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Cost of Solar Panels in East Orange, NJ
From the outset of the solar revolution, New Jersey established itself as a leader in residential solar installations. The state has been able to maintain its ranking as a top solar installer through a combination of solar tax credits and a generous SREC program, which makes going solar more affordable for its residents.
At Momentum Solar, we have been helping residents of East Orange go solar for over 10 years. Not only do we outfit the highest quality solar panels, but we also offer our customers the most attractive solar financing options available today. If you’re thinking about going solar, this article will help you understand the cost of solar panels for your East Orange property and the solar financing options that can help you pay for them.
Cost of Solar Panels in East Orange
The exact cost of solar panels varies based on the size of the system you require and the unique characteristics of your property (for example, the type of roof on your home). When you choose Momentum Solar as your installer, this amount includes all of the fees associated with the planning and installation of your panels.
We offer all of our new customers a free consultation, during which we record the details required to provide you with an accurate, custom quote for your solar panels. What you see is what you get – there are no hidden costs with Momentum Solar.
Solar Tax Credits
The initial cost of your solar panels can be offset during the first year by leveraging solar tax credits. The federal government’s solar Investment Tax Credit (ITC) lets you deduct a percentage of the cost of your solar panels from your income tax liability. The government is phasing out the ITC, so you must act soon in order to take advantage of it! After 2023, the solar tax credit will no longer be available for residential installations. The price reductions for the remaining years are as follows:
- 2021: 26%
- 2021: 22%
- 2022: 26%
- 2023: 22%
- 2024: No reduction
New Jersey’s SREC Program
New Jersey offers its residents valuable savings through Solar Renewable Energy Credits (SREC). The program was created to encourage the utility companies to generate a certain amount of their electricity through solar each year. In order to meet these quotes, the utilities issue credits to homeowners who have installed solar panels.
The value of New Jersey’s SRECs is higher than in other states, providing residents of East Orange greater savings from solar. Unfortunately, like the solar tax credit, this valuable program won’t be available forever. New Jersey has already announced plans to phase out SRECs – new applications for the program will only be accepted until May 31, 2023.
Use Solar Financing to Go Solar Today!
At Momentum Solar, we offer the following solar financing options to our East Orange customers:
- Solar loans – We offer competitive rates and terms. A loan can be used to cover a portion of the cost or the full amount of solar panels for your home.
- Solar PPA – With a solar Power Purchase Agreement (PPA), you will pay for the electricity generated by your panels, but not the panels themselves. The cost of your electricity will be lower than the cost of buying from the grid and will be fixed for the entire term of your PPA.
If you’re ready to go solar – or just want to learn a little more about our solar company – we encourage you to contact us today to schedule your free consultation. This is the first step to learning more about the cost of solar in East Orange, NJ and exploring the solar financing options available to you. We look forward to hearing from you!
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