Solar Energy Nj Rebates

The first solar incentive is the investment tax credit itc which currently allows you to deduct 30 percent of the cost of your solar energy system from your taxes the second incentive is the solar renewable energy certificate srec program.

Solar energy nj rebates.

Solar sales tax exemption. Home tax credits rebates savings please visit the database of state incentives for renewables efficiency website dsire for the latest state and federal incentives and rebates. New jersey solar panel tax credits. 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.

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. An average sized residential solar system about 400 square feet of solar panels costs 18 000 according to the solar energy industries association an industry group. New jersey s clean energy program is a statewide program that offers financial incentives programs and services for new jersey residents business owners and local governments to help them save energy money and the environment. New jersey has been a leader in us solar energy programs and that status is only increasing.

This program offers rebates on qualifying energy star clothes washers dryers and refrigerators as well as promoting the sale of energy star qualified lighting products through major new jersey retailers and online. On top of these revenue streams new jersey has also granted residential solar a couple tax breaks to help keep the costs down. What solar rebates and incentives are available in new jersey. 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. Federal solar tax credit 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 the tax credit can reduce the cost of a solar installation by 30 9 including a solar battery purchase. That means you ll. Board of public utilities clean energy program.

10 that means if you purchase a 6 kilowatt system for 18 300 you ll pay 12 810 after you receive your tax credit. Save money while saving the planet. There are currently four solar incentives available to homeowners in new jersey. Nj solar incentives and solar rebates provide excellent incentives for those looking to get started.