System Size: 6.1 kW
Environmental Impact: Means of purchase: PSE&G Solar Loan
Monthly average electric bill before solar: Approx. $115/month.
Monthly average electric bill after solar: $0
Return of Investment: Solar Loan – Locked in price of SRECs for 10 years at $245 to pay off PSE&G solar loan. Cash flow positive from Day 1.
Tax benefit: 30% of system cost.
Panels: (20) 305W Trina panels
Inverter: (1) SolarEdge Inverter
Optimizer: (20) SolarEdge DC optimizers
Questions & Answers
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.”