Save with solar in Garfield, New Jersey

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Garfield, New Jersey

Garfield, named after President James A. Garfield, boosts a population of over 31,000 and is located just 12 miles west of New York City. Located right on the junction of the Saddle and Passaic Rivers, Garfield provided an ideal site for industrial growth during the early 20th century. The energy-intensive industries of textile and chemical manufacturing were the cornerstones of the local economy.

In recent years, the electric utility company in Garfield, the Public Service Electric & Gas Company (PSE&G), has set a goal of reducing the city’s environmental footprint and promoting renewable energy. The following are some key examples:

  • PSE&G is upgrading its natural gas distribution system to minimize the risk of leaks and improve service reliability.
  • PSE&G has also been installing solar panels on utility pole, as part of its Solar 4 All program. Nearly 600 utility poles in Garfield have been upgraded with solar panels, with a total installed capacity of more than 130,000 kilowatts (kW).

Solar Power in Garfield, NJ

Electricity from PSE&G is expensive, with an average price of 17 cents per kilowatt-hour (kWh). Like most investor-owned utilities, PSE&G tends to increase its rates each year. For example, in 2016, PSE&G customers saw their power bills increase by around 5%. For these reasons, a solar panel system is a great investment for home and business owners in Garfield. Residents who install a solar panel system achieve significant power bill savings, and their savings are expected to increase each year as PSE&G’s rates continue to increase.

In addition to power bill savings, solar panels allow you to accumulate Solar Renewable Energy Credits (SRECs). Here’s how SRECs work:

  • You are awarded one SREC for every 1,000 kWh generated with solar panels. An SREC provides proof of having generated clean energy.
  • Utilities in New Jersey are subject to minimum renewable energy generation targets, so they are willing to pay home and business owners for SRECs to meet their goals. As of 2017, each SREC has a price of around $210.

In addition to the energy bill savings and extra income generated from SREC sales, there are several tax incentives for solar panel systems in Garfield:

  • You are not charged a sales tax when you purchase a solar system.
  • You are exempt from a property tax increase, even though a solar panel system typically increases your home value by $20,000 or more.
  • Solar Investment Tax Credit: This benefit applies to systems installed on both homes and businesses. This tax credit allows solar panel system owners to claim 30% of their investment in solar against their tax burden. Just keep in mind that this benefit expires at the beginning of 2020. If you are considering solar panels for your property, you should reach out to installers today!

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 Garfield, NJ can achieve significant savings by switching to solar.