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New Jersey’s Authority on Solar Energy (732) 269-0308
How Much Can Solar Save You

How Much Can Solar Save You?

People choose solar for many reasons. They want to help the environment and reduce dependence on an overloaded electric grid. However, most people looking for residential solar panels NJ are looking for savings on their monthly electric bills.

Most people are not going to buy their solar panels outright. That is why many solar contractors in New Jersey offer monthly payment plans. To figure out your savings, most people will compare the monthly payments for their solar systems plus their new electric bills with their old electric bills. That is a handy comparison, which gives you a quick eyeball view of your short-term savings from your solar system.

However, right now those numbers may be in flux. New Jersey solar installers help you figure out your costs based on the information that we have. Part of those costs are based on federal tax credits for solar systems. In 2022, our estimates have been based on existing laws. However, there have been recent changes to those laws, which may actually increase your savings.

How Much Can Solar Save You?

To figure out your savings, you have to look at several factors. The top ones are:

  • Your individual power usage
  • Your electricity rates
  • The size of your solar system
  • The efficiency of your solar system
  • The cost of your solar system

The first place to start is by finding out solar pricing NJ. Solar systems come in a range of prices. Different installers may have different recommendations. That can mean different size systems. There may also be differences in power banks and other secondary parts of your solar system. When comparing prices, you want to make sure you are comparing the same systems. System specifications will impact the cost of your system and the amount of savings you can get.

To determine your solar savings, we help you look at avoided energy costs. That refers to the amount of money you would have spent on your electric bill if you did not have solar panels. You look at how much energy your solar panels supply and what that would have cost you at your current electric rate. However, that can give you an artificial idea of your savings. Most people are going to be making monthly payments on their panels. So, we go a step further and help you compare all of those costs to determine your net savings.

Ready to find out more? Contact NJ Solar for an estimate and solar savings evaluation today.