Newark has the largest population in the state of New Jersey with almost 300,000 inhabitants. It is also the second largest city of the New York metropolitan area, after NYC itself. The city is an important hub for the US transportation industry, being home to a major airport, as well as significant shipping and railroad operations. Dating back to 1666, Newark is also one of the oldest cities in the nation.
The local government and private sector are betting on solar power as a sustainable and long-term energy source. Many projects have been deployed in Newark to reduce carbon emissions, such as:
The benefits of solar power are also available for home and small business owners, thanks to the broad range of incentives and financing options locally available.
Residents of the city of Newark are served by PSE&G, and the average price of electricity is 15 cents per kilowatt-hour (kWh), which is about 15% higher than the national average. This is bad news if you purchase all your energy from the power grid, but great news if you deploy solar panels. The energy generated by a solar panel system in Newark is very valuable, and the savings are significant. Also, keep in mind that energy rates are constantly on the rise; between 2016 and 2017, the power bills of PSE&G customers increased by around 5 percent!
In addition to saving on your utility bills, a solar panel system in New Jersey accumulates Solar Renewable Energy Credits (SRECs), at a rate of one SREC for every 1,000 kWh generated, even if the solar electricity generated is used for self-consumption. As of 2017, each SREC can be sold for around $220. This means that the total economic benefit of generating 1,000 kWh with solar panels is around $370 ($150 from energy savings and $220 for each SREC sold).
Newark also offers a broad range of incentives to make solar panels more affordable. For example:
The growth of solar power in Newark has been driven in large part by the statewide Renewable Portfolio Standard. Under this policy, all utilities are required to generate 22.5% of their energy from clean sources by 2021, and 4.1% of it must come from solar power by 2028.