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:
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:
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:
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.