Save with solar in Bridgeton, New Jersey

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Bridgeton, New Jersey

With a population of over 25,000, Bridgeton is part of a larger metropolitan area along with Vineland and Millville. The city is rich in Victorian-style architecture and has the largest historic district in the entire state of New Jersey, composed of more than 2,000 properties and spanning one-fourth of the city. Bridgeton has a long history of industrial innovation. The area was first settled in 1686, and sawmills became the cornerstone of the economy. Ironworking also gained importance in the 19th century. After the decline of manufacturing throughout the 20th century, an Urban Enterprise Zone was created to stimulate the commercial sector in Bridgeton, with a 50% reduction in sales taxes that helped promote industrial development.

Recently, Bridgeton has used a sales tax exemption to promote sustainability and renewable energy. The city’s focus on energy sustainability in recent years has resulted in large projects, including:

  • In 2016, a grant of $5.3 million was approved for various municipalities in New Jersey. In Bridgeton, $1.4 million was invested to replace the steam boilers at the Clement Pappas & Co. bottling facility with a one-megawatt cogeneration system.
  • Bridgeton High School upgraded its lighting to LED between 2013 and 2014. The yearly savings achieved by the LED lighting systems exceeds $10,800 and reduces the amount of maintenance required. 

Does Solar Power Make Sense in Bridgeton, NJ?

Atlantic City Electric (ACE) is the utility company serving Bridgeton. The average electricity price in Bridgeton is about 18 cents per kilowatt-hour (kWh), and is expected to increase to 19 cents per kWh by 2018. These prices are 30% than the national average! With such a high price of electricity, solar panels become a very lucrative investment! And, as utility rates continue to increase, your annual energy bill savings will also increase!

Solar panel systems not only reduce your power bills, but they also allow you to accumulate Solar Renewable Energy Credits (SRECs) for generating clean energy. Home and business owners in Bridgeton accumulate one SREC for every 1,000 kWh of solar energy produced. Utility companies in New Jersey has to generate a certain percentage of their electricity from clean energy or else pay a heavy fine. In order to avoid these fines, utility companies can buy SRECs to count toward their renewable energy goals. This makes SRECs very valuable; as of mid-2017, each SREC can be sold for around $220 each! And that $220 per 1,000 kWh is in addition to the $180 you can expect to save on energy bills for the same amount of solar energy generated!

As stated before, there are also tax incentives promoting solar panel systems in Bridgeton:

  • Tax exemptions: Solar panel systems are exempt from the sales tax and any property tax increase. This means you save 7% on your purchase of solar upfront, and you don’t have to pay additional property taxes even though solar panels typically increase home value by around $20,000.
  • Solar Investment Tax Credit (ITC): Home and business owners who deploy solar panels can claim 30% of their investment as a deduction from federal taxes. This incentive is set to expire at the end of 2019, making now the best time to go solar.
  • NJ Residential New Constructions Program: If you plan to build a new home with energy efficiency measures such as ENERGY STAR appliances, or a renewable generation technology such as solar panels, you are eligible for a rebate from this program. This incentive only applies to new constructions.

Energy bill savings, SREC sales, and tax incentives make solar panels a very lucrative investment. If you cannot afford to pay for solar upfront, there are many financing options available for $0 down. This allows you to save money by going solar immediately without having to put any money down. As a result, a solar panel system is among the best investments home and business owners can make in Bridgeton, NJ.