There are several unique financing strategies to buy rooftop solar panels in Hunterdon County NJ. The rising cost of electricity in New Jersey has led many homeowners to make the switch to solar energy. With demand continuously rising, there are plenty of strategies to lower costs, eliminate taxes, and make solar more attainable for everyone. With so many rooftop solar financing options available, it can be difficult for NJ homeowners like yourself to know where to start. In this post, we have outlined the most important solar incentives, tax credits, and financing programs to help you pay for your array. Read on to learn about the different financing strategies to buy rooftop solar Hunterdon County.
Sign A Solar Lease
A solar lease is an excellent way to buy Hunterdon County solar energy without having to pay the high upfront costs for equipment, panels, and installation. Instead, you will be required to pay a fixed monthly amount for ‘renting’ rooftop solar array. Because of this pricing structure, Hunterdon County rooftop solar panel leases are frequently compared to leases on automobiles. In fact, many solar leases even offer you the option to buy out your panels at the end of your contract as well. Using this financing strategy, you can lower costs, reduce complexity, and mitigate risk. Certainly, a rooftop solar lease is an excellent way to finance solar installation in NJ.
Leverage Power Purchase Agreements
Next, power purchase agreements, or PPAs, are an excellent way to finance the cost of solar in Hunterdon County. PPAs are a financial agreement where the solar installer arranges for the permitting, design, financing, and installation of your rooftop solar array. Then, you are only responsible for paying for the energy generated by your solar system. Of course, this is different from a solar lease, where you are only paying to rent the equipment. With a PPA, you can eliminate upfront capital costs, reduce your home electricity expenses, and limit your risk. Moreover, a power purchase agreement allows you to potentially leverage available tax credits and increase your property value. Definitely, rooftop solar PPAs are an excellent way to buy sustainable energy in Hunterdon County.
Monetize Tax Subsidies
Of course, monetizing tax subsidies is a promising strategy to offset installation costs and finance the cost of solar in Hunterdon County NJ. There are several available solar tax credits, incentives, and financing programs to help you reduce your required costs. For example, you can leverage the Federal Investment Tax Credit, which offers a tax credit of 22% on solar installations as of 2021. Simultaneously, you can take advantage of tax exemptions on state sales tax, as well as on increases in your property taxes. Other homeowners have even leveraged NJ TRECs, which offer incentives on a performance-based scale. Undoubtedly, monetizing tax subsidies is an excellent way to pay for solar energy in Hunterdon County NJ.
Make A Cash Purchase
If you have access to plenty of cash and are not planning on leaving your property anytime soon, you may want to consider making an upfront cash purchase on your Hunterdon County rooftop solar panels. Naturally, a cash purchase helps you eliminate the bulk of interest fees, loan expenses, and any other required debt obligations. Of course, solar cash purchases help you maximize tax exemptions, solar incentives, and overall clean energy benefits. Moreover, purchasing your system outright in cash often allows you to increase the market value of your home. Indubitably, buying rooftop solar panels with cash in Hunterdon County is an excellent financing strategy to take advantage of.
Participate In Property Assessed Clean Energy (PACE) Program
Moreover, New Jersey’s Property Assessed Clean Energy (PACE) Program is another smart way to buy rooftop solar. The PACE program serves as an innovative way to finance clean energy upgrades, on-site sustainable projects, and water conservation efforts. Depending on property special assessments, PACE funding can be provided for up to 100% of project costs. In fact, financing approvals are incredibly simple, and often include benchmarking, evaluations, and energy audits to guarantee your project makes sense. Naturally, the PACE, or Property Assessed Clean Energy program is a great financial strategy for your rooftop clean energy project.
There are several innovative financing strategies to buy rooftop solar energy Hunterdon County New Jersey. A solar lease is an excellent way to buy solar energy without having to pay the high upfront costs for equipment, panels, and installation. If you are unsure about this form of financing, consider when it is best to lease or buy solar panels. Next, power purchase agreements, or PPAs, are an excellent way to finance the cost of solar. Of course, monetizing tax subsidies is a promising strategy to offset installation costs and finance the cost of solar. If you have access to plenty of cash and are not planning on leaving your property anytime soon, you may want to consider making an upfront cash purchase. Moreover, the PACE, or Property Assessed Clean Energy program is a great financial strategy for your rooftop clean energy project. Follow the points highlighted above to learn about the different financing strategies to buy rooftop solar Hunterdon County.