With a population of over 30,000, Westfield has been ranked among the safest places to live in the United States. The Westfield Memorial Library is one of the best-known landmarks in the city, and houses a collection of more than 250,000 books. Downtown Westfield is also rich in historic architecture and has plenty of stores and restaurants.
In recent years, there has been a statewide effort to make New Jersey greener, and Westfield is no exception:
PSE&G charges around 17 cents per kilowatt-hour (kWh), which is 30% higher than the US average price of electricity. Therefore, home and business owners in Westfield can earn significant savings by generating their own electricity with solar panels. Additionally, PSE&G raises their electricity rates each year. For example, PSE&G customers saw their power bills increased by around 5% in 2016. This means that your annual savings from solar panels will increase year after year!
In addition to providing significant power bill savings, solar panel systems also let you accumulate Solar Renewable Energy Credits (SRECs), at a rate of one SREC per megawatt-hour (MWh) of solar electricity generated (1 MWh = 1,000 kWh). Each SREC sells for around $210 (as of mid-2017). For that same 1,000 kWh of solar energy produced, residents of Westfield can expect to save $170 on their electric bills. This means that the total economic benefit of a solar panel system is $380 per 1,000 kWh of energy produced, or $0.38 per kWh. Put another way, instead of paying $0.17 per kWh, you can earn $0.21 per kWh!
There are also several tax benefits available that make solar panel systems more affordable:
In New Jersey, solar panels installed on new constructions are also eligible to receive a rebate through the NJ Clean Energy Residential New Construction Program. The rebate applies for a wide variety of energy efficiency and renewable energy upgrades in addition to solar power, but the program is only available for new homes.
If you would like to avoid the upfront cost of solar panels and pay for solar through a loan, there are many financing options available to require $0 down. PSE&G even has an attractive purchasing option through which they assume the upfront cost of your solar panel system, and you agree to pay them back with the SRECs generated by your solar panels. Although you give up on a portion of the cash flow, you can basically install solar panels for no money upfront and start saving on your energy bills immediately. Solar is a smart investment for home and business owners in Westfield!