Prior to installing a sustainable source of energy, many NJ residents are constantly wondering how much they can save with rooftop solar panels in Paterson. Potential cost savings are one of the main reasons for transitioning to solar energy. By installing rooftop solar panels, you can reduce your grid reliance, overcome peak utility prices, and reduce your property carbon footprint. At the same time, there are many additional solar programs in NJ, strategies, and incentives to help you save additional money on your rooftop panels. Read on to learn about how much can you save with rooftop solar panels Paterson NJ.
Reduced Long-Term Energy Expenses
By equipping rooftop solar panels on your Paterson NJ property, you can save significant amounts of money through reduced long-term energy expenses. At the end of the day, more affordable energy expenses is one of the main reasons for transitioning to solar. New Jersey monthly electricity bills can grow to be incredibly expensive depending on your property size and average usage. With Paterson solar panels installed, you can offset your energy costs on a monthly basis, as well as during peak hours. Once installing an advanced renewable energy system, many households have been able to reduce their monthly electricity bills significantly. Reduced long term energy expenses are one of the easiest ways to save money when installing solar panels in Paterson New Jersey.
New Jersey State Tax Exemptions
New Jersey state tax exemptions are one of the easiest ways to save money on your Paterson rooftop solar installation. When you install solar panels in Paterson NJ, your installation is fully exempt from state sales taxes. In New Jersey, sales tax exemption can immediately reduce your solar installation costs by over six-percent. At the same time, your solar energy system is additionally exempt from increases on your property taxes. Therefore, if the installation of solar systems adds to your property value, you are fully exempt from these additional hikes on your property taxes. NJ state tax exemptions can additionally help you save money when installing solar panels in Paterson.
NJ Performance Based Initiatives
State performance-based initiatives a common approach to save money when installing rooftop solar panels in Paterson NJ. In New Jersey, there are two major performance based initiatives you can benefit from. One of the most prominent incentives is the New Jersey net metering program. Net metering allows you to redistribute excess energy you produce back to the grid. Even better, participating in the NJ net metering program allows you to sell this energy back to the grid for profit whenever possible. At the same time, you can take advantage of the NJ TREC, or Transition Renewable Energy Certificate. NJ TRECs provide you an energy certificate whenever you produce a megawatt-hour of solar electricity. Once you accumulate a fair number of TRECs, you can sell them on the market for profit. New Jersey performance based initiatives are one of the largest ways to save money when installing solar panels in Paterson.
Federal Tax Credits
When you install solar panels in Paterson NJ, you can save on installation and purchasing costs through federal tax credits. Taking advantage of federal programs, likely the largest incentive available is the Federal Investment Tax Credit, or Federal ITC. As of 2020, the ITC provides you a tax credit for up to 26% of your solar system installation. Unfortunately, the ITC credit falls to 22% in 2021. Therefore, if you are planning on installing rooftop solar panels in Paterson NJ, it is most tax advantageous to do so prior to the end of the year. Federal tax credits can help you save a substantial amount of money when installing solar panels in Paterson NJ.
Efficient Installation Services
Through efficient installation services, you can save significant amounts of money when installing rooftop solar panels in Paterson New Jersey. The solar installer that you select has a major impact on the overall price you will pay. Ideally, you should select a solar installation company that is incredibly experienced and knowledgeable in their field. These firms offer competitive installation costs, recommend solar hardware, and make financing suggestions. Many professional solar contractors even offer solar leasing agreements that allow you to essentially ‘rent’ your panels for reduced ownership costs. When you install rooftop solar panels in Paterson New Jersey, you can save money through efficient installation services.
There are several ways to save money when installing rooftop solar panels in Paterson NJ. Reduced long term energy expenses are one of the easiest ways to save money on your renewable energy system. In addition to reduced energy expenses, there are several additional ways to save on your electric bills this spring and summer through efficient solar installation. NJ state tax exemptions can additionally help you save money installing your system. At the same time, federal tax credits can help you save a substantial amount of money on your system. NJ performance-based initiatives are one of the largest ways to save money when installing solar panels in Paterson. Furthermore, you can save money through efficient installation services. Consider the points mentioned above to learn about how much can you save with rooftop solar panels Paterson NJ.