PSEG (NJ)

PSEG (NJ) serves New Jersey with a residential electricity rate of $0.23 per kWh. This is 34% above the national average of $0.168/kWh, meaning solar savings are especially significant for customers looking to reduce their energy costs.

At current rates, a typical PSEG (NJ) household using 900 kWh per month spends approximately $2,430 per year on electricity. An 8 kW solar system can offset most or all of that usage, saving an estimated $2,160 annually and $78,752 over the 25-year life of the system. With New Jersey incentives of $7,200, the net system cost drops to $18,816, with a payback period of just 8.7 years.

PSEG (NJ) offers net metering for solar customers, with credits applied as retail. Heat pump rebates of up to $7,500 are available. Third-party ownership through solar leases and power purchase agreements (PPAs) is available, which can qualify for the 30% commercial Investment Tax Credit under Section 48.

The federal residential solar tax credit (Section 25D) expired at the end of 2025. State and utility-level incentives are now the primary financial benefits for homeowners going solar. NuWatt Energy handles the entire process from system design through permits and PSEG (NJ) interconnection, ensuring you receive every available rebate.