Save with solar in Englewood, New Jersey

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Englewood, New Jersey

Englewood was the first major English-speaking community east of the Hudson River after New Netherland was annexed by the British in 1664, and it officially became a city in 1899. Englewood is known for its historic houses, many of which have been added to the National Register of Historic Places. The city is also known for the development of direct long-distance calling.

The Public Service Electric and Gas Company (PSE&G) is the electric utility company serving Englewood. PSE&G has taken the lead in renewable energy generation with a goal of installing 225 megawatts (MW) of solar power capacity throughout New Jersey through its Solar 4 All program. As part of the program, PSE&G has equipped nearly 800 utility poles in Englewood with solar panels with a combined installed capacity of 180 kilowatts (kW).

The CALMAC Manufacturing Corporation, based in Englewood, is also working on energy sustainability. The company has developed a system that chills ice with cheap electricity during off-peak hours, and then uses this ice for air conditioning during peak demand hours, when electricity is more expensive.

Investing in Solar Power is a Good Investment in Englewood, NJ

If you live in Englewood, you are accustomed to paying high electricity rates. PSE&G charges around 17 cents per kilowatt-hour (kWh), which is 30% higher than the national average electricity rate. In addition, PSE&G power bills increased by 5% between 2016 and 2017, with additional increases expected for 2018.

Installing solar panels is a cost-effective alternative to purchasing all your energy from the power grid, especially with all the incentives available in Englewood. In addition to reducing your power bills, installing a solar panel system allows you to accumulate Solar Renewable Energy Credits (SRECs) at a rate of one SREC for every 1,000 kWh. Local laws require utilities to generate a certain percentage of their energy from renewable sources or pay fines. One way utilities can avoid these fines is by purchasing SRECs from home and business owners who own solar panel systems. As of mid-2017, each SREC sells for around $210 in New Jersey, which represents extra income beyond energy bill savings.

In addition to energy savings and SREC sales, there are also tax incentives to make solar more affordable:

  • Sales tax exemption. You do not have to pay a sales tax on your solar panel system.
  • Property tax exemption. Your property taxes will stay the same, even though installing solar panels will increase your home value.
  • Federal tax credit. All solar panel systems installed before the end of 2019 are eligible for a tax credit equivalent to 30% of their cost.

New Jersey is also offering a rebate to new constructions that decide to install solar panels through the NJ Clean Energy Residential New Construction program. The benefit also applies to energy efficiency measures.

If you are looking to avoid the upfront cost of a solar panel system, there are many financing options available that require $0 down. PSE&G even offers a loan where you pay back the loan with the SRECs your system earns. With several financial incentives and many financing options available, residents of Englewood, NJ can achieve significant savings by switching to solar.