How much does a 5 kW solar system cost in New Jersey?

The cost to install a typical 5-kW solar panel system in New Jersey is about $16,250. With the federal solar investment tax credit (ITC), you can reduce the cost of your system by 30%, bringing your initial installation cost to $11,375. You can expect your electricity savings to be around $950 during the first year of operation.

Why is solar important in Jersey?

Solar is a vital component of modern homes in Jersey, contributing to the state's renewable energy and energy management. For those focused on the bottom line, solar serves as a safeguard against rising grid electricity costs.

Can a New Jersey home-equity line of credit pay for a solar system?

Since most New Jersey residents don’t have $16,250 to plunk down on a solar panel system, many of them will use a home-equity line of credit (HELOC) to pay for their system. These loans typically have a fixed interest rate of about 4% and can be paid back over 15 years.

Are solar panels tax deductible in New Jersey?

New Jersey homeowners who wish to purchase solar panels qualify for the federal Investment Tax Credit (ITC), which essentially lowers the cost of the system by 30%. The refund is claimed as a tax credit, reducing the amount of income tax you owe by the equivalent of 30% of the cost of your system.

Are New Jersey solar rebates still available?

While some of the early rebates are no longer offered, other generous policies continue to encourage high numbers of homeowners to convert to solar. New Jersey homeowners who wish to purchase solar panels qualify for the federal Investment Tax Credit (ITC), which essentially lowers the cost of the system by 30%.

Why should you choose SunWorks Solar?

SunWorks Solar is Jersey’s only dedicated PV provider, offering Solar PV to both commercial and residential properties. With more homes in Jersey powered by solar through SunWorks than any other firm, you can trust us for great service and the best suited PV system.