As New Jersey inches closer to 2050, the due date for the state’s 100% clean energy goal, energy companies in the state are making significant strides toward decarbonization. With Invest:, prominent energy leaders in the state shared insights into the progress their organization is making on the clean energy front.
What would you say to detractors who question solar’s viability?
The technology is tried and true; there’s nothing speculative about the technology. The variability is tied to the weather. But these systems are on your property for 20, 30 years and the weather impact evens out. The payback in New Jersey and in states that don’t have strong incentives is three to 10 years. I say solar is a risk free investment with a high potential return. It’s risk-free because the panels are there and will continue to produce electricity. As long as you’re in a building, you’re going to have an electric bill, so your guaranteed cost savings from the panels. Once the panels are paid back, you’re essentially getting free electricity for the remainder of your panels’ life.
We have customers replacing or renewing systems, not because the panels aren’t working anymore but because of the ongoing tax credits and incentives, and how much less panels cost compared to ten years ago. They’re looking at the economics, re-upping for the new S-REC program with solar panels today producing twice as much energy as they did ten years ago, thinking, “We paid off those panels, but are we better off with the ones we have or getting some new ones?”
– Michael Boches, CEO, Geoscape Solar