New Jersey is a state on the cutting edge of harnessing wind power, both for operating local utilities and for providing energy to homes for residents of the state. A few years ago, the first coastal wind farm began providing renewable electricity to homes through the regional electric grid. The Jersey-Atlantic Wind Farm in Atlantic County, New Jersey, produces about 19 million kilowatt-hours of electricity each year, including power for more than 2,000 homes and other municipal entities. Residents have the option of purchasing their power through the wind farm, although they do pay a higher premium on their electric utility bill. The added cost offsets the increased price of producing the clean energy option. Home owners who do not tap into the wind farm energy may also choose to install their own wind turbine kits on their homes. Prices range from $1700 to just over $35,000 per kit and once installed, they harness the kinetic energy of wind by turning a group of magnets. The magnets create voltage in the conductor which then forces electric current into the grid to power your home. The down side of wind power is that, frankly, the wind turbines are not that attractive and make a whoosh noise all day and night. Yet the energy is clean and because it is renewable, the state is considering offshore wind farms as a much better option. The state has contracted to build offshore wind farms at least 20 miles from land to harness the energy and to keep residents satisfied that their views are not obstructed. No matter if the view is of the ocean, hills, or of wind turbines, New Jersey real estate transactions remain strong. Homes are valued on average at about $330,000 and prices of existing homes have increased by a little more than one percent this year. New Jersey is a solid investment for anyone seeking real estate that would hold its value, even during recessionary times.
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