Solar Energy Incentives Nj

10 that means if you purchase a 6 kilowatt system for 18 300 you ll pay 12 810 after you receive your tax credit.

Solar energy incentives nj.

By investing in renewable energy you can help protect the environment reduce our dependence on fossil fuels and lessen our carbon footprint. New jersey s board of public utilities and its clean energy program njcep promote increased energy efficiency and the use of clean renewable sources of energy energy efficiency is the easiest most cost effective way to reduce energy use and hence reduce criteria pollutant emissions and greenhouse gases. Thousands of new jersey homeowners businesses and municipalities are incorporating clean renewable energy into their everyday lives with help from new jersey s clean energy program. The incentive is called the transition renewable energy credit or trec.

That means you ll spend 7 percent less on your solar equipment. New jersey is the fastest growing market for solar photovoltaics in the united states and one of the largest in terms of installations and installed capacity second only to california. Unfortunately new jersey has one of the highest average electricity rates in the us at 15 69 cents kwh. Solar panel installation tax credits in new jersey along with incredible energy savings customers who are installing solar panels can also receive these great state federal incentives.

New jersey energy star homes are at least 15 35 more energy efficient than standard built homes. The tax credit can reduce the cost of a solar installation by 30 9 including a solar battery purchase. In addition to new jersey s solar incentives you ll be eligible for the federal solar tax credit if you buy your own home solar system outright. The good news is that solar panel installations in nj are a smart financial investment.

Solar sales tax exemption. On top of these revenue streams new jersey has also granted residential solar a couple tax breaks to help keep the costs down. This program offers rebates for energy efficient new home construction that target smart growth areas. Renewable energy incentive program.

One trec represents one megawatt of electricity generated from solar and in new jersey your 7 2 kw system will earn you a little over 9 per year. Much of this success is due to new jersey s solar financing model which relies on high renewable energy standards and the use of srecs. In fact many homeowners take advantage of an investment tax credit that covers as much as 26 of the total cost of the solar panels. New jersey solar panel tax credits.

Board of public utilities clean energy program.