New Jersey Solar Incentives and Rebates
New Jersey has long been a leader in the adoption of solar energy, and the state offers a variety of incentives and rebates to encourage residents and businesses to install solar panels. These incentives include both federal and state-level programs, and they can help to significantly reduce the cost of going solar.
The Federal Investment Tax Credit in New Jersey
One of the key incentives for solar energy in New Jersey is the federal Investment Tax Credit (ITC). The ITC is a 22% credit on the cost of installing a solar energy system, and it can be applied to both residential and commercial systems. This credit can significantly reduce the overall cost of going solar, and it is available to all taxpayers who install a solar energy system on their property.
State-Level Tax Incentives in New Jersey
New Jersey does not currently offer any state-level incentives for solar energy. According to the New Jersey Department of Environmental Protection (NJDEP), the state has chosen to focus on other programs and initiatives to promote the adoption of renewable energy. However, there are still a number of state-wide programs and initiatives that can help to reduce the cost of going solar.
State-wide solar initiatives in New Jersey
One of the key state-wide solar initiatives in New Jersey is the Successor Solar Incentive (SuSI) program. The SuSI program provides a fixed payment of up to $90 for every SREC-II generated, and it is available for 15 years. This program is designed to help make solar energy more affordable for residents and businesses in the state.
PACE (Property Assessed Clean Energy) program is also available in New Jersey, which helps property owners finance the cost of energy efficiency and renewable energy upgrades through a special assessment on their property tax bill.
In addition, residents of New Jersey can take advantage of available solar loan programs and SRECs (Solar Renewable Energy Certificates), which can help to reduce the upfront cost of going solar.
State-wide tax exemptions in New Jersey
New Jersey offers a number of state-wide tax exemptions for solar energy. These exemptions include full exemptions from sales and use taxes for solar energy equipment and full exemptions from property taxes for solar energy systems. This can help to further reduce the cost of going solar.
State-specific laws on Solar Easements in New Jersey
New Jersey has recently passed the Solar Act 2021, which allows property owners to enter into agreements with their neighbors to protect their solar access rights. These agreements, known as solar easements, can help to ensure that the property owner’s solar panels are not shaded by neighboring buildings or trees, which can reduce the amount of electricity that the system generates.
Net Metering in New Jersey
The power generated by solar panels in New Jersey is credited through a process known as net metering. Net metering allows solar energy system owners to receive credit for any excess electricity that their system generates. This excess electricity is then sent back to the utility grid, and it can be used by other customers. This helps to offset the cost of electricity for solar energy system owners.
Benefits of Going Solar in New Jersey
New Jersey residents and businesses can benefit from reduced electricity bills, increased property value, improved home resale value, and tax incentives by installing solar panels.
In conclusion, New Jersey’s net metering program and various state-wide and federal solar incentives make it a great state to invest in solar energy. Not only can you save money on your electricity bills, but also increase the value of your property and reap the benefits of tax incentives. It’s a win-win situation for property owners to consider installing solar panels in New Jersey.
FAQsWhat types of solar systems are available in New Jersey?
There are a variety of solar systems available in New Jersey, including rooftop solar panels, ground mount solar systems, and solar carports. Find out more about types of solar systems at SolarEmpower.
Is there government support for solar in New Jersey?
Yes, New Jersey has several government incentives and programs to support the adoption of solar energy. These include the Solar Renewable Energy Certificate (SREC) program, net metering, and various tax credits and rebates.
Does solar energy save money in New Jersey?
Yes, solar energy can save money in New Jersey. Solar systems generate free electricity from the sun, which can lower monthly electricity bills. Additionally, there are various government incentives and tax credits that can help offset the cost of installing a solar system.
Are there solar companies in New Jersey?
Yes, there are many solar companies in New Jersey that specialize in designing and installing solar energy systems. Check out our expert reviews of solar companies in your area at SolarEmpower.
How long does it take to install a solar system in New Jersey?
The amount of time it takes to install a solar system varies depending on the size and type of the system. Generally speaking, a typical residential rooftop system can be installed within 1-2 weeks.