Chad Agrawal, Author at Infinity Energy

5 Solar Panel Incentives NJ For Reduced Energy Costs

5 Solar Panel Incentives NJ For Reduced Energy Costs

Many NJ residents are interested in the potential incentives provided through solar panel installation. On top of providing a sustainable power source, different incentives can save homeowners significantly on energy expenses. Luckily, there are a number of New Jersey solar rebates, incentives, and tax credits available to residents. Remaining aware of the different incentive types guarantees you save as much as possible on energy consumption. Read on to learn about the essential solar panel incentives in NJ.

Performance Based Incentives

Many NJ residents have claimed performance-based incentives on their residential solar systems. Performance-based incentives, or PBIs, are based on the actual energy your solar system produces. These are often calculated on a rate of used kilowatt-hours over a specific time period. In other cases, PBIs pay a specific rate for every kilowatt consumed. Consumption rates are gauged on your properties meter by program administrators. Performance incentives require system owners to focus on the efficient performance, frequent maintenance, and proper installation of their systems in order to claim incentives. Consider performance based incentives as you learn more about the different NJ and federal solar incentives.

Solar Tax Exemptions

New Jersey Residents have also earned solar incentives through tax exemptions. Tax exemptions are available at the federal, state, or local level. Governments offer tax exemptions in order to make your solar transition as inexpensive and simple as possible. The two most common forms of tax exemption are through property and sales tax. Property exemptions allow you to remove solar panel value from the total value of your home for tax purposes. Even if solar panels hike up property value, you will be taxed as if solar panels were not there. Additionally, there are several methods for depreciating your solar panels for further write-offs. Next, sales tax exemptions allow you to refrain from paying state sales-tax rates on the costs for equipment and solar installation. Through these exemptions, you can significantly reduce the total cost of your solar installation.

Solar Investment Tax Credit (ITC)

When installing solar equipment, there are a number of applicable incentives and credits, most notably of which is the federal solar investment tax credit (ITC). The ITC was developed to demonstrate support of and grow solar energy within the United States. Since its inception in 2006, the solar industry in the United States has grown by over 10,000%. Despite the irrefutable success of the solar ITC, it will begin reducing after 2020. In 2019, the ITC stood at 30%. Today, it is only 26%, and will be reduced to 22% in 2021. In 2022, commercial ITC rates will drop all the way to 10%, and residential rates will no longer be available. For this reason, homeowners and businesses alike considering solar installations need to move fast. The longer you plan to wait, the less money you could potentially save on your returned energy incentives.

Modified Accelerated Cost-Recovery System (MACRS)

The Modified Accelerated Cost-Recovery System, or MACRS, is another cost-savings advantage of switching to solar energy sources. With this program, you can immediately deduct significant portions of asset purchase prices. The program offers a five-year, modified, accelerated cost-recovery system depreciation schedule to homeowners. The actual value of this incentive varies based on your current tax rate. However, it often amounts to roughly 25% of installation costs being offset by lower tax payments. If you are interested in the potential cost savings from solar energy transitions, consider the value of the federal MACRS program.

New Jersey SREC

On top of federal tax incentives, New Jersey homeowners can additionally claim a solar renewable energy credit, or SREC, issued by the state. The value issued by state energy credits is dependent on the market value of your home. As soon as you install solar equipment and register in the NJ SREC program, you will immediately be issued energy credits. Energy credits are issued for the first ten-years of system ownership. In most cases, each NJ energy credit is worth approximately $200. Unfortunately, due to changing regulations, New Jersey’s SREC programs ends in 2021. For this reason, homeowners like yourself should feel compelled to install systems fast and immediately begin claiming state solar incentives.

