New Jersey has some of the best solar incentives and a sunny climate. Here you will find details
about the New Jersey Solar Initiative and the numerous incentives available for New Jersey homes and businesses.
New Jersey electricity rates have increased over 30% in the last decade. Fortunately, there are plenty of New Jersey solar panel rebates and incentives to make solar installation a viable option for business and homeowners. Commercial and residential solar panels often pay for themselves after three to four years and the savings on energy bills will last a lifetime.
To begin, the federal government offers at 30% Federal
Investment Tax Credit (ITC) for the cost of home solar panel installation. The
tax credit can be used immediately and runs until 2016.
Another helpful New Jersey solar rebate is Solar Renewable
Energy Certificates (SRECs). These enable New Jersey clean solar users to
generate thousands of dollars in additional income. With SRECs, those who have
installed clean solar power earn 1 SREC for every 1,000 kWh the solar system
generates. It doesn’t matter if the solar power is used by your home or sent
back to the utility. The average home solar panel system produces 10 SRECs each
year. The SRECs can be sold or traded on the open market, giving solar
homeowners a source of income to offset solar installation costs. To qualify
for this New Jersey solar rebate, all clean solar projects must be registered
under the SREC Registration Program.
Wouldn’t it be nice to receive a check from your local
utility instead of a bill? Often, solar panels produce more energy than
necessary to power your home. Net metering allows business or home solar panel
owners to sell back the excess energy their solar panel system produces, but
they don’t use. This extra power can be used as credit to pay for any
electricity that is taken from the grid, or the utility company can write you a
check to spend as you please.
Last but not least, New Jersey Renewable Energy Systems are
exempt from property and sales tax.
Relax. At Solar Panels Online, our solar installation
experts can explain all the available New Jersey solar rebate programs and make
the paperwork process run smooth and easy for you.
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