Solar power is an ideal sustainable solution for powering your home or your business. And the state of New Jersey has a range of incentives and tax credits you can use to your advantage to make it even more affordable. If you’ve been considering installing a solar system at home or at your business, now is an excellent time to invest in clean energy. Here’s why:
New Jersey’s Solar Incentives
New Jersey’s Successor Solar Incentive (SuSI) Program is divided into two sub-programs:
- Administratively Determined Incentive (ADI): This program provides a fixed-incentive payment for residential, most commercial and industrial, and community net metered solar projects, and the payment is guaranteed for 15 years. The type and size of the solar project will determine the value of the incentive, and it generally ranges from $70 to $120 for every megawatt hour of energy the system produces.
- Competitive Solar Incentive (CSI): This program is for projects larger than 5 megawatts and grid supply projects, and it involves a competitive solicitation process. The goal is to set the lowest financial contribution from rate-payers for solar projects that provide energy directly to the grid, and for larger-scale commercial and industrial projects.
- NJ Solar Sales Tax Exemption: This incentive allows a 100% sales tax exemption on all major solar equipment you buy for your home, which means you save 7% upfront. All taxpayers are eligible for this incentive.
- NJ Property Tax Exemption: Under this incentive, home and business owners are not taxed on the increase in value to their properties when a solar system is added.
Solar Tax Credit – NJ Residential and Commercial
The Federal solar tax credit reduces the cost of solar panels for both residential and commercial buildings. Also known as the Solar Investment Tax Credit (ITC), it allows you to deduct 30% of the installation costs from your federal income taxes.
Switch and Save Today with Green House Solar
If you’re ready to make the switch from traditional energy to solar energy, our team at Green House Solar is happy to help. We’ve helped plenty of homeowners and business owners across New Jersey make the change, so they can harness the free, clean, renewable power of the sun.
For more information about solar power and how you can take advantage of New Jersey solar incentives, please contact our team at Green House Solar today or visit our website at: https://greenhouse.solar/