Electricity Rates in New Jersey

Of the 60 electricity suppliers in New Jersey, 13.33% of them report that they offer net metering. New Jersey has highly favorable regulations in place for consumers who are interested in taking advantage of net metering with solar installations.

The state has 4 providers who are reporting energy loss. The average energy loss for these suppliers is 1.92%. The nationwide average for energy loss is 2.87%, resulting in a rank of 6th best in the US for New Jersey in this category.

State governments can encourage private residents to consider installing home solar panels by issuing tax breaks and rebates. New Jersey currently offers no state tax credit to consumers who install solar panels at their place of residence. The state has no all encompassing rebate program, but local rebates are available to many residents who wish to purchase private solar panels at their home. Fortunately, New Jersey offers a 100% tax exemption to citizens who wish to purchase private solar. The state provides a 100% sales tax exemption to anyone who install private solar panels. This is great for people in the state.

Policies enforced at the state level determine whether customers in a state can afford to install personal solar systems or shop for electric plans that are based on renewable fuels. Renewable Portfolio Standards (RPS) encourage or require electricity companies to produce a certain amount of their electricity using green energy. The state of New Jersey has made strong efforts to create an RPS program that requires at least 25% of electricity production to come from renewable energy sources.