Through NJ electric choice and the New Jersey Clean Energy Program, the state is giving its residences options when it comes to lowering and managing energy costs now and into the future. New Jersey’s Clean Energy Program was designed to promotes increases in energy efficiency and the use of clean, renewable sources of energy including solar, wind, geothermal, and sustainable biomass.
New Jersey hopes that as a result of the program, the state will gain a stronger economy, reduce pollution, lower costs, and reduce the demand of generating electricity with non-renewable sources. The NJ Clean Energy Program also offers financial incentives for homes to install solar panels, which requires a substantial upfront investment.
Clearly residential solar power does not make financial sense for the majority of people, otherwise every home would have a system installed. New Jersey is attempting to lead the nation by reducing the the upfront payment as much as possible for people willing to implement a solar panel system on their home. Still, it should be noted, a substantial upfront investment as well as ongoing maintenance fees are required for and solar energy system.
In addition to the Clean Energy Program, New Jersey’s decision to deregulate their energy markets (electricity and natural gas) and give consumers energy choice is paying off for residences in all four of the states utility areas. Currently all four utility territories – PSE&G, JCP&L, Atlantic City Electric, Rockland Electric – have competitive electric suppliers offering reduced electricity rates from their default rates. The electric utilities offer a default rate for customers who have not chosen an alternative electric supplier. Electric savings exist for customers ranging from 10-20% depending on who serves as their electricity utility company. Similar savings exist for commercial energy customers.