If you’ve been researching solar panel system, you’ve probably heard at least one company advertise ‘free solar panels’ or seen ads that start with “U.S. Government Pays Middle Class Families to Go Solar” or “New Jersey will pay you to install solar” – These ads are typically lead capture scams to sell your information to solar leasing companies!
New Jersey’s Clean Energy Program does not offer free solar panel installations. All current NJBPU sponsored Solar incentive programs can be found at www.NJCleanEnergy.com/renewable-energ.
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Here’s the deal: There is no such thing as a free lunch (or a free solar panel installation). Free solar panels are not actually free; you will pay for the electricity that they produce, usually under a 20-to-25-year solar lease or Power Purchase Agreement (PPA). Under both of these arrangements, a leasing company will put solar panels on your roof for no money up-front, keep all of the incentives, and charge you for the electricity that they produce.
That said, here are some common pitfalls associated with solar leasing:
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- 20+ Year Financial Commitment: Solar leases often lock you into long-term contracts, extending over two decades. It’s essential to carefully consider the commitment and potential financial implications.
- Potential for Increased Costs: Beware of annual payment escalators typically found in leases. These escalators, often around 2.9% per year, can lead to cumulative costs exceeding your old electric bill over a short period of time.
- Transferability Issues: Selling a home with a leased solar system can be tricky. Buyers may be hesitant to assume the lease or may request changes that complicate the process.
- Limited Financial Incentives: Leasing will exclude you from federal tax credits, state rebates, and solar renewable energy credits (SRECs) that are typically available to solar owners.
- Limited Control and No Ownership: Leasing means you won’t own the solar equipment on your roof. Lack of ownership restricts your control over system modifications and decisions.
- System Performance and Maintenance: As a lessee, you depend on the leasing company for system maintenance. Ensure the lease includes provisions for regular upkeep and monitoring to optimize performance.
Going Solar Made Easy with Green Sun Energy Services
New Jersey homeowners can take advantage of some really great solar incentives. As the owner of your solar panel system, you’ll receive sales tax exemption; property tax exemption; a 30% federal investment tax credit; 15-years’ worth of SREC income from New Jersey’s Clean Energy Program; and all of the clean energy that your system produces.
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Because of these great incentives, you can finance your solar panel system for as little as $99 down and actually make a nice profit within the very first year. Or, if you have access to some cash, the combination of federal & state incentives will typically enable you to break-even within 5 to 7-years.
With Green Sun Energy Services at your side, switching to clean and inexpensive solar power has never been easier. We’ll work with you to determine the best solar panels, inverters, warranties, and financing options for you and your family. Check out our Client Portfolio to see how much some of your neighbors are already saving with solar.
The Green Sun Difference
When it comes to going solar, you can trust the experts at Green Sun Energy Services. We make the process simple, affordable, and stress-free. Take control of your energy future and enjoy the benefits of clean, inexpensive solar power.
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- Local Experts: Our team consists of knowledgeable and experienced solar energy experts who are well-versed in the latest industry trends and technologies. We are dedicated to delivering the highest standard of service.
- Superior Equipment: We only work with top-quality solar equipment and technology, ensuring optimal performance and maximum energy efficiency for your system.
- Aesthetically Pleasing Designs: We understand that the visual appeal of your solar system matters. Our designs blend seamlessly with your property, enhancing its aesthetics while harnessing the power of the sun.
- Dozens of Financing & Payment Options: We work with three specialty banks offering low interest loans terms from five-years to twenty-five-years.
- Money-Back Guarantee: We are confident in the quality of our work and guarantee your satisfaction. If your system doesn’t produce 90% our contracted estimate, we’ll write you a check!
- Commitment to Long-Term Customer Relationships: Building lasting relationships with our customers is at the core of what we do. We are here to support you throughout your solar journey and beyond, providing ongoing maintenance and support.
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