Monocrystalline | $1,082 |
Solar Polycrystalline | $844 |
Thin-Film | $493 |
Solar Battery | $693 |
Solar Home EV Charger | $2,597 |
Financing Solar Energy in Vineland
Choosing the optimal financing option will affect your overall solar system cost and expected savings. Common payment options include leases, loans, cash payments, and power purchase agreements. Though it requires a large up-front payment, cash is the most affordable choice because it qualifies you for solar incentives and doesn't accrue interest. Solar loans are the runner-up option. As with a car loan or mortgage, you'll pay a monthly rate towards system ownership, including interest. You can still apply for money-saving solar incentives, and depending on your lender, you could put as little as $0 down. Solar leases involve paying a set monthly rate to use rooftop panels. A PPA (Power Purchase Agreement) enables you to pay a monthly rate based only on the energy you use, similar to an electric bill. We generally don’t recommend these two choices because you won't own the panels and are disqualified from using solar incentives. Ask each installer you're vetting about the payment plans it offers. A consultant can help you determine the most suitable option for your financial situation.
The table below lists the average payback periods for different capacities of solar systems in Vineland.
You can claim a 26% federal solar tax credit from the IRS for new residential solar systems purchased before 2032. Additionally, local governments and utilities may have their own financing plans and rebates that could reduce your total cost even more.
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 Vineland
How much energy and money could I save per year by switching to solar?
Is solar energy easily accessible in Vineland?
Should I expect a property value increase after installing solar panels?
How can I check my site's solar suitability?
Is solar panel installation a quick job?
What's the average solar system size in Vineland?
How many estimates should I get before making a final solar company decision?
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