NJ's incentives help make solar power worth the investment

[rusty charly]

Although it won't usurp the title of sunshine state from Florida any time soon, New Jersey has generous benefits for homeowners installing solar equipment. Yet you don't have to live in Bruce Springsteen's home state to reap these breaks; similar programs are offered across the U.S., Europe and Australia.

Eric Olsen, a systems architect for United Parcel Service Inc., installed solar panels to generate electricity on his 3,500-square-foot home in Totowa. In the summer, the 48 panels generate 8.5 kilowatts, enough to pay all of his energy bills.

While the retail price of the panels was $62,500, his net cost was reduced significantly by state incentives. As his energy bills rose, the payback period for his investment has shortened.

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"If the economics didn't work out, I wouldn't have done it," Olsen said. "About 70 percent of the equipment and installation cost was paid for by New Jersey. It's the hottest state for solar power."