Solar Energy Incentives Nj

Thousands of new jersey homeowners businesses and municipalities are incorporating clean renewable energy into their everyday lives with help from new jersey s clean energy program.

Solar energy incentives nj.

Saving money on your electricity bills is arguably the biggest incentive to switch to solar energy in nj. The incentive is called the transition renewable energy credit or trec. The good news is that solar panel installations in nj are a smart financial investment. 10 that means if you purchase a 6 kilowatt system for 18 300 you ll pay 12 810 after you receive your tax credit.

In fact many homeowners take advantage of an investment tax credit that covers as much as 26 of the total cost of the solar panels. By investing in renewable energy you can help protect the environment reduce our dependence on fossil fuels and lessen our carbon footprint. This program offers rebates for energy efficient new home construction that target smart growth areas. Renewable energy incentive program.

New jersey s board of public utilities and its clean energy program njcep promote increased energy efficiency and the use of clean renewable sources of energy energy efficiency is the easiest most cost effective way to reduce energy use and hence reduce criteria pollutant emissions and greenhouse gases. Board of public utilities clean energy program. Unfortunately new jersey has one of the highest average electricity rates in the us at 15 69 cents kwh. One trec represents one megawatt of electricity generated from solar and in new jersey your 7 2 kw system will earn you a little over 9 per year.

In addition to new jersey s solar incentives you ll be eligible for the federal solar tax credit if you buy your own home solar system outright. Solar sales tax exemption. New jersey solar panel tax credits. Much of this success is due to new jersey s solar financing model which relies on high renewable energy standards and the use of srecs.

That means you ll spend 7 percent less on your solar equipment. When you purchase your home solar system you will be 100 percent exempt from any sales tax due to the pv energy sales tax exemption. On top of these revenue streams new jersey has also granted residential solar a couple tax breaks to help keep the costs down. The tax credit can reduce the cost of a solar installation by 30 9 including a solar battery purchase.

New jersey is the fastest growing market for solar photovoltaics in the united states and one of the largest in terms of installations and installed capacity second only to california.