Solar power continues to gain traction in the global quest for energy independence. This is thanks in part to a variety of factors, including increasing ecological consciousness, utility cost savings, consistent rate control, and interest in investing in sustainable energy for the future.

Solar Power For A Better Quality Of Life

Many industries and sectors can benefit from solar power. The rapid advances in technology and access to incentives as well as friendly financing has made solar possible for the government, municipal, and commercial properties, as well as non-profit organizations, community-sponsored projects, and even residential homes.

There are many incentives available through Federal and State-sponsored programs that are designed to promote renewable energy. This helps you pay for a system quickly, realize a return on your investment and in some cases, potentially turn a net profit.

Electrical Savings On Your Utility Bill

Generating your own power helps you save money in the short-term, but it can also yield significant savings in the future.

It’s also worth bearing in mind that most solar power systems can be set up to lock in a consistent long-term, low rate. This can bear significant savings when you consider that the average cost of utilities tends to increase by around 3% each year!

Federal And State Incentives

The Federal government and several states offer special incentives that can be used to help offset the cost of initial installation. They can vary depending on if the intended system is for commercial, non-profit, community, or residential purposes. The states with solar power or renewable energy incentives often offer them in the form of rebates or other tax-based incentives.

The Federal government also offers a variety of tax credits or renewable energy grants. The one that is right for you and your project can vary depending on several factors.

As an industry leader with over a decade of experience helping clients from every sector, EZNERGY is well-versed in all the available incentives, rebates, and funding options. We take pride in helping make your system as affordable, efficient, and profitable as possible.

SREC’s Incentive For New Jersey Solar Projects

The state of New Jersey remains a national leader for promoting solar power systems and renewable energy solutions. Their SREC’s incentive program or Solar Renewable Energy Certificates has helped promote more than 100,000 solar installations throughout the region.

Solar Power Systems Can Increase Your Property Value

The need for green, renewable energy continues to grow in popularity for businesses, and homeowners alike. Real estate professionals and investors have come to realize this, which has helped boost the value of properties with existing solar power systems.

While statistics vary from one source to another, most properties that have gone solar can enjoy anywhere between 10 to 20% increase in value.

Special Financing And Funding Options

There are several financing options available at the state and federal level to help reduce the cost of solar power systems for homes and businesses.

A Cash Purchase is typically one of the more cost-effective methods to pay for a state-of-the-art solar power system. However, for homeowners or businesses, it requires dipping into the available cash flow. This can impact operations in other ways, which may be prohibitive depending on budget.

A Solar Loan has most of the same benefits of a direct cash purchase. Since the money is borrowed from a special lender, it allows a homeowner or business to maintain its current operational capital.

With over a decade of experience in the solar power industry, EZNERGY has access to many of the country’s top lenders. We take pride in helping our clients find the low-interest financing solutions to make a solar power system easily affordable.

The ITC Tax Credit can reduce your tax burden if eligible. If your solar electric system is installed prior to the end of December 2019, the ITC is 30%, reducing to 26% in 2020, reducing to 22% in 2021 and ending for the residential market in 2022. For businesses, the Modified Accelerated Cost Recovery System is a program that can span a five-year accelerated depreciation allowing the business to be eligible for additional income. These programs are also structured to make the most out of the Solar Renewable Energy Credit.

A PPA or Power Purchase Agreement is often attractive to many business owners or homeowners that are on a fixed income that do not have a tax appetite. With careful planning a Solar PPA essentially allows your home or business to install solar panels on the building or surrounding property without any direct out of pocket cost. The electricity the home or business uses and produces comes directly from the solar panels and is net metered by the utility company. It also helps to protect you from periodic utility rate hikes. In an arrangement like this, a third-party investor essentially pays for solar power system installation. Then you pay a minimal fee to rent it the system and power it produces. In most PPA arrangements the user enjoys a 10 to 30% reduction in energy costs. Once the cost of installation has been repaid to the investor, you would own the system in its entirety. This typically takes 10 to 20 years depending on terms and the size of the system.