New Jersey has one of the most ambitious clean energy targets in the entire country. Groundwork is being laid to transform the garden state into a 100% clean energy haven by as early as 2050. That’s no mean task to achieve, considering that 90% of the state’s energy needs are currently met by natural gas and nuclear energy, out of which natural gas contributes the lion’s share.
With the 2050 target now set in stone, New Jersey has moved to reach the 50% renewable energy milestone by 2030. In doing so, it has entered the exclusive “50×30” club that includes California, Hawaii, New York, and Vermont. The state’s leadership is doubling down on offshore wind power, solar energy, and a large-scale buildup of energy storage to realize these goals.
With these new targets, New Jersey has firmly reclaimed its leadership position in green energy adoption among the other states.
The Multiplier Effect of Solar Investments
Offshore wind farms make an excellent choice as a renewable energy source. However, wind energy continues to be relatively expensive. Moreover, only a handful of players have the financial wherewithal and technological know-how to set up, maintain, and operate them, bringing undue financial pressure on them.
Fortunately, the solar market offers some advantages over wind power. Sure, large-scale solar farms have become common across the length and breadth of the state, but what’s propelling New Jersey into a leadership position is its performance in distributed solar energy adoption.
It currently occupies the third position in distributed solar power adoption, a big chunk of which is contributed by residential solar.
Home solar projects make it possible for every homeowner across the state to make an investment in the state’s green energy future and enjoy tangible returns on those investments. Roping in private individuals and households creates a virtually unlimited supply of money to make bold moves for solar energy adoption, and that’s what is happening.
Every dollar the government spends on subsidies and incentives multiplies into several dollars’ worth of investment by private individuals.
The Most Expensive Source of Energy
Solar energy has already outranked all other sources of energy as the cheapest option. As if that’s not enough, solar equipment prices continue to plummet, and their power production continues to soar. In other words, solar systems will continue to get cheaper and produce more power simultaneously, making them increasingly cost-efficient.
With higher returns on investment, home solar adoption will continue to rise.
To summarize, home solar and commercial solar will continue to play a pivotal role in helping the state of NJ realize its “50×30” milestones.
