New Jersey is considered one of the country’s solar powerhouses and has some of the best solar panel programs and tax incentives in the country. Solar in New Jersey is installed on residential dwellings, business and government facilities, and underused land, such as landfills and brownfields.
New Jersey’s solar panel achievements have only been reached by a few very large states and demonstrates the success of the Solar Act of 2012 in advancing solar across all market sectors in New Jersey. The Garden State continues to rank second in the nation for installed solar capacity at the electric distribution system level.
The state’s solar success has been based on its solar programs and solar tax incentives.
New Jersey Solar Programs
New Jersey Net Metering. This policy allows you to sell excess electricity back to the grid at the retail rate. The utility tracks the difference between usage and production for each customer. It enables customers to get full retail credit on their utility bill for each kilowatt hour of electricity produced in excess of their demand.
New Jersey SREC – Solar Renewable Energy Certificates. SRECs are solar renewable energy credits or solar renewable energy certificates. They are tradable energy commodities that represent the environmental benefit of producing one megawatt-hour of electricity using renewable solar technology. For every megawatt-hour of solar power generated, your panels also generate one SREC. These SRECs can then be sold on a market to utilities to help them meet the New Jersey Renewable Portfolio Standard (RPS).
New Jersey Solar Panel Tax Credits
Solar Sales Tax Exemption. A residential solar system is 100 percent exempt from any sales tax, due to the PV energy sales tax exemption. That means you’ll spend 7 percent less on your solar system.
Property Tax Exemption. New Jersey residents that invest in a solar energy system will not have to pay any additional property taxes on the value that their solar panels are adding to their homes.
Federal solar tax credit (ITC). In addition to the incentives and programs mentioned above, the federal Investment Tax Credit (ITC) reduces the cost of your solar energy system by 30 percent. You will save money on your next federal income tax return. The ITC applies only to those who buy their system outright, either with a cash purchase or solar loan, and you must have enough income for the tax credit to be relevant.
In addition to the environmental benefits offered by renewable energy, solar panel systems provide additional benefits such as lower energy costs for homes, businesses, towns and school districts and generating electricity where it is needed and consumed.
Solar panels significantly improve the resale value of your home. They will increase a home’s attractiveness on the market. Most home buyers will see the advantages of a having a solar system in place without having to make the initial investment and installation. Solar panels increase the life of your roof by protecting it from the elements, such as rain, snow and debris. Your house becomes more energy-efficient in the summer because the hot sun is not beating down on the roof. The panels absorb the direct sunlight and keep the house temperature lower.
Solar power systems derive clean energy from the sun and ultimately improve public health. Installing solar panels on your home helps combat greenhouse gas emissions and reduces our dependence on fossil fuel. Fossil fuels produce air and water pollution and are not a finite resource.
Infiniti Energy Services is considered one of the best solar panel installers in New Jersey. Contact us for all of your solar energy needs. We offer the best options for solar panel installations and services. Infiniti is a privately-owned company that cares about its clients. Unlike corporate companies, every customer matters to us and you become a member of the Infiniti Solar Family. Let’s get started!