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Savings with Solar in Camden County

Solar power offers a compelling financial advantage by significantly reducing or even eliminating your monthly electric expenses. Your potential savings in Camden County, NJ depend on two key factors: your current electricity expenditure and how much of your electric bill can be offset by harnessing solar energy.

In Camden County, NJ, the average electricity consumer typically requires an 8.0-kilowatt (kW) solar panel system to completely offset their yearly electricity consumption, which averages around 10,920 kilowatt-hours (kWh). On the marketplace, residents of Camden County, NJ typically invest approximately $23,000 in an 8.0 kW solar panel system before accounting for available incentives.

The benefits of offsetting your entire electric bill with solar can accumulate rapidly! Assuming an annual electricity price increase of 0.6% and the use of a $0-down loan to install your system, your savings are projected to be as follows: $2,000 in the first year, $10,300 over five years, $20,800 over a decade, and $42,900 over two decades on electric bills in Camden County, NJ. While a cash purchase may yield greater long-term savings for your solar system, it won't result in immediate savings in the first year. For more information on financing your solar panel system, explore our resources further.

Even if installing solar panels on your property isn't a viable option, you can still be part of the clean energy movement and reduce your electric expenses by enrolling in a community solar initiative. In Camden County, NJ, these community solar programs typically deliver electricity cost savings ranging from 5% to 15% throughout the year. For the typical electricity consumer in Camden County, NJ, a 10% annual savings would equate to approximately $203 in yearly savings.

Solar panel systems are a cost-saving solution that trims your monthly electric expenses. While individual electric bills of $50 or $100 may appear inconsequential when settled each month, their cumulative impact becomes quite significant over the span of a decade, two decades, or even three decades. If your current electricity costs amount to $100 per month, your total expenditure on electricity will surpass a substantial $39,000 over the next thirty years!

Is it financially beneficial to install solar panels in Camden County, NJ?

Absolutely! Solar panels offer significant financial advantages in Camden County, NJ, and in many other regions as well. However, the specific benefits you'll reap depend on various factors, such as local electricity costs, available incentives, climate conditions, and solar panel orientation. Over a span of 20 years, an average-sized solar system can save you approximately $33,995 in energy costs, assuming you make an upfront cash investment. If you opt for a $0-down financing option, you can start enjoying savings right from day one in Camden County, NJ, although the long-term savings may be slightly lower. To gain deeper insights, we recommend exploring our articles on the compelling reasons why solar is a wise choice and how much you can potentially save by embracing solar energy.

The Cost of Electricity and Solar in Camden County, NJ