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Your Guide to the Top New Jersey Solar Incentives

NJ Solar Incentives

Looking for the latest word in New Jersey solar energy incentives? Then you’ve come to the right place, and just in time, too.

The truth is, you’re almost out of time to reap the benefits of the NJ Clean Energy Act and other such solar power incentives. That’s why we’ve written you this guide. 

The following article describes all current NJ solar energy programs and their numerous benefits. You’ll also learn how little time you have left to take advantage of these.

That being the case, you’ve no time to lose! Quickly read through the information below to see why New Jersey residents should solarize their homes right away.

State Incentives

 Here are the incentives provided by the state of New Jersey under the Clean Energy Act.

 Solar Renewable Energy Credits

Solar Renewable Energy Credits (SRECs) are credits you earn for producing clean energy. Here’s how it works.

Every 1,000 kWh of energy produced by your solar energy system earns you one SREC. Then, you essentially sell these credits back to your utility company.

Homeowners have been known to make around $300 for each SREC they earn. You could earn thousands of dollars in these tax credits every year.

And, by enrolling in this program, you’ll receive these benefits for a full ten years. 

Tick Tock

Don’t wait any longer, though, if you want to enroll in these benefits. This is a limited time offer.

According to the New Jersey Clean Energy Act, the program will expire as soon as solar power accounts for 5.1% of the state’s total energy production. So far, the state’s percentage of electricity from solar power is already up to 4.45%.
 

The goal of 5.1% may be reached very soon. Even if it isn’t, the program will end on June 1, 2021, regardless. 

However, those who enroll now will still receive the full ten years of benefits.

State-Sponsored Tax Incentives

The state of NJ also ensures you get your solar energy system tax-free. Specifically, you pay no sales tax on the purchase of your system and are exempt from property taxes on your solarized home.
 

Federal Incentives

In addition to these, there are federal solar energy incentives to reap as well, such as the ability for business to depreciate the asset.  This can add another 20 to 30% in tax savings depending on their your bracket and your tax liability.  With the current tax law, they are able to depreciate 100% of the asset in one year

 

Percentage Off Solar Energy Systems

There’s still time to earn a tax credit on the total price of your system. Until now, the tax credit has been 30%. Unfortunately, as of December 31, 2019, it has dropped to 26%.
 The good news is, you still have until the end of 2020 to take advantage of the 26% rebate. Then, it drops to 22% before it expires completely at the end of the year 2021.

 

Take Advantage of These NJ Clean Energy Incentives Now

If you’re still on the fence about whether or not to solarize your home, you’d better hurry up and decide. Time is running out to take advantage of these NJ clean energy incentives.

The right choice is obvious. Act now and save thousands of dollars on cleaner, cheaper energy for your home.
 
Or put it off and miss your chance. But don’t say we didn’t warn you.
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