What is the cost of this offer?
Customers will be charged approximately $85 per month for a typical 8.5 kW system over a 20-year period. That monthly rate includes all installation and maintenance costs. It does not change based on the amount of electricity your system generates.
What are the potential savings?
This solar technology is estimated to save homeowners an average of $50 a month, net after the lease payment, on electric costs (based on today's electric prices and typical homeowner electricity consumption patterns). Customers begin to immediately realize these savings following the activation of the interconnect switch on their system to their electric utility's meter. Possible savings on electric costs can add up to $10,000 over the life of the lease.
What if a customer sells their house before the lease ends?
The customer will transfer the lease to the new homeowner. The new homeowner will then continue the lease and receive the benefits of the solar system.
- The customer can purchase the system for the current appraised value.
- The customer can choose to purchase the electricity from the panels based on a per kilowatt price determined by NJRCEV at the end of the lease.
- The customer can end the lease and have the system removed with roof penetrations sealed.
How will a solar system affect the value of my home?
Having a solar system on your home may increase its resale value as the potential savings to a new homeowner can be a very attractive selling point.
How will a solar system affect my property taxes?
Under Title 54 of the current New Jersey tax regulations your home may be exempt from increased property taxes due to the installation of a renewable energy system:
54:4-3.113b - Certified renewable energy system; exemption; amount.
"Property that has been certified by a local enforcing agency as a renewable energy system shall be exempt from taxation under chapter 4 of Title 54 of the Revised Statutes. The owner of real property which is equipped with a certified renewable energy system may have exempted annually from the assessed valuation of the real property a sum equal to the assessed valuation of the real property with the renewable energy system included, minus the assessed valuation of the real property without the renewable energy system included."
This policy is subject to change.
Do customers qualify for any state or federal rebates or tax incentives?
Because NJRCEV owns the solar system, NJRCEV will realize the rebates and/or incentives applicable to the solar panels, which are factored into determining the monthly rate. Similar to the state and federal rebates, NJRCEV will own any SRECs related to the solar panels because NJRCEV owns the system.
Customers benefit from no upfront costs, which are typically tens of thousands of dollars. And, customers immediately realize savings following the activation of the solar system from the renewable energy generated, estimated at up to $50 per month net after the lease payment, based on today's energy prices and typical homeowner electric consumption patterns.