Save with solar in Fair Lawn, New Jersey

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Fair Lawn, New Jersey

Fair Lawn has a population of more than 33,000 and has been rated among the 10 best places to live in the state of New Jersey. The city is composed mostly of residential districts, and many of its residents work in New York City, which in only 10 miles away. The region where Fair Lawn is located was used as farmland by Irish and Dutch settlers in the 17th century. The town experienced significant growth during the 1800s, due in large part to the success of the textile industry in the nearby city of Paterson. Fair Lawn was officially incorporated as a city in 1924. Fair Lawn is rich in historic architecture, and many iconic homes in the city are more than two centuries old.

Fair Lawn has undertaken many projects to make the city more efficient. With the participation of both municipal authorities and the private sector, Fair Lawn has become more sustainable:

  • The Public Service Electric and Gas Company (PSE&G), the local utility company, has equipped more than 1,000 electric utility poles in Fair Lawn with solar panels. The total installed capacity exceeds 220 kilowatts (kW).
  • PSE&G has also been upgrading its old gas distribution infrastructure to eliminate the risk of gas leaks and to provide a more reliable service to its customers. They have also introduced a rebate program for energy-efficient air conditioning and heating appliances.
  • The municipal government has created a Green Team Advisory Committee. The main goal of the committee is to identify green initiatives the city can pursue, and collaborate with the municipality and citizens in the implementation of these initiatives.

Investing in Solar Power in Fair Lawn, NJ

PSE&G customers pay around 17 cents per kilowatt-hour (kWh) of electricity, which is 30% higher than the national average price of electricity. Therefore, Fair Lawn residents can achieve significant power bill savings by switching to solar power. Also, these savings will increase year after year, because electricity rates tends to get more expensive. For example, PSE&G power bills increased by around 5% between 2016 and 2017. Therefore, installing solar power in Fair Lawn, NJ is a smart investment!

If you live in Fair Lawn, you are also awarded a Solar Renewable Energy Credit (SREC) for every 1,000 kWh generated by your solar panels. Utility companies that have not yet reached the minimum renewable generation targets set forth by the state government can purchase SRECs to avoid fines. In New Jersey, utility companies will buy these SRECs for around $210 each (as of mid-2017). The total economic benefit of going solar in Fair Lawn can be summarized as follows:

  • Generating 1,000 kWh with solar panels saves around $170 in power bills.
  • The corresponding SREC sells for around $210.
  • Therefore, the total economic benefit of 1,000 kWh of solar energy is around $380, or 38 cents/kWh.

In addition to energy savings and the cash flow from SREC sales, you also get several tax benefits when you install a solar panel system in Fair Lawn:

  • Sales tax exemption for your solar panel system.
  • Property tax exemption: Your home value increases significantly after installing solar panels, but your property taxes stay the same.
  • Federal tax credit: You can deduct 30% of your solar power investment from your federal tax burden.

There is also an additional incentive available for those who install solar panels on new homes in Fair Lawn; the NJ Clean Energy Residential New Construction Program offers rebates to new construction projects. The rebate also applies to other renewable energy generation projects and energy efficiency measures.

If you would like to avoid the upfront cost of a new solar panel system, PSE&G has an attractive financing program available for their customers. PSE&G will assume the initial expenses of your solar project if you agree to pay them back with the SRECs generated by your solar panels. In addition, they will offer you a guarantee price for the SRECs even if though their market value may decline over time.