Searching For The Best Solar Company In New Jersey?
We know that trying to select best solar company in New Jersey is probably the most challenging part of purchasing your solar panel system. Hopefully, you can stop searching now! Headquartered in Middletown, NJ, we've helped hundreds of homeowners and small businesses make the switch to solar power, thereby protecting them from escalating energy prices and dependence on fossil fuels. Installing solar panels in New Jersey doesn't have to be a scary process. Together we can help find the right solar panel solution for you and your family.
"...every member of the team at Green Sun Energy Services made the entire process of switching to solar a pleasure. From the beginning, Glen was comprehensive and detailed in his explanation of the product, responsive and informative about every question and concern, and professional and timely with the installation and all of the paperwork. I am still in shock. Since our installation I have not had to pay a single bill to JCP&L. This is a wonderful investment and has been a wonderful experience." - Nina from Little Silver, NJ. Solar Panel Installation Review On Angie's List
Solar Ownership Opportunities For New Jersey Homeowners
The Remainder Of This Page Will Cover The Following Topics
Solar Panel Purchase & Financing Options
All of our solar panels systems are aesthetically designed, engineered, and installed with the Tier-1 products outlined above. But, our SolarBase™ program is more than just a solar installation, it's a long-term energy management program designed to maximize your energy production and financial returns. To this end, all of our SolarBase™ Programs include 10-years of the following post-installation services:
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- Fleet Managed Remote Solar System Monitoring
- Maintenance & Support
- Money Back Solar Energy Production Guarantee
Whether you want to maximize your financial returns or find an easy solar solution to save money and help the environment, we'll find an option that works for you. For individuals interested in owning their solar panel system, we offer two SolarBase™ Programs.
SolarBase™ Self Directed
SolarBase™ Self Directed, simply assumes that you will provide your own solar financing or personal funding of the solar panel system. In most cases, we can offer you a Same-As-Cash loan (described below) to cover your anticipated Federal Investment Tax Credit.
SolarBase™ Complete
Our $99 down SolarBase™ Complete Program includes special solar financing (not tied to the equity in your home) in addition to all of the services listed above. Typical loans include a Term Loan and a Same-As-Cash (SAC) loan. Solar loans are a great solar panel financing option if you want to buy your system. With over 100 solar energy loans available through Green Sun, you can finance the entire cost of your system.
When you purchase solar panels in New Jersey, we typically structure two loans (a Term Loan and a Same-As-Cash Loan) with the same bank to minimize your out-of-pocket expense. As illustrated in the example below, the total cost of the system is $30,000. Of this, the anticipated tax credit of $9,000 leaving a balance of $21,000.
- The Term Loan is used to cover net price of the system. This is the amount you are responsible for after accounting for the Federal Investment Tax Credit. Term loans are typically secured by your credit rating and in some cases Fixture Filing on the equipment. Solar loan terms can range from 5, 10, 12, 15, or 20 year terms at fixed rates from 2.99% to 9.99% depending on your credit. Having this many options allows us to focus on helping you achieve your investment goals rather than just offering a single loan product.
- The Same-As-Cash loan is typically used to cover your anticipated Federal Investment Tax Credit. With no payment/no interest for the term of this loan, you should plan to you pay off this loan when you received your Tax Credit. Interest on the SAC loan is only waived by the bank if it's repaid within the term of the loan (typically coming due 6, 12, 15, or 18 months from your installation date).
Evaluating Solar Financing Options
Whether you want to maximize your financial returns or find an easy solar solution to save money and help the environment, there is a solar panel financing option that works for you. For homeowners interested in purchasing solar panels in New Jersey, there are four choices to pay for their solar panel systems. Pay cash, take out a home equity loan, get a solar loan, or lease the system. Each of these options will be examined below:
1. Solar Leasing & Power Purchase Agreements (PPAs)
Solar leasing & PPAs are the least effective way to go solar in New Jersey. Most leasing programs leverage third party financing to pay for the installation, maintenance, and support of solar on your house. In return, you give up the rights to claim that you are producing clean energy, give away your federal tax credit along with your SRC income. You will also make a monthly lease payment based on the amount of solar energy your system generates. In other words, you’re purchasing the power that your solar panels generates. As the table below illustrates, leasing is not a very good option for most homeowners.
