Bayonne has a population exceeding 63,000 and is part of the Port of New York and New Jersey. One of the best-known landmarks in the city, the Bayonne Bridge, is the fifth-largest steel arch bridge globally, and was the largest when it was completed in 1931. Other notable landmarks in the city include the Bayonne Truck House No. 1, the Bayonne Trust Company building, the First Reformed Dutch Church of Bergen Neck, and the Robbins Reef Light Station. All these buildings have been added to the National Register of Historic Places.
In recent years, Bayonne has seen significant activity in the solar power sector, with many solar projects deployed by both local businesses and the Public Service Electric and Gas Company (PSE&G), the utility company:
The average electricity price in Bayonne is 15 cents per kilowatt-hour (kWh). This is around 15% higher than the national average electricity price, which means that solar panels offer significant savings potential. Also, PSE&G rates are constantly on the rise; PSE&G customers saw their bills increase by around 5% during 2016.
Energy savings are not the only economic benefits of installing solar panels. Home and business owners who decide to install solar also earn one Solar Renewable Energy Credit (SREC) for every 1,000 kWh of solar electricity generated, even if that energy is used for self-consumption. As of early 2017, each SREC can be sold for around $220. This means that every 1,000 kWh of energy produced by your solar panel system, you receive about $150 in energy savings and $220 in SREC income for a total economic benefits of $370!
If you are thinking of building a new home in Bayonne, there are additional incentives available to installing solar panels. New constructions in Bayonne that deploy energy efficiency or renewable energy are eligible for a rebate from the New Jersey Clean Energy Residential New Constructions Program. Unfortunately, the program does not apply for existing homes, but there are tax benefits owners of existing homes can claim. As a complement to the benefits above, solar panel systems in Bayonne are exempt from most taxes:
When the benefits above are combined, powering your home with a solar panel system in Bayonne is significantly cheaper than relying on PSE&G. If you cannot pay for your solar system upfront, there are many financing options available to eligible home and business owners. For example, PSE&G offers a loan program where they assume the upfront cost of your installation if you agree to pay them back with your SRECs. The advantage of this financing method is that your SRECs are valued at a fixed price until you pay off the loan completely, even though their market value decreases year by year.