In addition to being a solid, reliable source of clean energy, solar has the following benefits:
Reduced Price of Electricity: By generating your own power, your utility power bill will go down in direct proportion. This displacement results in savings compared with the utility power costs you carry today and solar system owners can confidently project their solar energy costs because they stay the same – No rising prices.
Solar Renewable Energy Credits (SRECs): For every 1,000 Kilowatt hours of electricity your system produces, you generate one SREC which you may sell in a commodity market. This is tangible revenue you can earn for up to 15 years.
Federal Tax Credit (FITC): Residential and commercial buyers of solar systems can receive a Federal Investment Tax Credit equal to 30% of the total system cost. This is a tax credit against the amount you owe and not simply a deduction. We strongly encourage you to speak with your tax professional about taking full advantage of all incentives currently available. The FITC appears in the United States Code, Title 26, Section 48.
Depreciation: Commercial solar system projects can accelerate their depreciation under the Modified Accelerated Cost Recovery System (MACRS).
National Security: Solar is “home grown,” making the United States less dependent on the whims of foreign fossil fuel sources and international politics.
Peaking Power Costs: Solar energy is considered a “peaking” resource because solar energy is strongest on hot summer afternoons when the demand for energy is the highest. Solar reduces the necessity for your utility company to resort to expensive “peaker plants” for additional power thereby reducing the cost of electricity for ALL utility customers.
Distributed Resource: Solar energy is often compared to the Internet – lots of smaller distributed points instead of one large mainframe computer like the old days. Because solar is distributed, it is less vulnerable to failure points and brown outs than energy coming from one centralized facility.
Climate Change: Solar energy produces absolutely no greenhouse gases, and is a “climate-neutral” way to generate electricity.
Public and Employee Health: Solar energy produces no harmful emissions and generates no toxic or nuclear waste. Installing solar is safer for workers than other energy jobs like coal mines or nuclear plants. Solar systems do not having moving parts that can fail and result in environmental catastrophes like oil wells.
Power Reliability: Solar energy exactly matches grid-power, but since it is closer to the point of end use it doesn’t rely on long transmission lines subject to outages.
Local Jobs: The New Jersey solar market is booming, creating thousands of local jobs for New Jersey residents including engineering, sales, accounting, surveying, construction, and solar also supports hundreds of New Jersey businesses like printers, office supply stores, sign-makers, architects, photographers, event planners and more. These are jobs that start in New Jersey and stay in New Jersey.