Martin C.
Maplewood, NJ |
September 2014
Electric Bill Before
$
0
System Size
0
kw
The Numbers
- System Size: 6.1 kW
- Production: 7400 kWh/yr
- Electric Bill Before: $115
- Avg Electric Bill After: $0
The Case Overview
Martin C. from Maplewood, NJ installed a 6.1 kW solar panel system with Green Power Energy, generating 7,400 kWh annually. Using the PSE&G Solar Loan Program, Martin secured a loan paid off by SRECs, locking in a favorable rate for 10 years. This investment reduced his monthly electric bill to $0 from the start and he benefited from a 30% federal tax credit. Martin saw solar panels as a valuable long-term investment and appreciated the opportunity to educate his children about renewable energy.
Motivation for installing solar panels:
“It was a solid long-term investment because we used the PSE&G (a NJ Utility) Solar Loan Program, which allows the loan to be paid back by revenue from the SRECs the system generates. Essentially, it’s a loan that doesn’t need to be paid back, and the floor price of the SRECs is locked in. We also wanted our kids to grow up using and learning about solar energy.”
Overall solar experience:
“It can be intimidating at first, don’t rush into anything, learn about what’s possible and whether your home or business is suited for Solar PV.”
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