How Retirees in New Jersey are Making Money with Solar Panels

Residential solar panels reduce your monthly expenses by eliminating your electric bills, and they can also generate passive income to supplement your retirement savings. If you go solar now, you could spend another 20+ years in your home reaping the benefits of your investment! 

Ready to find out how solar panels can make you extra cash with no effort during your retirement? Let’s dive in! 

Solar Panels Have Long-Term Financial Benefits for Retirees 

Eliminate a Major Expense 

When you’re on a fixed income, every penny matters. So why hand your hard-earned savings over to your utility company if you don’t have to? With solar panels, you can generate your own electricity, significantly reducing or even eliminating your electric bills. If you save $150 a month on electricity, that’s $1,800 a year back in your pocket! I can think of a few better ways to spend $1,800 than paying bills—can you? 

Earn Passive Income with SRECs 

Solar panels don’t just save you money—they also earn you money. The Successor Solar Incentive (SuSI) Program provides cash incentives to homeowners who install solar panels. Through the SuSI program, you’ll earn one Solar Renewable Energy Credit (SREC) for every 1,000 kWh of electricity your solar panels generate. The state of New Jersey will provide a guaranteed payment for every SREC you earn for 15 years. Right now, SRECs in New Jersey are worth $85 apiece! 

Increase Your Home’s Value 

Installing solar panels is likely to increase the value of your home. Nationally, houses with solar panels sell for 4.1% more than comparable houses without solar panels. In New Jersey, that number is typically significantly higher—solar houses sell for a premium in NJ! If you’re thinking about downsizing later in your retirement or leaving your house to your kids, installing solar panels now can ensure you get the best price when it comes time to sell. 

Tips to Help You Go Solar in Retirement 

There are plenty of considerations that make people wonder whether solar panels are worth it for seniors. Most of the challenges you’ll face when installing solar panels for your retirement are the same challenges any homeowner faces and there are ways to overcome all of them. 

1. Reduce Upfront Costs with the Solar Tax Credit 

If retirement is on the horizon, it’s important to install solar panels before you lose your taxable income. Residential solar panels qualify for a 30% federal tax credit, which you can claim when you file your taxes for the year you install your solar panels. With the tax credit, you essentially get back 30% of your investment soon after installing solar. 

2. Custom Financing Tailored to Your Needs 

There is no one-size-fits-all approach to solar financing, especially for retirees. NJ Solar Power offers custom solar financing tailored to your needs. No matter what your income source, income level, or tax status is, we will meet you where you’re at and help you choose the best financing option for your specific situation.

3. Worried About Your HOA? Don’t Be! 

If you live in a retirement community, you might be worried your HOA will stop you from putting solar panels on your roof. Thankfully, it’s illegal for HOAs to ban solar panels. There might be guidelines you have to follow, but they can’t stop you from going solar! 

NJ Solar Power: Your Local Solar Panel Installer 

NJ Solar Power is the local solar installation company New Jersey homeowners have trusted for over 20 years. We’ve installed thousands of solar energy systems in New Jersey and can design a custom system that maximizes financial benefits for your retirement. Get started today with a free, customized quote! 

Supplement your retirement income with solar panels! Call 732-269-0308 or contact us for a free estimate.