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The Economics of Residential Solar Electricity in New Jersey and New York
The economics of investing in a solar electric system for your home or business varies depending on a number of factors, including:
- Solar system performance - a function of orientation, pitch (slope) and shading issues
- Electric rates - depends on your individual utility rates (note that rates in NJ and NY have increased from as little as 7.7% to nearly 40% for some rate payers)
- Utility or state subsidies (usually referred to as rebates)
- 30% federal investment tax credit
- 25% state income tax credit for NY residents, with a cap of $5,000 (none in NJ)
- Annual Sale of Solar Renewable Energy Certificates (SRECs) in New Jersey
Contact us for a specific site evaluation and proposal.
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