s of installing a solar system on your house, New Jersey is pretty good. There are four main types of incentives you may have the option for:
Solar Power Rebates: Some state legislatures provide rebates for solar panel purchases to branch on investment and create new jobs. If you purchase the solar panel system yourself, you qualify for this free cash, which is generally a large payment back to you. Some solar installers like to take this amount directly off the total installed price, and they'll handle the paperwork for you to make things a lot less complex. Unfortunately, New Jersey does not offer rebates for clean energy types. New Jersey legislators made the decision to back solar power with only the SREC market. However, you may be able to get some rebates if you are building a new home and using solar to power it. The program is called "The NJ Clean Energy Residential New Construction Program".
Solar Power Tax Credits: State tax credits are not technically free money. They are 'credits' and not 'deductions' which means that if you have the knowledge of taxes, you can take advantage of them. They could essentially be a 1-to-1 dollar amount off your taxes instead of a fraction of the cost of the system. However, New Jersey does not offer any personal tax credits for solar panels.
Solar Power Performance Payments: These are essentially small payments for each kWh a solar system produces. In New Jersey, the performance payments are in the form of the SRECs. SRECs act as proof that the utility companies are following the law to produce their share of clean power. If they do not produce clean power through their own means, they must buy it from the average solar power homeowner. To get money for your SRECs, you can sign up with an SREC broker, such as SRECtrade. These guys handle the paperwork, aggregate a lot of homeowner SRECs together, handle the trading with the utility companies and take a commission for their efforts.
Property Tax Exemption: Property tax exemption status is a large factor when putting together your investment considerations. It is argued that solar power adds approximately 20 times your annual electricity bill savings if you happen to own the system. In New Jersey, they cannot charge you more property tax if you add solar to your house. In turn, your home will be worth much more if you decide to sell your home. Many average-sized solar power systems on a can mean $20,000 to your home value.
Sales Tax Exemption: Most things that you purchase have a sales tax that is an extra small fee just for purchasing the product. Luckily in New Jersey, there is no state sales tax on the purchase of home solar panels. This will essentially save you %7 or more on your purchase. To learn more about solar incentives in New Jersey click here or visit here.
When it comes to deciding whether or not to invest in solar power for your home in New Jersey, there are many things that you should keep in mind. Overall, getting involved in solar power in New Jersey is a great idea. They have a strong RPS program that makes sure that New Jersey's utility companies have to help you get into solar. They offer sales and property tax exemptions along with a solid net metering program. This ensures that you will be able to save some money with installation to eventually make money back from excess power produced, which come in the form of SRECs. Getting involved in solar power is not only a great investment financially but it is also a great investment for the health of this planet.
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