Solar for commercial buildings in New Jersey is an excellent strategy for property owners looking to reduce net operational expenses. Operational expenses on commercial facilities can quickly add up. On top of managing property overhead you need to adequately manage energy costs. Energy costs are constantly shifting based on usage changes and seasonal trends. NJ Commercial solar solutions are an excellent way to manage costs across your facility. To learn more about reducing your maintenance costs through NJ solar incentives, read on to learn how solar for commercial buildings NJ reduces net operating expenses.
Reduced Energy Costs
Solar for NJ commercial buildings can drastically reduce your net operating expenses through lower energy costs. Without solar systems, you are fully reliant on your electricity company to power your commercial facility. Large NJ commercial buildings consume significant amounts of energy throughout the day. When you are directly billed for all energy consumption, these bills come to be a major component of net operating expenses. Installing reliable solar systems for your commercial building can greatly offset electricity expenses in your facility. Consider how solar for commercial NJ buildings could greatly reduce energy costs.
Federal Solar Investment Tax Credit
The Federal Solar Investment Tax Credit, or ITC, helps NJ commercial buildings reduce their net operating expenses. The ITC is available to commercial building owners to support financing the expense of a solar system installation. In 2020, the ITC offers a 26% tax credit for your commercial system installation. However, if you are planning a transition to renewable energy, it is best to do it soon. In 2021, the Federal Investment Tax Credit falls to 22% of your total system. The year after, in 2022, the ITC falls drastically to ten-percent of your total system cost. Consider federal tax credits to offset net operating expenses for your commercial facility.
Potentially Lowered New Jersey Taxes
Installing NJ commercial solar systems eliminates many taxes associated with your installation purchase. In addition to reduced energy costs, these reduced taxes can greatly lower your net operating expenses. In New Jersey, solar energy systems are exempt from sales-tax. At the same time, you are exempt from the additional property taxes on the value that a solar system adds to your commercial facility. Through the professional installation of NJ commercial solar panel systems, you can largely eliminate taxes for your NJ facility.
New Jersey Net Metering
Equipping your commercial NJ facility with a solar system presents a number of net metering opportunities. Net metering is the process of redistributing your excess solar energy back to the grid. Even better, the energy is taken back to the grid at the retail rate. You can greatly balance your production and consumption through both sending and using energy from the grid. At the same time, NJ net metering allows you to claim cash value rather letting your excess energy go to waste. In New Jersey, there are two large utility companies currently accepting net metering agreements. Consider participating in New Jersey net metering opportunities to reduce operational expenses with your commercial solar system.
Distributing Solar Energy Certificates
NJ commercial building owners can additionally lower your net operating costs through distributing solar energy certificates. New Jersey operates the SREC program, or Solar Renewable Energy Certificates system. Whenever your commercial system produces a single megawatt hour of solar energy, you earn one SREC. Eventually, you can sell your accumulated SRECs on a separate market to New Jersey utilities. The price for these certificates largely depends on the current demand and volume available. When sold under the proper market conditions, these certificates can largely reduce net operating expenses for your commercial facility.
Solar solutions for NJ commercial buildings present numerous ways for property owners to lower operational costs. NJ commercial building owners can take advantage of reduced energy costs. At the same time, you professional solar installation qualifies for the Federal ITC Investment Tax Credit. Even better, you can additionally claim NJ solar tax incentives. To earn revenue from your system, consider participating in NJ net metering agreements. Furthermore, you can even sell your NJ SREC certificates on the open market. NJ solar contractors can work with you to best identify your commercial needs and outline your renewable energy plan. Consider the points mentioned above to learn how solar for commercial buildings NJ reduces net operating expenses.
