Want the highest return on your investment in commercial solar panels? With the right financing plan and incentive guidance, you can be cash flow positive on day one and start making money off your solar panels right away.
NJ Solar Power is the leading commercial solar installer in New Jersey with over two decades of experience. We can help you overcome financial barriers with solar incentives and flexible financing so you can accelerate your commercial solar installation and maximize your benefits.
Solar Loans & Financing for Commercial Projects
There is no one-size-fits all solution for solar financing, which is why we provide custom financing for commercial and industrial solar installations. Our expert team will solicit offers from multiple trusted partners and help you select the best fit for your project. For most projects, the options include a solar loan, solar leases, operating lease, or power purchase agreement (PPA).
- Custom Solutions – Our financing solutions are tailored to meet your objectives and maximize your financial gain.
- Expert Guidance – We’ll make sure you have a clear understanding of the financing options available and their tax implications so you can make the best decision for your business.
- Trusted Financial Partners – We have long standing relationships with trusted financial institutions to ensure favorable terms and a streamlined financing process.
Commercial Solar Incentives
Solar incentives reduce your upfront installation costs and generate extra profit for your business! Commercial solar installations in New Jersey are eligible for several incentives. When you go solar with NJ Solar Power, we will make sure your project qualifies for as many incentives as possible.
Investment Tax Credit
The solar investment tax credit, also known as the commercial solar tax credit, is a lucrative tax benefit for commercial solar installations. It reduces your federal tax liability by 30% of your solar installation costs for the year you install your system. If your project meets certain location and labor requirements, you can qualify for stackable bonus credits.
Investment Tax Credit Direct Pay for Non-Profits
Qualifying tax-exempt and non-profit organizations are eligible for a 30% direct payment in place of the solar tax credit. Non-profit organizations may also qualify for stackable bonus credits, including an additional 10% for meeting domestic manufacturing requirements.
MACRS Depreciation
Commercial solar panels are eligible for a 5-year cost recovery period through the Modified Accelerated Cost Recovery System (MACRS). Alternatively, businesses can elect for bonus depreciation, which offers an accelerated recovery method. In 2024, the bonus depreciation rate for commercial solar equipment is 60%. The remaining 40% will follow the 5-year MACRS schedule. The bonus depreciation rate will continue to drop by 20% every year until it reaches 0%. Start your commercial or industrial solar project today to get the highest bonus depreciation rate before it drops!
Solar Renewable Energy Credits
New Jersey has one of the best solar renewable energy credit (SREC) programs in the country. You will earn one SREC for every 1,000 kWh of electricity your solar panels generate, which you can sell for cash. Unlike most states that require SRECs to be solar on an open marketplace, the state of New Jersey offers a guaranteed payment for SRECS.
Net Metering
Net metering allows you to sell the excess electricity your solar energy system generates to your utility company. Your utility will credit you for the electricity you export to the grid, spinning your electric meter backward.