Located just 15 miles southwest of Manhattan, Rahway is a significant part of the New York metropolitan area with a population of nearly 30,000. Although Rahway experienced significant industrial growth in the early 20th century, it is now composed mostly of residential districts. Merck, a global leader in the pharmaceuticals industry, has been operating a large facility in Rahway since 1903.
One industry that has seen significant growth in Rahway in recent years is the solar industry. Here are some of the largest projects that have been installed in the city:
Purchasing electricity from PSE&G is expensive as the utility charges 17 cents per kilowatt-hour (kWh). That is about 35% higher than the national average! As a result, generating your own electricity with solar panels is an attractive option. Also, PSE&G tends to increase its rates each year (for example, PSE&G customer experienced a 5% power bill increase from 2016 to 2017). With a solar panel system, you can save money and protect yourself from power bill spikes.
Energy savings are not the only financial benefit of installing solar panels in Rahway. Home and business owners also earn one Solar Renewable Energy Credit (SREC) for every 1,000 kWh of clean energy their solar panels produce. New Jersey utilities are subject to a Renewable Portfolio Standard, a law requiring New Jersey utilities to generate a minimum percentage of their energy from renewable sources. In order to avoid hefty fines, utilities can either generate more renewable energy or purchase SRECs. While PSE&G has installed some solar projects of its own, the utility still buys a lot of SRECs from its customers. This is good news for solar panel owners in Rahway, because you can sell your SRECs for as much as $210 each (mid-2017)!
In addition to energy bill savings and SREC sales, there are also many tax incentives available if you purchase solar panels in Rahway:
An additional incentive is available for new constructions in New Jersey. Through the NJ Clean Energy Residential New Construction program, homeowners can receive a rebate when purchasing energy-saving appliances or renewable energy systems.
Through significant power bill savings, SREC sales, and tax incentives, installing solar panels in Rahway is a great investment. For those who cannot pay for solar upfront, there are many financing options available that require little or no money down. For example, PSE&G offers a solar loan with a low interest rate that requires $0 down. They assume the upfront cost of the system if you agree to pay back the loan with SRECs. This allows you to go solar with $0 down and see savings starting the first day that your system is operational! Whether you choose a financing option or buy your system outright, installing solar in Rahway is an attractive investment!