The electricity rates in New Jersey are 33% higher compared to other states.
There are several financial incentives to help you lease or purchase your solar panels
and battery storage system.
The United States Federal Government offers the Federal Solar Tax Credit to all states.
The Federal Solar Tax Credit is one of the best available incentives to homeowners. When homeowners buy and install new solar panels with or without battery storage, you will qualify for the 26% federal solar tax credit. The residential ITC drops to 22% in 2023 and ends in 2024. Now is the time to reduce or eliminate your electric bill, as well as increase your home value, and reduce your environmental footprint by going solar.
Renewable Energy Credits RECs
REC programs are designed to reward homeowners for switching to renewable energy. Here’s an example of how it works: for every 1,000 kWh of solar energy your system produces, you receive 1 REC to use toward shortening the time it takes to pay off the solar installation costs. On average our customers produce 10 recs per year and receive up to $90 per credit. That's a total of $900 in savings.
Net metering allows you to be fully credited for the electricity that your panels contribute to the grid. This means you’ll only be charged for the difference between the amount of electricity you use vs. the electricity produced. This can create a zero or negative electric bill, depending on your particular energy consumption and production. Going solar allows you to have more control over your energy bill and the money you save!
When you add a new solar panel system to your New Jersey home, you will not have to pay any additional property taxes on the value the solar panels add to your home. The approximate increase solar panels add to homes in New Jersey is 9.9% or $32,281 for the median-valued home.
When you buy a new home solar energy system in New Jersey, you won’t pay any sales taxes. The exemption is for 100% of the sales tax on an eligible solar installation in New Jersey. This can save you 6.625%.