New Jersey Solar Rebates
You can 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.
Net metering allows business or home solar panel owners in New Jersey 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 solar Energy Systems are exempt from property and sales tax.