Why Solar For Your Home
Increasingly, homeowners, businesses and governments are turning to solar energy as a way to power their electricity needs. Why? Well, most people believe it is because solar power systems generate clean energy and are a solution to global warming. Although, this is very true and benefits are enormous, more and more governments are recognizing the many other benefits that solar energy systems provide, and adding incentives to help more people go solar.
1. Solar costs less than electricity from your utility:
Why pay more for the electricity you need anyway? The cost of electricity produced by solar is actually less than the electricity you buy from your utility-especially considering how much electric rates are going to continue increasing.
2. It’s a smart investment:
Not only does it cost less, but with SRECs, you will pay your system off quickly and then make money! Plus, right now you can take advantage of generous state and federal incentives as well as PTE’s financing innovative suite of financing programs to make sure solar is cost effective for you.
3. Your home value will increase:
Your home will actually increase in value with solar because new home buyers will have a lower energy bill than a comparable home without solar.
4. Solar lessens our dependence on fossil fuels:
The cost of extracting the fossil fuels to power America is going up considerably. When environmental, transportation, exploration, and political factors are accounted for, electricity from solar energy systems is a more sustainable way to grow our economy and lessen our dependence on other energy-rich nations.
5. Solar is a more efficient way to power our nation:
With solar power being produced by the end users, less investment required into the utility’s transmission and distribution grid (which is aging considerably and in desperate need of upgrades) as well as into peaking power plants. The more solar power systems deployed across the grid, the less investment is needed into those ugly power lines and polluting electric generation stations.
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Solar Incentives & Rebates
The combination of government and utility incentives can drive down the cost of your solar installation by up to 70%! Federal, State, and Local governments, along with utilities, are pitching in to lower the cost of home solar power because solar is a great investment for them as well as for you. If you choose to lease your solar system, you still benefit because most of these incentives transfer to your system owner. The incentives require some paperwork, which PTE will take care of for you.
The Federal rebate is very straightforward. It is 30% off your installation price. It’s a simple one page form that attaches to your Federal tax return and you will get your money as a tax rebate. There is no risk money will run out.
The New Jersey Renewable Energy Incentive Program (REIP) funding is now closed. Over 7,500 solar PV systems have been installed in New Jersey since 2001.
Most states have laws requiring utilities to produce a percentage of their electricity using renewable sources of energy (or pay a fine to the state). The utility can meet this requirement by buying Solar Renewable Energy Credits (SRECs) from solar homeowners. It’s a win-win-win situation! You get money from the utility for putting up solar panels, the utilities don’t need to become experts in adding solar to roofs, and the state gets more solar installations.
PTE can offer you the best value for your SRECs. That’s because SRECs prices are not fixed but negotiated, and PTE, as one of the region’s top SRECs aggregators, has the leverage to get the best price for our customers. We are also the only installation company that offers an upfront payment for the value of all your future SRECs, thereby reducing the initial out-of-pocket cost of your installation. PTE customers have the option of selling their SRECs to PTE upon purchase of their solar system or over a period of years.
In the 2011 energy year, ending May 31, 2011, the utility companies pay a fine of $675 for each SREC that they are missing from their required portfolio at the end of the year. Therefore, the utility should be willing to pay a homeowner between $1 and $675 for each SREC so that they don’t have to pay the state $675 for each missing SREC. The fine amount, called the Alternative Compliance Penalty (ACP), has been set through 2016 and each year the New Jersey Board of Public Utilities (BPU) reviews the schedule and adds an additional year.
Solar FAQ
Q – How big of a system will my house or business require?
A – There is a wide array of panel systems available. The requirement will not only depend on the amount of electricity you use, but the available roof space as well.
Q – Are there any financial incentives in purchasing a solar system?
A – Yes, there are big federal incentives. Depending upon the state you reside in or operate your business, state incentives may be available as well.
Q – What exactly is an SREC?
A – SREC stands for Solar Renewable Energy Certificate. These are credits that can be sold back to your utility company for profit. For every 1000 Kilowatts or 1 Megawatt generated, you receive an SREC. Each state the SREC has a different value. Currently in NJ, 1 SREC has a value of approximately $650.00!
Q – Is the roof the ONLY area solar panels can be used?
A – No, if your roof does not qualify for putting panels on it, a yard mount can be used, and the panels will be layed out either in a ground or pole mount form.
Q – Is there a lot of maintenance required with solar energy panels?
A – No, little maintenance is required. Just be sure the solar panels are free from excess snow or debris such as leaves, and are kept from soiling.
Q – Is a permit needed to install solar panels?
A – Yes. A permit is required for solar energy panels to be installed. The cost of the permit will be factored in the cost of your solar system, and will be obtained by the installer.
Q – How long will it take for the completed installation of the solar panels?
A – Between permits, planning, analysis etc., it can take a few weeks. The actual installation of the panels typically require only 2-3 days.
Q – How do I know if solar panels will work on my home?
A – Well, the better the southern exposure, the directions the panels will face, the better your production efficiency will be. Also, keep in mind that shading due to trees can significantly reduce your panel systems effectiveness. The angle or pitch of your roof will play a factor as well. A certified technician will come out and do a site evaluation.
Q – Will the panels work in all kinds of weather?
A – Yes, of course the panels are most efficient way the panels will work is in sunlight. If it is cloudy out, your solar system will still work for you. In extreme situations such as heavy snowfall, it is best to remove the snow so your system can produce at peak efficiency.
Q – What is Net Metering?
A – Net Metering allows you to offset your entire electric bill one too one. Any over production is paid at Generation rate.
Q – What if there is a blackout?
A – The system will shut itself down, and when power is restored, your system will turn itself back on.
Q – What if the roof needs repair or a new roof is needed?
A – You should install solar panels on a roof that is in good condition. If a new roof or repairs are needed, the solar panel system would have to be removed and re-installed for a reasonable fee.
