The solar boom in New Jersey has created a thriving market for residential solar buyers. Owing to a sharp decline in solar panel prices and government incentives, residential solar is not only cost-effective but a lucrative opportunity for NJ residents. Naturally, the number of home solar buyers is increasing each year and is expected to do so for many years to come.
If you are interested in home solar – whether you are merely exploring it or have already decided to install a residential solar system – you’d like to know whether you qualify for one. So, let’s help you find out.
- Your Roof Is Probably the Most Important Factor
The roof is the ideal place of installation for home solar, and its design plays a critical role in deciding whether home solar is the right choice for you.
Firstly, your roof should offer sufficient space for installing solar panels. Secondly, the roof design should make it easy to install the solar panels from a structural standpoint, although solar companies can reinforce the roof for you. Lastly, the design of your roof should allow the solar panels to capture direct sunlight.
The solar companies typically assess your roof’s design, and condition to determine whether it’s suitable for home solar installation.
- Shade and Shadows
The power output from solar panels is directly proportional to the amount of direct sunlight they receive. Obstructions like nearby buildings, trees, billboards, and so on, which cast a shadow on your roof at any point during the day, can reduce the performance of your solar panels.
The presence of big or too many shadow-casting elements around your house can make your roof less than ideal for home solar.
- Loan Qualification
Many residents choose to take the solar financing option for funding their home solar project. If you’re looking into a solar loan, then you’ll need a credit score of at least 580 to get a solar loan. Generally, anyone with a credit score of 640 or higher can easily qualify for a solar loan with great terms.
Remember, residents with higher credit scores get better rates and payment terms. The credit score requirement may change from one solar company to another. So, make inquiries with multiple solar companies to get a general idea.
You also have the option to go with a solar lease or PPA arrangement. The requirements for these are generally more customer-friendly.
The physical restrictions arising out of your house’s roof design and your financial situation play the biggest roles in determining whether you qualify for a home solar solution. To get advice for your specific case, please get in touch with us.