The New Jersey Public Utilities Board (BPU) offers a free solar panel installation program for state residents, called NJ SUN. This program is open to both homeowners and business owners, but there are certain eligibility requirements that must be met. Despite what you may have heard, free solar panels don't exist and there's no such thing as a no-cost solar program. If you come across any offers for “free” or “no cost” solar programs, they are likely just a cheap selling point to tempt you into signing a solar lease or power purchase agreement.
Even though you may not be getting your New Jersey residential rooftop solar panels for free, you will still benefit from ongoing cost savings for years to come. In the end, this will be the equivalent of getting your New Jersey solar panels for free in the first place. Once your solar components are installed, they will greatly reduce your dependence on grid-supplied electricity. Your energy components on the roof will start to compensate for the energy you consume on a daily basis.
Additionally, consider the ongoing cost savings that are available after installing your rooftop solar panels in New Jersey. You can also search online to 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 best 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 these 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 vendors and sellers mean when they say “free solar panels” or “no cost solar program”? They usually 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 energy that those panels produce.
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