Perth Amboy has a population of over 50,000 and is part of the New York metropolitan area. The city started as a Quaker settlement back in 1683, and become a city in 1844. From 1686 to 1776, Perth Amboy served as the capital of New Jersey.
In the second half of the 19th century, Perth Amboy experienced significant industrial development, attracting many European immigrants. The city also became an important railroad hub and port during this time. The Perth Amboy historic waterfront has been preserved by the municipal government, and is one of the most significant landmarks in the city.
Both the public and private sector have carried out significant efforts to reduce their energy footprint in Perth Amboy, deploying many large solar power projects:
The average electricity rate in PSE&G’s service territory is around 15 cents per kilowatt-hour (kWh). This is significantly higher than the national average, and PSE&G rates are expected to continue to increase. In 2016, PSE&G customers saw their power bills increase by around 5%. Home and business owners in Perth Amboy who go solar can $150 on their energy bills for every 1,000 kWh of solar energy their systems produce.
In addition to saving $150 on power bills each time your solar panels generate 1,000 kWh, you are granted a Solar Renewable Energy Credit (SREC). The local Renewable Portfolio Standard requires all local utilities to generate 22.5% of their energy from clean sources by 2021, and purchasing SRECs is an easy way for utility companies to reach their targets. As of early 2017, SRECs are being bought for around $220 each. This means that the total economic value of 1,000 kWh of solar energy is $370.
There are also significant tax benefits for solar panels in Perth Amboy, NJ. Combined with SREC sales, the tax benefits make solar panel systems a very attractive investment:
If you are building a new property in Perth Amboy, you may also be eligible for a rebate from the NJ Clean Energy Residential New Constructions Program. This program aims to promote green construction. Unfortunately, this benefit does not apply for existing buildings.
If you cannot afford the full upfront cost of a solar panel system, there are still many attractive financing options. For example, PSE&G offers a financing option where home and business owners agree to pay off the loan with the SRECs generated by the solar system. Additionally, if you have a solid credit score, you may qualify for a $0 down, low-interest loan. These loan payments can be offset with energy savings, SREC income, and tax benefits. This allows you to go solar with no upfront cost and start savings immediately with clean power.