Many homeowners are looking to solar energy in order to reduce costly overhead payments. Luckily, a transition to solar power can be extremely cost, and energy-efficient for your home. Solar power provides you access to a free energy source immediately after your initial investment is repaid. Sourcing energy from solar power reduces your monthly energy costs and consumption. You can additionally claim solar investment tax credit (ITC), or modified accelerated cost-recovery system (MACRS) from the federal government. Furthermore, you can claim a solar renewable energy credits from the New Jersey state government. Consider the points above in order to learn about the essential solar panel incentives in NJ.

5 Costs Of Rooftop Solar Panels Installation In Bergen County NJ

Many homeowners in Bergen County NJ are researching opportunities to switch to solar power. However, only one thing is stopping them, the cost. Luckily, installing rooftop solar panels on your home does not have to be as expensive as you think. With some of the best solar companies available in Northern New Jersey, solar panel installation services are more accessible than ever before. The cost you will pay for your entire solar-system integration will ultimately depend on the characteristics of your home and the size of the system. However, no matter your system size or quality, there are a few costs you cannot avoid. Read on to learn more about the top costs of solar panels installations in Bergen County NJ.

Rooftop Solar Panels

The most obvious and unavoidable component of any solar-powered system is the rooftop panels themselves. Rooftop panels account for roughly 25% of your total solar set-up. Monocrystalling rooftop panels have the highest performance and efficiency levels. Unfortunately, they are also the most expensive panel style. Polycrystalline panels are offered at a lower cost, however, they are additionally accompanied by lower performance standards. The most unavoidable expense associated with your solar-installation is going to be the cost of the panels themselves. Consider the cost of solar panels when planning your energy transformation.

Power Inverters

Almost all solar-systems require power inverters. Many estimates claim inverters account for roughly ten-percent of your total installation costs. Inverters are needed to convert DC (direct current) energy stored in solar panels into AC (alternating current) energy which is usable by households. Without this conversion, absorbed sunlight stored in panels is essentially useless to most modern properties. Even representing a small portion of your overall installation costs, reliable inverters are integral to the effectiveness of your system. As you calculate costs for your solar transformation, consider effective power inverters to transition currents into usable energy.

Electrical BOS

All solar system installations incur costs for electrical BOS components. Electrical BOS, or balance of system, encompasses all the essential electrical components required for effective system operations. BOS includes a number of wiring elements. Most systems use PV-source circuit, PV-output circuit, interior, battery, and PV wires. Your system likely also needs forms of disconnects, grounding conductors, as well as metal and non-metal conduits. In most systems, your electrical BOS components account for roughly ten-percent of total installation costs. Consider the money you will need for BOS components when looking to transition to a solar set up.

Mounting Hardware

Bergen County residents additionally need reliable mounting hardware for their solar set ups. Mounting components are a relatively inexpensive portion of total installation, accounting for roughly five to eight-percent of total costs. However, their function is integral to the stability of your system. Without reliable mounting components you risk your rooftop panels falling, shifting, or shaking. A number of mounting hardware is specifically designed to better angle your panels toward the sun, which improves the productivity of your system as a whole. Northern NJ residents planning a solar instillation need to consider the costs associated with efficient mounting hardware.

Installation Soft Costs

In addition to the expenses behind your solar equipment, you will additionally incur installation soft costs. Generally speaking, installation costs account for another ten-percent of total project cost. Many solar companies are responsible to acquire permits to install solar panels in New Jersey towns. You are additionally charged traditional sales tax and labor costs for installation teams. If you are planning a solar installation in Bergen County, NJ consider the soft costs associated with implementing your plan.

Sustainable Bergen County homeowners are constantly considering the costs associated with transitioning to solar sources of power. The quicker you get your system installed, the sooner you can begin saving on electric bills. Roughly 25% of your total project is derived from the cost of solar panels themselves. Another ten-percent comes from both your current inverters as well as your electrical BOS components. You also need to pay for reliable racking systems to ensure your panels are mounted safely and in a way that is energy efficient. Furthermore, you will likely need to pay for the soft costs associated with panel installation. Consider the points above to learn more about the top costs for rooftop solar panels installation Bergen County NJ.

