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The Cost of Electricity and Solar in Ocean County, NJ

Ocean County residents, on average, spend over $163 per month on electricity. That is over $1,956 per year!

Over 25 years residents will pay $54,500 on average on electric bills.

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Savings on Your Electric Bill with Solar in Ocean County, NJ

Solar power is an excellent way to cut down on your monthly electricity expenses. The potential savings you can enjoy in Ocean County, NJ depend on two primary factors: your current electricity expenditure and the extent to which you can offset your electric bills with solar energy.

Given the sunlight conditions and hours in Ocean County, NJ, the typical electricity consumer here would require an 8.5 kilowatt (kW) solar panel system to completely offset their yearly electricity consumption, which stands at 11,544 kilowatt-hours (kWh). On the Marketplace, residents shopping for solar solutions in Ocean County, NJ typically invest around $24,000 in an 8.5 kW solar panel system before factoring in incentives.

The benefits of completely offsetting your electric bill with solar power can accumulate rapidly. Assuming an annual electricity price increase of 0.6% and the use of a $0-down loan for system installation, you can anticipate savings of $2,000 in the first year, $9,900 over a span of five years, $20,100 within a decade, and $41,500 over the course of 20 years in Ocean County, NJ. While a cash purchase of your solar system results in greater lifetime savings, it won't provide immediate savings in the first year. To delve deeper into financing options for your solar panel system, explore our resources on the subject.

How Much Can You Save With Solar In Ocean County, NJ?

If installing solar panels on your property isn't a viable option, you can still actively engage in the clean energy movement and reduce your electricity expenses by enrolling in a community solar program. In Ocean County, NJ, these programs commonly offer electricity cost savings ranging from 5% to 15% throughout the year. For the typical electricity consumer in Ocean County, NJ, achieving a 10% annual savings through community solar translates to a substantial $196 in annual savings.

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

Absolutely, investing in solar power is a wise decision for Ocean County, NJ residents! In fact, solar panels can bring substantial benefits to most regions, although several key factors, such as electricity costs, available incentives, local climate conditions, and sun exposure angles, will influence the pace at which you recoup your initial investment compared to other locations.

Over the span of 20 years, the installation of an average-sized solar system can yield savings of approximately $41,069 (assuming an upfront cash payment). However, if you opt for financing with a $0-down loan, you can start enjoying savings right from day one in Ocean County, NJ, although your long-term savings may be somewhat reduced.

For more comprehensive information, feel free to explore our articles that delve into the reasons why solar is a worthwhile investment and provide insights into the potential savings you can achieve through solar energy adoption.