New Jersey Solar Incentives
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 an investment tax credit that covers as much as 26% of the total cost of the solar panels. *Please consult your tax adviser regarding income tax credit eligibility. In addition, businesses can also take advantage of federal depreciation benefits.
New Jersey Incentives for Solar Power
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.
New Jersey solar panel incentives include:
Renewable Energy Credits (RECs)
This is a performance-based incentive. The New Jersey Clean Energy program will help you recover the costs of installation over the life of the system. This program is coming to a close very soon.
0% Sales Tax
Solar energy systems are sales-tax exempt. This means that you are 100% exempt from all sales tax with the purchase of a home solar system, including all major types of solar energy equipment. It is a great incentive that grants you the opportunity to save 7% on all of your solar equipment.
With the purchase of a home solar system, you also get a 100% exemption from local property taxes. You are essentially exempt from paying additional property taxes that would come with the added value that a solar panel offers your home.
How Can You Take Advantage of Incentives?
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: During 2021, homeowners may be eligible to receive a 26% federal tax credit on the entire price of the system without any system size limit. This expires on December 31, 2022. After that, the credit will drop to 22% until the end of 2023. After 2023, the federal tax credit is said to be phased out.
- 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.
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.