Top 5 Solar Panel Equipment NYC Options

As many New Yorker’s transition to renewable sources of energy, the need for solar panel equipment is increasing rapidly. The best equipment reduces overall energy consuption and helps you save on electric bills. and  Getting familiar with your solar system equipment helps you better understand and analyze your energy needs. At the same time, you can use the different equipment to design your ideal residential or commercial installation. If you are interested in the top solar panel equipment NYC options for sustainable properties, continue reading this post.

Solar Panels

Solar panels are the most essential component of any effective solar powered system. Panels are mainly composed of solar cells, glass, and framing. These panels are frequently installed on rooftops, where they harness and store energy directly from the sun. Within the panels themselves, there are a dozen different options to choose from. However, most properties eventually choose either monocrystalline, polycrystalline, or thin-film panels. Monocrystalline panels offer the highest performance standards along with attractive aesthetics. Polycrystalline and thin-film panels on the other hand, are less efficient, yet more cost-effective than other panels available.

Panel Racking Systems

Solar-powered systems also require racking systems in order to connect your panels to required surfaces. Without racking systems, your entire system is at risk of being damaged, broken, or stolen. Mounting or racking components are available to help you mount your panels to rooftops as well as to the ground. To reliably hold your expensive equipment in place, racking systems use various braces, mounting brackets, lugs, and wire clips. At the same time, many racking systems offer tilt legs to help you best angle your system toward the sun. As you look to design the best powered setup for your properties, ensure you purchase reliable racking and mounting solar equipment to hold your devices in place.

Current Inverters

In addition to panels and racking components, you need current inverters to transform the stored energy in your panels. As solar panels absorb sunlight, they gain energy in the form of DC (Direct Current) power. However, most residential or commercial properties require AC (alternating current) power in order to use energy. There are several types of inverters available to help you transform DC to AC power. String, or centralized inverters refers to single strings that directly send converted power to your property’s electrical panel. However, there are additionally micro-inverters available that are attached to every individual solar panel in your system. With these, you can immediately increase productivity for your entire power range. Before you can begin harnessing solar energy, you will need to have current inverters installed on your system.

Battery Storage

Battery packs for energy storage are another essential component of your property solar system. As the sun absorbs sunlight throughout the day, the majority of energy generated is stored for a later date. These battery packs can hold sufficient levels of energy until it is needed. This guarantees you a reliable source of energy even on the days when the sun is not shining. There are several different battery options that offer a number of different efficiency standards or storage capacity. Most commonly, solar-powered properties use either Flooded, Lithium Ion, GEL, or AGM batteries. Different types of batteries may require additional maintenance standards or have a limited life-span compared to others. Be aware of the different battery pack options to store your solar-generated energy.

Advanced Monitoring Software

Including advanced monitoring systems within your solar panel equipment NYC helps you to track your progress and guarantee efficiency. While some New Yorker’s go the solar route to reduce their carbon footprint, the vast majority do so in order to reduce their monthly electric bills. Monitoring systems help you identify and quickly address any performance issues. The equipment guarantees that your systems are consistently storing or producing your desired energy levels. With this, you can visualize the volumes of energy being generated. Use this information to calculate energy yields over needed periods. You can either access monitoring systems through a direct PC connection, mobile apps, or cloud-based technology. Some solar panel installation companies even offer separate monitoring display unit. Prior to installing your solar panel equipment, you need to consider the advantages of purchasing an advanced monitoring software.

Before installing solar systems, most property owners are largely concerned with associated tax breaks, financing requirements, installation services, or New York State solar incentives. However, you need to spend a significant amount of time researching the physical solar equipment needed. In addition to the solar panels themselves, you need mounting and racking systems. In addition, you need to purchase current inverters and battery packs for energy storage. Furthemore, consider the value of advanced monitoring systems to track your efficiency and guarantee consistent progress. If you are interested in the top solar panel equipment NYC options for sustainable properties, consider the points mentioned above.