Homeowners in New Jersey currently have access to a great solar incentive where you can earn money off your home solar system by earning and selling Solar Renewable Energy Credits (SRECs). However, this is a system that has a deadline – and that deadline is approaching quickly! So, if you want to install home solar in Morris County, NJ, now is the time to act.
What Are New Jersey SRECs All About?
As part of the drive to move from fossil fuels to renewable energy sources, the State of New Jersey implemented a number of programs to incentivize home and business owners to make the move onto solar power, and SRECs form a part of this plan.
In homes where solar systems are connected to the grid and produce more energy than they use, homeowners earn SRECs as a form of credit for their excess energy. Electric companies, who are required by NJ law to get a set portion of their energy from renewable sources like solar power, can then buy these SRECs off homeowners.
This is a great way to not only pay off your home solar system, but also to earn additional income. You’ll earn SRECs for the first 10 years that your system is installed, which can deliver around $1,200 in earnings from SRECs per year.
The SREC Program Is Ending in 2021
This incentive program was always intended to run for a limited time only, and the deadline has been extended to 2021. For homeowners who install home solar systems before this deadline, you will still earn SRECs for 10 years. The deadline only means that no new installations after this period can earn SRECs.
Additional Incentives for Installing Home Solar in NJ
SRECs are just one of the incentives to install home solar in NJ. The state also offers a tax exemption for residential solar systems that are bought outright rather than through a finance plan, which can reduce your system cost (including a battery backup system) by 30%.
Reduce Your Home’s Energy Bills and Pay Off Your Home Solar Installation in Morris County, NJ
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.
Greenhouse Solar is here to help design, install and maintain your solar system, completely customized to your needs and budget, without the significant costs of big-box solar electric companies. We also offer our own, in-house financing for home solar installations.