Solar power systems aren’t just great for the environment and for saving on your energy bills, they also offer big tax incentives and a healthy SREC market if you live in NJ. In fact, our state offers some of the best solar incentives in the country! Here are the NJ solar rebates and incentives for 2019.
- Solar sales tax exemption: You are 100% exempt from any sales tax when purchasing your home solar system, a 7% savings on all your solar equipment.
- Property tax exemption: Home solar systems are in high demand, and many homeowners invest in these systems in order to add value to their home and achieve a more attractive sales price. Fortunately, NJ residents investing in home solar systems do not have to pay any additional property tax on the value that system adds to your home.
- Federal solar tax credit: You are also subject to the federal investment tax credit, reducing the cost of your home solar system by 30% when buying it outright.
- NJ net metering: Through this program, you can sell any additional energy your home generates back into the grid at the retail rate. This is fairly profitable, as the retail rate is higher than the bulk rate utilities receive their electricity at and means that you never waste energy.
- Solar Renewable Energy Certificates (SRECs): Each time your solar system produces one megawatt-hour of energy, you earn one SREC. These SRECs can then be sold on to utilities who use them to meet NJ Renewable Portfolio Standards. The price of these SRECs changes according to supply and demand and has ranged between $165 and $262 over the last few years.
Want to Reduce Power Cost in Morris County NJ? Contact Our Home Solar Team Today
Greenhouse Solar is one of the leading solar companies in Morris County, NJ. We are Sonnen Certified, and our experienced teams are ready to answer all your questions about home solar systems and solar battery backup systems. We are here to help design, install and maintain your solar system, completely customized to your needs and budget. To find out more about home solar in Morris County NJ, our company or services, please contact us today or visit our website at https://greenhouse.solar/