Save with solar in Hackensack, New Jersey

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Hackensack, New Jersey

Founded in 1693 and originally known as the New Barbadoes Township, Hackensack is one of the oldest municipalities in New England. The city now has a population of around 43,000. Given the long history of Hackensack, it should come as no surprise that the city is filled with colonial architecture. The First Reformed Dutch Church is one of the best examples; it was built in 1693 and is the second-oldest church in the entire state of New Jersey. Hackensack is also home to the Bergen County Courthouse, which was destroyed and rebuilt several times during the Revolutionary War and is now a historic landmark.

Over recent years, the solar power industry has experienced significant growth in the New England region. Let’s take a look at some of the largest solar projects in Hackensack:

  • The former site of the Hackensack Gas Works was used to develop a 1.06-megawatt solar panel system in 2012. The installation spans a total area of 6 acres.
  • Several municipal buildings were equipped with solar panels between 2013 and 2014, and total energy savings exceed $20,000 per year.
  • PSE&G has equipped over 1,400 utility poles in Hackensack with solar panels, adding up to an installed capacity of over 320 kilowatts.

Is Solar Power a Good Investment in Hackensack, NJ?

The Public Service Electric and Gas Company (PSE&G), the utility company serving Hackensack, has electricity prices of slightly under 15 cents per kilowatt-hour (kWh), exceeding the national average price by nearly 3 cents per kWh. In addition, electricity rates tend to increase each year, especially in the case of investor-owned utilities like PSE&G. For example, PSE&G customers experienced a power bill hike of around 5% in 2016 alone. However, this is good news if you get your energy from solar panels, since your energy savings will increase each year!

In Hackensack, generating 1,000 kWh from solar panels saves you around $150 on your power bills. Additionally, solar panel owners in New Jersey are also granted a Solar Renewable Energy Credit (SREC) each time your system generates that mark. As of 2017, SRECs are being traded for around $220 each, which means the total economic benefit for every 1,000 kWh of solar energy is $370, or 37 cents per kWh.

Solar panel systems are also easy to afford in Hackensack thanks to a combination of tax incentives and financing options:

  • Solar panels are tax-free in Hackensack: You are not billed the sales tax on your purchase, and solar panel owners are exempt from a property tax increase, even though solar panels increase property value.
  • All solar panel systems installed before the end 2019 are eligible for a federal tax credit. This is a nationwide benefit that allows you to deduct 30% of your solar power investment from your tax burden.
  • PSE&G has a loan program where they assume the full cost of your solar panel system if you agree to give them all SRECs generated by the installation. The energy savings are still yours to keep, as well as the tax benefits.

If you are considering solar panels for a home that hasn’t been built yet, there is an additional incentive available: the NJ Residential New Constructions Program. This program applies a rebate to the cost of the solar panel installation for new construction projects. Keep in mind that this program is not only for solar panels systems, but any energy efficiency or renewable generation measures deployed at new houses.