NJ solar tax credits explained

Understanding solar tax credits and incentives

  • posted by : Frank Curran
  • February 8, 2022
  • no Comments

Are you considering investing in a home solar system? Solar panels have many benefits, including using free and clean energy from the sun to power your home, as well as lowering your monthly energy bills. But did you know that there are also solar tax credits and incentives for homeowners in New Jersey? In this article, our team at Green House Solar will discuss the solar tax credits and incentives available to you right now. 

Federal Solar Investment Tax Credit (ITC): This is a 26% federal solar tax credit that can be claimed for any home solar systems installed by December 31, 2022. 

Solar Investment Property Tax Exemption: This is a property tax exemption based on the added value of home solar panels. 

Solar Renewable Energy Credits (SRECs): This credit compensates you per kilowatt-hour that your solar system produces, and it varies according to the current market value. 

Solar Panel System Sales Tax Exemption: This incentive gives you a sales tax exemption of around 6.6%. 

Solar installation in Morris County, NJ

If you’re ready to invest in a home solar system and want to know what your options are, our team will visit your home, conduct an inspection of your roof and your property, and recommend either a ground solar system or rooftop solar panels. The type of solar system that’s best for you will depend on several factors, including the materials and angles of your roof, the direction it faces, and if there are any obstructions like large trees. 

As we outlined above, there are several available solar tax credits and incentives in New Jersey. In addition to these, you’ll also enjoy lower monthly energy bills once your home solar system is up and running. You’ll also have the added benefits of reducing your carbon footprint and decreasing your dependence on your city’s electricity grid. If you’re concerned about the upfront costs associated with installing solar panels, we’re happy to discuss several financing options available to you.

If you’d like to learn more about solar tax credits in NJ, or if you have any solar panel installation questions, please contact our team at Green House Solar today. We look forward to helping you live “off the grid.”