2- Pay Cash (SolarBase™ Self Directed)
Individuals with cash on hand, will make the best return on their solar panel investment because they will not have any interest charges. The focus here is on the time it takes to pay yourself back and break-even. We see the breakeven points ranging from 4 to 7-years depending on the suitability of the property for solar and the equipment choices.
3- Home Equity Loans (SolarBase™ Self Directed)
For individuals who have equity in their property, a home equity loan or line of credit may be a great alternative. Just remember that these loans are secured to to your personal property.
4- Solar Loans (SolarBase™ Complete)
Solar loans are a great solar panel financing option if you want to own your solar panels in New Jersey for just $99 out-of-pocket. With over 100 solar loans available through Green Sun Energy Services, you can finance the entire cost of your system. Some of these solar loans may be secured (using your solar panel system as collateral) or unsecured (tied directly to your personal credit). Solar panel loan terms range from 5, 10, 12, 15 and 20-years at fixed rates from 2.99% to 9.99% depending on your credit.
When you're thinking about financing, it's important to understand how the loan term and the interest rate impacts how the solar loan meets your financial objectives of short terms savings (longer loan term) or long term profit (shorter loan term).
When evaluating loans from multiple solar installation companies, it's best to ask for the same loan term. Note that each installer may have a different Gross Price for the system and offer different loans, so it's important to ask for the same loan term.
Then you can do some simple math to determine the Total Cost of Principal & Interest Per DC Watt. The formula is fairly simple:
1. Calculate the Total Cost of Principal & Interest as follows: Total Loan Payments MULTIPLIED BY The Loan Term
2. Calculate the Total System Size as follows: Number of Solar Panels MULTIPLIED BY DC Rating of Each Panel
3. Calculate the Total Cost of Principal & Interest Per DC Watt as follows: DIVIDE the Total Cost of Principal by The Total System Size
Example: Let's assume you are going to purchase 30 pv solar panels that are 315 watts each; and you've secured a 10-year, 2.99% loan with payments of $233.30 per month. Oyay, The Total Cost of Principal & Interest is $233.3 X 120 = $27,996. The Total System Size is 30 X 325 = 9,450 Watts. So, the Total Cost Of Principal & Interest Per DC Watt is $27,996 DIVIDED BY 9,450 = $2.96.
Evaluating Solar Financing Options
Once you've selected your equipment and made the smart decision to purchase (not lease) your solar panel system, it's time to discuss price and financing... and, more importantly the true cost of solar ownership. Here are a few examples of solar investment objectives (Reference to Chart below to see the details):
Objective A. I want to save as much as possible right now!
As outlined in the example below, the 20-year solar loan has the lowest monthly payment at just $154.48 per month, so it provides really nice short-term savings. However, when you multiply $154.48 per month by 240 months you wind up spending $37,075.2 (or $3.92 per fully financed DC watt) in total principal & interest over the terms of the solar loan.
Objective B. I want the lowest purchase price!
Okay, we don't blame you. The lowest purchase price in the table below appears to be $30,838.06. This comes with a 10-year solar loan at 6.99%... not a bad deal. Now, let's add up the 120 loan payments at $249.38 per month to get a total cost of principal and interest of $29,925.6. GREAT, that's a LOT lower than the $37,075.2 (or $3.17 per fully financed DC watt) for the 20-year solar panel financing option.
Objective C. I want the lowest cost of solar ownership!
Smart, although the price sticker of the 10-year, 2.99% solar panel loan option seems the highest at $34,673.17. But, the lower interest rate produces the lowest monthly cost for a 10-year solar panel loan at just $233.30 per month. Now, when we multiply 120 months of loan payments by $233.30 our total cost of principal & interest is just $27,996 (or $2.96 per fully financed DC watt). So, this is the best deal!
Flip you phone to horizontal to see all 5 columns of this table
Our Solar Equipment & Warranty Packages
When you are evaluating options to purchase and install solar panels in New Jersey, it's important to understand the warranties provided by the equipment manufacturers and the solar installation company.
