New Jersey is home to some of the country’s best solar energy resources, and switching to solar power can provide homeowners with great financial savings. But having a full understanding of the financing options is crucial for ensuring you get the most out of your investment. This guide provides an overview of all the solar financing NJ options currently available in New Jersey so you can decide which one is right for your home. From grants and tax credits to loans and leasing arrangements, we’ll cover all the details and help you choose what works best for you.
Loans and financing
Switching to solar power can be a significant investment, but taking out a loan or securing financing can help make it more affordable. Financial institutions across the state offer special loans and lines of credit for solar installations, making it easier for homeowners to access the funds they need. For those who don’t qualify for traditional loan options, government-backed loans allow homeowners to borrow up to $25,000 at reduced interest rates. Additionally, many banks offer special financing plans with low monthly payments and no money down.
Leasing arrangements
Leasing arrangements allow homeowners to install solar panels on their property without paying a high upfront cost. With this option, the homeowner pays a monthly fee to lease the solar equipment from the company that owns it. This option can be more affordable than purchasing outright, but read the fine print before signing any contracts, as you may find yourself locked into a long-term agreement with unfavorable terms.
Net metering and SRECs
Net metering allows homeowners to sell excess energy back to the utility company at retail rates, helping offset costs and providing an additional source of income. Also available in New Jersey are Solar Renewable Energy Certificates (SRECs), which allow homeowners to earn money for every 1,000 kWh of electricity produced by their solar system. The money earned from selling SRECs can be used to pay down the cost of your solar installation.
By understanding all of the solar financing NJ options available for solar installations in New Jersey, homeowners can decide which option works best for their budget and energy needs. Whether you decide to take out a loan, lease equipment, or take advantage of net metering and SRECs, there are plenty of ways to make the switch to solar power more affordable. Contact Green Power Energy at http://greenpowerenergy.com/ to get started today.
