Advanced rooftop solar energy systems in New Jersey present several opportunities to save your property money. Whether you are planning a solar energy system to save money or boost your property sustainability, there are several financial benefits available for your renewable electricity system. As the popularity of advanced solar systems continues to grow, New Jersey has continued to stick out as one of the most progressive states for renewable energy. As one of the most progressive solar energy powerhouses, NJ offers a number of comprehensive programs to offset your installation expenses. No matter the size or scope of your clean energy plan, experienced solar contractors in NJ are experienced in the various plans and programs you qualify for. Read on to learn about how advanced rooftop solar energy systems NJ save your property money.
Reduced Energy Expenses
When installing advanced rooftop solar energy systems in New Jersey, many property owners are largely looking to save money through reduced energy expenses. Without solar panels, property owners rely on electricity grids to source energy. A grid reliance for electricity often leads to higher energy rates, peak usage pricing, and frequent power outages. With solar panels installed, you can reduce your reliance on the grid, and begin producing sustainable energy for your property. Once installed, many NJ property owners have experienced significant decreases in their monthly electricity bills.
Federal Investment Tax Credit (ITC)
The Federal Investment Tax Credit, or ITC, is one of the most common ways to save money through installation of a NJ advanced rooftop solar energy system. The ITC is issued by the US Federal Government in an effort to promote sustainability and renewable energy production. As of 2020, the ITC provides a tax credit for 26% of your residential or commercial solar installation. For NJ property owners looking to maximize their renewable energy savings, it is essential to apply for the ITC soon, before the credit reduces to 22% in 2021. As you consider the financial implications of installing rooftop solar energy systems in NJ, be sure to consider the value of the Federal Investment Tax Credit (ITC).
New Jersey Tax Exemptions
To save your property money through the installation of New Jersey advanced rooftop solar energy systems, it is essential to take advantage of state tax advantage. There are two major NJ solar tax exemptions that residential and commercial property owners qualify for. The most common, exempts your solar installation from 100% of state sales taxes. As of 2020, the sales tax exemption alone reduces your installation costs by 6.625%. At the same time, you NJ solar energy system installation is fully-exempt from increases in property taxes. If your property experiences an increase in value following the installation of your solar energy system, you are 100% exempt from additional property taxes. Solar energy companies in NJ are extremely knowledgeable in the tax incentives, exemptions, and rebates that your system installation qualifies for. As you plan to install your rooftop solar system in NJ, consider how you can save money through state issued tax exemptions.
New Jersey property owners can additionally save money through the installation of your advanced solar energy system by obtaining TRECs, or Transition Renewable Energy Certificates. Unlike many other NJ renewable energy financing programs, Transition Renewable Energy Certificates are a performance-based solar incentive. Whenever your solar energy system generates a full MWh (megawatt-hour) your property qualifies for one, or a factor of a TREC. Once you have accumulated a number of Transition Renewable Energy Certificates, you can sell them for profit to utility companies. Depending on your factorization, the value of a TREC can be $152 for the next fifteen years. However, depending on the size, scope, and type of your solar installation, you may only qualify for a factor of TRECs.
Net Metering Programs
By installing an advanced rooftop solar energy system in New Jersey, you can additionally save money through participating in the Net Metering program. The NJ Net Metering allows you to sell excess energy produced back to the grid. Even better, NJ property owners are able to resell their excess energy at a retail market rate. The Net Metering program helps you save money to offset hardware costs and installation expenses. At the same time, participating in the program ensures that no excess energy produced ever goes to waste.
When successfully installed, NJ advanced rooftop solar energy systems present several opportunities to save your property money. There are dozens of solar programs in NJ that help you offset system installation costs. Questionably the largest financial benefit of NJ solar energy systems is reduced monthly electricity expenses. You additionally likely qualify for the Federal Investment Tax Credit (ITC) on your NJ installation. At the same time, NJ solar energy system installations are fully-exempt from sales taxes, as well as increases in your property taxes. Moreover, consider using NJ TRECs, or Transition Renewable Energy Certificates to reduce your solar expenses. Furthermore, participate in the NJ Net Metering program to earn direct revenues from your solar system ownership. Consider the points mentioned above to learn about how advanced rooftop solar energy systems NJ save your property money.