The Cost of Your Solar PV System
The net cost of an ARE solar energy system is actually less than what you are currently paying for your electricity! (No Money Down, No Interest, Worry Free)
ARE solar provides SAC (same as cash ) to our customers which enables you to get paid back via government incentives from federal tax credit, state government incentives, and SRECs (solar renewable energy certificates) BEFORE you have to make any payments on your project! Click here for details.
1. Federal Tax Credits -30% of your solar system cost
Home and business owners that install qualified photovoltaic systems are eligible to receive a 30% investment tax credit, calculated on the total cost of the system. Taxable expenditures include solar equipment, labor costs for preparation and assembly, as well as materials for interconnecting the system to the utility. Currently, there is no maximum cap on the dollar amount that can be received from the credit. Click here for details.
2.PSE&G Solar Loan-60% of your solar system cost
By obtaining a PSE&G Solar Loan for 60% of the cost of your system, you can finance almost your system in conjunction with tax credits and rebates. This 10-year loan is repaid with Solar Renewable Energy Credits (SRECs) rather than through monthly payments. A “floor” price for SRECs is set at the time of the loan, minimizing the risks associated with a market commodity.
The actual loan amount and floor price will be determined by PSE&G at the time of loan application submission. (For more information, go to http://www.pseg.com/home/save/solar/install_solar.jsp)
3. Solar Renewable Energy Certificates
There’s the New Jersey’s Solar Financing Model,which relies on Solar Renewable Energy Certificates (SRECs) model. Every time your solar system generates 1,000 kWh of electricity, an SREC is earned and placed in the customer’s electronic account. SRECs can then be sold on the SREC tracking system, providing revenue for the first 15 years of the system’s life.
The current value is $655; it (current value) can be viewed.