Save with solar in Millville, New Jersey

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:

• Surfside Seafood Products has a carport solar panel system with a total capacity of 373.86 kilowatts (kW). The solar panels provide cover for the parking lot below.
• In 2013, the municipal sewer utility completed a large solar panel system composed of nearly 5,000 individual modules, representing a total investment of $5 million. The system provides 90% of the energy consumed by the sewage treatment plant.
• In 2012, Lakeside Middle School and Millville Senior High School were equipped with solar panel systems, and received lighting, heating, and air conditioning system upgrades.

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:

• Local utilities are required by law to obtain a minimum percentage of their energy from clean sources. As an alternative to building clean energy projects themselves, utilities can purchase SRECs from homeowners than installer solar to count toward their clean energy requirement.
• The fines utilities have to pay for not meeting their renewable energy goals are steep, so utilities are willing to pay generously for SRECs. As of mid-2017, each SREC can be sold for $210!
• Home and business owners earn one SREC each time their solar panel system produces 1,000 kWh.

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:

• No sales tax: This benefit immediately makes your solar project 7% cheaper.
• Property tax exemption: Although solar panels typically increase home value by $20,000 or more, you do not have to pay higher property taxes!
• Solar Investment Tax Credit: All home and business owners that purchase a solar panel system can claim a federal tax credit equivalent to 30% of their investment. The benefit applies for all systems installed before the end of 2019.

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!