New Jersey Public Utilities Board (BPU) Offers Free Solar Panel Installation Program for State Residents. The program is called NJ SUN and is open to both homeowners and business owners. To be eligible for NJ SUN, your home or business must meet certain eligibility requirements. Free solar panels don't exist, and there's no such thing as a no-cost solar program.
If you're hearing about “free” or “free” solar programs, they're likely to give you a cheap selling point to tempt you to sign a solar lease or power purchase agreement. Even after your New Jersey residential rooftop solar panels are installed, you'll receive ongoing cost savings for years to come. Ultimately, this will be the equivalent of getting your New Jersey solar panels for free in the first place. After installation, solar components greatly reduce their dependence on grid-supplied electricity.
After all, the energy components of your roof will immediately begin to compensate for the energy you consume on a daily basis. In fact, consider the ongoing cost savings that are available after installing your rooftop solar panels in New Jersey. In addition to those resources, an Internet search can help you find local companies that install solar panels. If there are trees near your home that create too much shade on the roof, roof panels may not be the most ideal option.
Ask your solar installer if they offer battery storage options and learn more about solar energy storage. Leases and solar PPAs aren't scams in and of themselves, but homeowners should be cautious and educated before signing a lease. Under solar leasing agreements or PPAs, the solar energy company retains ownership and you pay for the electricity it produces. In some serious cases, solar companies have even faced lawsuits for falsely advertising “free solar panels” to unsuspecting customers who lost thousands by signing unfair contracts.
In these types of agreements, a company installs solar panels on its roof with no money in advance, but charges you to use the energy they produce each month. Solar loans allow you to borrow money from a lender to purchase your solar system, which you can repay over time with your energy savings. So what do the vendors and sellers of a company mean when they say “free solar panels” or “no cost solar program”? They generally refer to solar leases and power purchase agreements (PPAs). Solar loans work the same way as home improvement loans, and some jurisdictions offer subsidized solar energy loans with below-market interest rates, making solar even more affordable.
In general, a purchased solar system can be installed at a lower total cost than the installed system through a loan, lease, or power purchase agreement (PPA) for solar energy. Solar panels are designed to work in all climates, but in some cases, roofs may not be suitable for solar systems due to age or tree cover. Depending on the configuration of your home solar system, you may even be able to make money with your roof panels. The main takeaway when considering a “no-cost” solar program or PPA is that you don't own the solar panel system on your roof that the installer does have.
Since solar panels add a lot of value to your home, raising property taxes is another major concern for homeowners. As mentioned above, in solar leases or PPAs, a solar energy company installs a solar panel system in your home; then, you pay a monthly fee for the solar energy that those panels produce. .