With a population of over 50,000, Hoboken is unmistakable a part of the New York metropolitan area and was a key port during most of the 20th century. It is also the site of the Hoboken Terminal, an important transportation hub of the New England region. The economic growth of Hoboken during the 20th century was due in large part to the shipbuilding and steel industries.
Hoboken is best-known as the birthplace of Frank Sinatra and the place where the first officially recorded baseball game was played. Nowadays, industrial and port activity have taken a backseat in Hoboken, while the commercial and residential sectors have grown.
Hoboken has taken significant steps to becoming a greener city. The following are some of the main projects developed over recent years:
PSE&G electricity rates average around $0.15 per kilowatt-hour (kWh), exceeding the national average by more than 15%. This gap just became wider, as PSE&G customers experienced a power bill increase of 5% just in 2016 alone. However, expensive electricity makes solar power a more attractive investment. Not only will you save money on your electricity bills in the first year, but your annual savings will increase as the price of electricity continues to increase.
In addition to offering you considerable energy savings, solar panel systems make you eligible to accumulate Solar Renewable Energy Credits (SRECs). Here is how you can think about energy savings and SREC income:
There are also significant tax benefits for any home or business owner who installs solar panels in Hoboken. First, there is no sales tax on the upfront purchase of a solar system. Second, you will not experience a property tax hike despite the fact that installing solar will increase your home value by an estimated $20,000 to $30,000. Finally, you can claim 30% of your solar power investment as a federal tax credit, for all systems installed before the end of 2019.
New Jersey also offers homeowners a few unique programs encouraging residents to go solar. First, the state encourages residents building a new home to go solar by offering an additional rebate through the NJ Clean Energy Residential New Constructions Program. Through this program, you can receive an additional grant from the state of New Jersey if the solar panel system is for a home that hasn’t been built yet. PSE&G also offers home and business owners a loan financing option with which the system owner pays back the loan with SRECs. If you have a solid credit score and own home equity, you may get even better terms from local banks.
With high power bill savings, SREC sales and tax benefits, installing a solar panel system in Hoboken is one of the best investments owners of both residential and commercial property can make.