Camden, NJ has a population of over 77,000 and was a center of industrial development during the first half of the 20th century. The city was home to many large businesses such as the Campbell Soup Company, the New York Shipbuilding Company, and the Victor Talking Machine Company. For this reason, the city attracted large numbers of immigrants, mostly from Italy and Eastern Europe. Camden is also home to the USS New Jersey, a battleship that participated in World War II and the Vietnam war, now decommissioned and converted into a museum.
Nowadays, Camden has stepped away from industrial activity, and nearly half of the workforce is employed in either education or healthcare. Over recent years, the city has also seen activity in the renewable energy sector:
Camden (and New Jersey in general) have excellent benefits available to those who choose to get solar power. There are significant savings opportunities due to the high electricity rates, performance-based incentives, tax benefits, and financing options.
Energy from PSE&G is 25% more expensive than the national average, and in Camden you can expect to pay around 15 cents per kilowatt-hour (kWh). Additionally, PSE&G rates are constantly on the rise and increased 5% just this past year.
In addition to generating cheap energy, a solar panel system in Camden accumulates Solar Renewable Energy Credits (SRECs), at a rate of one SREC for every 1,000 kWh of solar electricity produced. Each SREC can be sold for around $220, and when you add this to the $150 saved by generating your own energy, the economic benefit of solar panels is $370 for every 1,000 kWh your solar panels produce. The local Renewable Portfolio Standard (RPS) requires utilities to generate 22.5% of their energy from clean sources by 2021. SRECs are so valuable because utilities can buy them from you to meet their RPS goals and avoid hefty fines.
In addition to significant energy savings and SREC income, solar panels owners in Camden can take advantage of tax benefits for solar power:
If you are cannot pay the full price of the solar panel system upfront, PSE&G offers favorable financing options for customer who are willing to sell their SRECs to the utility. For those wanting to build a new house with solar panels, there are significant rebates available from the NJ Clean Energy Residential New Construction Program.