Save with solar in Sayreville, New Jersey

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Sayreville, New Jersey

Sayreville has a population of over 42,000 and was originally part of the South Amboy Township before becoming an independent municipality in 1876. Sayreville experienced significant economic growth in the second half of the 19th century thanks in large part to the brick manufacturing industry. Industrial activity eventually expanded to gunpowder, paint, and photography products. Sayreville has also drawn the attention of paleontologists from around the world, as the surrounding clay deposits contain some of the best-preserved fossils in the world. Some of them are estimated to be nearly 100 million years old.

Like many cities in New Jersey, Sayreville has seen a significant increase in the deployment of renewable energy in recent years. In an effort to reduce the environmental footprint of the city, several solar farms have been built in Sayreville, such as:

  • 14,000 solar panels spread across two locations were installed by the city government in 2015. The projects were designed to provide clean energy to several municipal buildings, and they now provide savings of around $1.5 million each year.
  • The Beaver Run solar farm has an installed capacity of 9.9 megawatts, spanning an area of 36 acres.
  • A 3.2-megawatt solar panel system was deployed in 2016 to provide clean energy for water treatment in Sayreville. The installation can generate over 4 million kilowatt-hours (kWh) per year.

Investing in Solar Power in Sayreville, NJ

Sayreville is served by the local utility, Jersey Central Power & Light (JCP&L), a part of FirstEnergy. The average electricity price is 15 cents per kWh, but can go as high as 20 cents per kWh during peak demand hours. Additionally, JCP&L has been steadily increasing their electricity rates in recent years. For example, since the beginning of 2016, JCP&L customers have seen a power bill increase of about 10%.

The high electricity rates in Sayreville provide a strong incentive for home and business owners to deploy solar panels. Solar panel owners can expect to save $150-$200 for every 1,000 kWh a solar system generates. Each time you generate 1,000 kWh with a solar system, you also earn a Solar Renewable Energy Credit (SREC). These credits can be sold at a price of around $220 each. Therefore, the total economic benefit of producing 1,000 kWh of solar electricity is $370-$420!

In addition to energy savings and SREC sales, there are great tax incentives available to residents of Sayreville who deploy solar. Solar panel owners in New Jersey can take advantage of the following incentives:

  • No sales tax when purchasing a solar panel system.
  • No property tax increase even though a solar panel installation increase the value of an average home by around $20,000.
  • A federal tax credit worth 30% of the cost of your solar panel system. This tax credit is available nationwide, but expires in 2020.

If you plan to build a new home and are considering solar panels, there is an extra incentive available. The NJ Clean Energy Residential New Constructions Program provides a rebate for those who install solar on a newly constructed home. While this program is only available to new constructions, owners of existing properties can still save money with solar. The combination of energy bill savings, SREC sales, and tax benefits makes solar a great investment in Sayreville, NJ!