Millville, named after the success of the local milling industry in the 18th and 19th centuries, was first established around 1720. The city had a thriving industrial sector during the 19th century, which included large lumber mills, glass manufacturing, ironworks, and dye production. A large dam was built between 1860 and 1870 to meet the electricity needs of the local industry, and it was the largest artificial body of water in New Jersey at the time of its completion.
While residents of Millville relied on the hydroelectric power from the dam in the 19th century, the power supply shifted more heavily toward fossil fuels during the second half of the Industrial Revolution. In recent years, Millville has started to see an emergence of a local solar power industry. Over the last decade, many solar power projects have been developed in Millville, including the following:
Millville is part of the Atlantic City Electric (ACE) service territory. ACE charges around 18 cents per kilowatt-hour (kWh), and prices are expected to increase to 19 cents per kWh by the end of 2017. These prices are about 40% higher than the national average! As a result, solar panels are a cost-effective alternative to the power grid, and solar panel owners in Millville can achieve significant annual power bill savings.
Keep in mind that power bill savings are not the only financial benefit of solar panels. Solar panel owners can also accumulate and sell Solar Renewable Energy Credits (SRECs). Here’s how the New Jersey SREC program works:
This means that for every 1,000 kWh of electricity your solar panel system produces, you save $180 on power bills and earn $210 for selling the corresponding SREC. Additionally, residents of Millville can take advantage of generous tax incentives available:
There is an additional benefit that only applies for solar panel systems installed on new constructions. Through the NJ Clean Energy Residential New Constructions Program, homeowners can receive a rebate toward the upfront cost of the solar panels. This rebate also applies for energy efficiency upgrades. The only catch is that existing properties are not eligible for the rebate.
With the combination of energy bill savings, SREC sales, and tax incentives, installing solar panels on a home or business in Millville is an attractive investment, even if you cannot afford to pay for panels upfront. There are many solar financing options that require $0 down and allow solar panel owners to start saving money with solar from the first day the system is operational. With prices the lowest they have ever been and the federal tax credit set to expire shortly, there has never been a better time to go solar in Millville, NJ!