15 Best Solar Companies in Red Bank, NJ (Sep 2022 Review)

The Cost and Benefits of Solar in Red Bank

The cost of putting up a solar panel system has decreased significantly in the past few years, but it's still a substantial investment for most homeowners. Some important things that determine how much it will cost and how much you could save include:

• The type of solar panels you're planning on getting: More efficient panels are more highly priced, so that will determine your budget for your solar project.
• Incentives: Along with the federal Solar Investment Tax Credit (ITC), which lets you deduct 30% of your total installation cost, your state or local government may offer additional tax exemptions, credits or rebates that can help you save even more. Aside from incentives, you can save an average of $14,000 over 20 years with your solar panels, too.
• The amount of sunlight your house gets: Thanks to Red Bank's high amount of average daily sunlight, you should be able to save a decent amount on your electric bills.
• Electricity consumption: The average home in Red Bank doesn't use much energy, and as a result may not see as many savings on their power bills.

Even though a solar panel system costs a sizable chunk of money upfront, it can save you much more over the lifespan of your panels. The question of how much, though, depends on several factors, such as the amount of daily direct sunlight available and incentives.

Solar Incentives in Red Bank

Although installing solar panels is typically a large investment, it can save you a considerable amount of money over the lifespan of your solar panels due to smaller power bills and government incentives. No matter what state you live in, you can take advantage of the federal Solar Investment Tax Credit (ITC), which lets you claim 30% of how much your solar project cost when you file taxes, lowering the amount of taxes you owe that year. Additionally, there may be some state and city incentives you can benefit from too. For detailed information about incentives that apply to you, see the table below.

Environmental Impact of Switching to Solar in Red Bank

A lot of people want to do what they can to help protect the environment, which in many cases is the primary reason they're interested in installing solar panels. You may be wondering — how much does making the switch help the environment anyway? Something that can dramatically affect your carbon footprint is how long your commute is and how much you drive generally. If you switch to solar power and have an electric car, you can vastly decrease your carbon dioxide emissions by charging your car at home. Once you go solar, your carbon emissions can be lowered by about 60 pounds each year. If you want to do your part for the environment, you'll no doubt recognize that there are many benefits of adopting solar energy other than just saving money on electricity. You can also help protect the environment, which some would argue is more valuable.