Solar power in Newark, New Jersey
Public Service Electric & Gas offer net metering and an SREC system to remain compliant with New Jersey's renewable portfolio standard of which a certain percentage must be met by home solar. If utilities fail to meet their RPS requirements they can be heavily fined. All this creates an SREC market.
One REC is equal to 1000kWh of solar prodution. A common 5kW system produces about 6 RECs per year and at an average price of $180-$240 that's about $1,080 to $1,440 in your pocket every year!
Public Service Electric & Gas' also offers an net metering program, which makes it easy to eliminate your electric bills with solar.
On top of two already excellent incentives Newark residents are also eligible for the federal solar tax credit; in 2020, it covers 26% of the system cost.
With these 3 amazing incentives solar is a must have and be sure to act soon since these incentives will only dissapear with time, and your electric bill will only go up.
Even if you still aren't convinced a free estimate by entering your address into our solar calculator can be great to work out where you stand.
Net Metering Broken Down
PSE&G's net metering program gives you 1 for 1 with the retail power price for unused solar generation exported to the grid. After covering your bill credit is carried forward at the same value to future months. Remainging credit at the end of the yearly billing cycle is deposited into your account at the avoided cost rate (about 3-4 cents per kWh). Net metering works well since solar produces the most when during the day when little power is being used.
The average cost of installing residential solar panels in Newark,
New Jersey in 2024 is
$2.78 per watt. The average system size
in the US is 6 kilowatts, which means the average price of a solar system
in Newark, NJ
is $13,900.
(after claiming 26% tax credit and other rebates)
The 26% federal solar tax credit explained
If you have a federal income tax liability, 26% of the cost of your solar system can be claimed as a deduction to your taxes. This incentive is claimed when you do your taxes. In order to receive the tax credit quicker it's best to do your taxes as soon as possible after installation.
What if my tax liability is less than 26% of my systems costThere is the option to claim this incentive over several years if your tax liability is less than 26% of the system cost.
How much will solar panels on my home save me?
The answer to this question depends on your electricity usage. Generally speaking the greater your power usage the greater the potential savings from installing solar.
The average monthly usage in New Jersey is only 691kWh per month however, you are most likely using a lot more than this since this average includes condos and small apartments.
The Newark solar panel savings calculator below will convert your monthly power spend into power usage (in kWh's) and then work out exactly how many solar panels you need to offset your usage, how much they will cost based on the prices of local solar companies and the amount you will save. Our New Jersey solar savings calculator can do this because it contains a database of the electric rates charged by Jersey Central Power & Lt Co, Public Service Elec & Gas Co
How much can solar panels save you in Newark
What does the cost of a real solar system look like?
Facts about installing a 12.93kW solar system in Newark, NJ
This system would offset 100% of your energy usage if your typical monthly bill is $225, however your situation may vary so try our Newark solar calculator to get a result tailored to you.
$24,877
Net cost of system
4 Years
Average payback time
14,835 kWh
Annual power production
7¢/kWh
Levelized cost of solar energy
32¢/kWh
If you don't get solar
Cash flow graph based on cash purchase of this 12.93kW system
Life-time savings on this system over the next 25 years
$133,119
(Prices shown after repayments of capital)
46
Solar companies in Newark, NJ that provide pricing through the SolarEstimate marketplace.
Average total cost of solar panel installation in Newark
| System Size |
Cash purchase After 26% solar tax credit |
Financed purchase After 26% solar tax credit |
|---|---|---|
| 3kw | $6,460 | $6,977 |
| 4kw | $8,495 | $9,175 |
| 5kw | $10,434 | $11,269 |
| 6kw | $12,343 | $13,331 |
| 7kw | $14,141 | $15,273 |
| 8kw | $15,925 | $17,199 |
| 9kw | $17,582 | $18,989 |
| 10kw | $19,240 | $20,779 |
Find out what system size you need for your home
Going solar in New Jersey
Check out all of the ways energy providers of New Jersey can help you be more energy efficient and save money.
The following programs are available:
| Incentive Name | Eligibility | Type |
|---|---|---|
| Residential Renewable Energy Tax Credit | Federal | Personal Tax Credit |
| Solar Renewable Energy Certificates (SRECs) Registration Program | State | Solar Renewable Energy Credit Program |
| NJ Clean Energy- Residential New Construction Program | State | Rebate Program |
| Net Metering | State | Net metering |
| Solar Energy Sales Tax Exemption | State | Sales Tax Incentive |
| Property Tax Exemption for Renewable Energy System | State | Property Tax Incentive |
Find your local rebates and incentives
Please keep in mind that the best source of up-to-date information on incentives are the solar installers who specialize in your area.
