New Jersey Incentives for Solar Power
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. In fact, many homeowners take advantage of a tax investment credit that covers as much as 30% of the total cost of the solar panels. In addition, businesses can also take advantage of federal depreciation benefits.
2019 Solar Incentives Update
Solar energy system owners in New Jersey can generate significant income by selling their Solar Renewable Energy Credits (SRECs); however, this incentive will be phased out soon. As soon as the state of New Jersey has 5.1% of homes with solar, the incentive will be over.
At just under 4% of homes on solar now, it is expected that the 5.1% threshold will be hit either in 2019 or early 2020.
This leaves you with a limited amount of time to take advantage of these incredible savings that could allow you to save thousands of dollars. In fact, the research suggests that over the next 10 years, those with SRECs will earn up to $12,000 in rewards.
How Can You Take Advantage of SRECs?
With years of experience, our team at Sea Bright Solar can handle everything in the solar process from sale to installation and beyond. We are a seasoned SunPower dealer and have built a great reputation for providing high-quality service.
Sea Bright Solar will take care of all the required paperwork to help you get the greatest return on your investment. There are numerous benefits to going solar - let us help you start saving today!
Learn more about all of the possible incentives - call (732) 253-4052 to get started today.
Federal Tax Credit Incentives for Solar
Federal tax incentives are available to both businesses and homeowners. They make it so residents and business owners can earn money back on their investment, making solar panel installation in New Jersey even more beneficial.
These federal incentives include the following:
- Federal Tax Credit: Homeowners may be eligible to receive a 30% federal tax credit on the entire price of the system without any system size limit. This expires December 31, 2019. After that, the credit will drop to 26% until the end of 2020, and then down to 22% until the end of 2021.
- Business Energy Investment Tax Credit: Businesses are qualified for depreciation benefits. This type of tax credit applies to electric systems powered that utilize solar power.
2019 New Jersey State Solar Incentives
Federal incentives are not the only kind available for those who have solar installed. There are also various state incentives that can help with tax implications and even provide extra money based on the clean energy produced by the use of solar panels.
States incentives include:
- Solar Renewable Energy Credits (SRECs): Receive payments from utilities for the clean energy you produce. For every 1,000 kWh your solar energy system produces, you earn one SREC. This is the program that is only available likely until the end of 2019 or 2020 at the latest. **Find out how to take advantage of this program before it ends!
- 0% Sales Tax: Solar energy systems are sales-tax exempt from New Jersey's 7% sales tax.
- Property Tax: 100% exemption from local property taxes.
Let Sea Bright Solar Save You the Most Money
Since 2003, we have proven to be trusted in the industry. Our customers can be happy knowing that we offer various financing options, as well as purchasing options such as zero down. When it comes to solar panel installation in New Jersey, Sea Bright Solar does it right.
Call us at (732) 253-4052 to get started today.