There are plenty of residential solar energy programs NJ that help you save money. With thousands of professional rooftop residential systems, New Jersey is one of the country’s largest sustainable solar energy powerhouses. As such, there are several key tax credits, exemptions, rebates, and incentives to take advantage of. If you are considering going solar at your NJ home, you should learn about the various financing programs available. This way, you can lower costs, reduce your carbon footprint, and begin generating clean energy in your home. To help you get started, read on to learn about the best residential solar energy programs NJ that help you save money.
Federal Investment Tax Credit (ITC)
First off, the federal solar tax break is an excellent financing program to take advantage of. Essentially, the ITC is a tax credit designated for residential and commercial solar panel installations. As of 2021, the tax credit offers homeowners 26-percent in tax savings. However, this rate is scheduled to drop to 22-percent by 2023. Therefore, homeowners should try and install their systems as soon as possible. This way, you can navigate all of the planning, paperwork, and installation preparation while rate is still four-percent higher. Surely, the federal ITC is an excellent solar energy program NJ to help you save money.
In addition, net metering is an excellent residential solar energy program in New Jersey to take advantage of. Simply put, net metering is an innovative billing mechanism that rewards you for excess energy production. If your property generates more solar electricity than you consume, you will be credited for adding power to the grid. Then, you will only be charged for net energy usage in your house. By participating in this innovative program, you can generate your own power efficiently, cleanly, and affordably. Certainly, utilize the residential net metering solar panel program NJ to save money on energy production.
Transition Renewable Energy Certificates (TRECs)
Next, many homeowners take advantage of NJ TRECs when applying for the best solar energy programs. Basically, Transition Renewable Energy Certificates provide incentives to homeowners with sustainable electricity utilities. This program replaced the former New Jersey SERCs Program. To receive TRECs, you must first become a member of the Transition Incentive, or TI Program. Then, you can register your solar system and begin obtaining REC incentives. Indeed, TRECs are the perfect solar energy program NJ to help you save money.
Residential Property Tax Exemption
Of course, there is also a NJ solar energy program that eliminates residential property taxes. In many cases, installing a solar system raises your property value tremendously. After all, solar panels are highly desirable, valuable energy assets. In New Jersey, your solar investment is completely protected from spikes in your property taxes, which are due to the addition of panels. This way, you can keep your property bills and monthly taxes stable. Absolutely, utilize the top solar energy programs NJ to eliminate property taxes on your sustainable investments.
New Jersey Sales Tax Exemption
Moreover, there is a specific New Jersey solar electricity program that removes sales tax from your purchases. As of January 2018, the state sales tax rate in New Jersey is 6.625%. Of course, this can become a major price factor when financing a major rooftop solar investment. To help property owners lower costs, New Jersey has removed sales tax requirements on solar investments. This way, you can significantly lower the cost of planning, purchasing, and installing your solar energy components. Definitely, sales tax exemption is one of the most popular solar energy programs New Jersey currently available.
There are several essential residential rooftop solar energy programs New Jersey that help you save money. First off, installing home solar panels NJ helps you take advantage of net metering. In addition, you can apply for TRECs with the best incentive programs. Moreover, your solar install is exempt from any federal taxes under the ITC program. On the state level, you are additionally not required to pay for sales or property taxes. Follow the points highlighted above to learn about the best residential solar energy programs NJ that help you save money.