All of our solar panels systems are aesthetically designed, engineered, and installed with the Tier-1 products outlined above. But, our SolarBase™ program is more than just a solar installation, it's a long-term energy management program designed to maximize your energy production and financial returns. To this end, all of our SolarBase™ Programs include your choice of 10, 15, or 25-years of the following post-installation services:
- Fleet Managed Remote Solar System Monitoring
- Maintenance & Support
- Money Back Solar Energy Production Guarantee
To help simplify all of the equipment and warranty choices, we've put together three PV Solar Packages for our clients to choose from.
The SolarBase™ Premium Package
Our high-end SolarBase program features panels from Jinko, LG, Panasonic, Solaria, and Trina; SolarEdge Inverters (upgraded to a 25 year warranty) with Power Optimizers; Quick Rack rail-free mounting system, a Whole House Surge Protector, and critter guard. This package also includes an industry leading 25 year installation workmanship warranty.
The SolarBase™ Value Package
For our more value minded client's, we created our Value Line. Here we utilize panels from Hanwha, Jinko, LG, Panasonic, Solaria, and Trina; SolarEdge Inverters (upgraded to a 25 year warranty) with Power Optimizers; and the EcoX rail-free mounting system. This package also includes a 15 year installation workmanship warranty.
The SolarBase™ Economy Package
For our more budget minded client's, we created our Economy Line. Here we utilize panels from Hanwha, Jinko, LG, Panasonic, Solaria, and Trina; SolarEdge Inverters (standard 12 year warranty) with Power Optimizers; and the EcoX rail-free mounting system. This package also includes a 10 year installation workmanship warranty.
Solar Package Comparison
All Of Our SolarBase™ Programs Include The Following Services
Installing solar panels in New Jersey isn't an easy process, but we do all of the work for you. To this end, you will not have to worry about filing for permits, registering with the utility company, dealing with New Jersey's Clean Energy Program or maintaining your solar panel system after it's been installed.
Government Program Administration
The combination of federal, local and utility based programs can provide over 100% of the money required to purchase and install your solar energy solution!
But, these programs are extremely difficult to apply for and in many cases require ongoing administration. Our team is well versed in each of these programs and will ensure that you receive the maximum available benefit. We will coordinate, manage and administer these programs for the term of our contract.
Financial Coordination and SREC Management
Our financing professionals and lending partners will work with you to find the best possible financing solution for you. We offer over 100 different financing packages with loan terms from 12 months to as long as 20 years.
Once your system is provisioned, we will set-up a brokerage account for you and then manage and sell your SRECs. The proceeds, less our brokerage/administrative fees, will be sent to you in accordance with the SolarBase™ Program that you select
Design and Engineering
All of our SolarBase™ systems are custom designed to minimize your up-front investment and maximize your long-term energy production.
Our Solar Engineers will conduct a complete solar evaluation of your property to determine the best possible location for your solar array and provide you with a detailed design of the proposed system. We will configure your system with market leading solar panels, micro-inverters, and racking systems, to ensure the most cost-effective installation that yields the highest possible energy output and return on investment.
Solar Installation, Testing, and Provisioning
We will install and test your system to ensure the highest level of efficiency and client satisfaction. All of our solar installations are designed and supervised by NABCEP (National Board of Certified Energy Practitioners) trained professionals.
Solar Energy Optimization and Monitoring
Optimizing your long-term energy production is the cornerstone of the SolarBase™ Program. The more energy that you generate, the more money you save and the more SRECs you can earn! Once your system has been installed, you can rest assured knowing that our team will:
- Monitor your system to ensure maximum energy production.
- Remotely diagnose any problems and dispatch a service technician if required.
- Perform annual equipment inspection and panel cleanings.
- Manage, Aggregation and Sell your SRECs
- Guarantee the output of your system for 10 years!
Free Guide To Selecting The Best Solar Company New Jersey
Choosing the best solar company for your needs is probably the most challenging part of your solar buying process. While solar panels and equipment can be classified by product specification, and different financing options have costs and benefits that can be compared, verified solar company reviews with standard metrics to evaluate solar panel installers can be difficult to find. That's why we put together this guide to help you select the best solar company in New Jersey. Read More