Solar Energy Incentives Nj

10 that means if you purchase a 6 kilowatt system for 18 300 you ll pay 12 810 after you receive your tax credit.

Solar energy incentives nj.

The incentive is called the transition renewable energy credit or trec. 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. The good news is that solar panel installations in nj are a smart financial investment. 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.

That means you ll spend 7 percent less on your solar equipment. Renewable energy incentive program. New jersey solar panel tax credits. Unfortunately new jersey has one of the highest average electricity rates in the us at 15 69 cents kwh.

You can take advantage of this program to save energy and lower your utility bills. Solar panel installation tax credits in new jersey along with incredible energy savings customers who are installing solar panels can also receive these great state federal incentives. This program offers rebates for energy efficient new home construction that target smart growth areas. 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.

New jersey energy star homes are at least 15 35 more energy efficient than standard built homes. 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. 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. 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.

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. 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. Board of public utilities clean energy program. Solar 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.