Take Advantage of these Generous Solar Incentives
New Jersey offers a number of incentives to homeowners and businesses looking to install a solar system. These incentives can help you save money on the cost of your solar installation and can also provide additional benefits, such as increased home value and reduced energy bills.
Federal Solar Incentives
One of the most significant incentives available in New Jersey is the federal solar tax credit. This credit provides a 30% tax credit for the cost of installing solar panels. For example, if you install a solar system that costs $20,000, you can claim a tax credit of $6,000 on your federal taxes.
State Solar Incentives
The New Jersey Sustainable Energy Utility Incentive (SEUI) program also provides financial assistance to homeowners and businesses that install solar panels. The amount of the incentive depends on the size of the solar system and the location of the property.
In addition to these incentives, New Jersey homeowners are exempt from property taxes on the value of their solar panels. This can save homeowners hundreds or even thousands of dollars each year. New Jersey residents are also exempt from sales tax on the purchase of solar panels. This can save homeowners hundreds of dollars on the cost of their solar installation.
Solar Renewable Energy Credits
Another important incentive is the New Jersey Solar Renewable Energy Certificate (SREC) program. This program rewards solar generators for the clean energy they produce. SRECs can be sold to utilities or other entities that are required to meet renewable energy goals. The value of SRECs varies depending on the market, but they can provide significant additional income for solar owners.
These are just a few of the incentives that are available to New Jersey homeowners and businesses that install solar panels. With these incentives, going solar can be a great way to save money and reduce your environmental impact.
If you are considering going solar in New Jersey, be sure to contact us to learn more about the benefits that are available to you!