THE GARDEN STATE IS GREENER WITH SOLAR
Why go solar in New Jersey
Did you know that according to the SEIA, New Jersey is a top 10 solar state?* Net metering and Solar Renewable Energy Credits (SRECs) are both offered in the state, and they can potentially save you a lot of money if you qualify. Imagine getting paid by your energy utility company! New Jersey homeowners can also qualify for rebates from their utility providers, all while saving money on taxes. New Jersey also offers property tax exemptions to those who qualify, which can help with the cost of going solar.
Solar incentives in New Jersey*
New Jersey requires investor-owner utilities and energy suppliers to offer net metering to qualified customers. Separate from net metering, New Jersey’s Transition Renewable Energy Credits (TREC) are vouchers that solar producers can earn, which can then be sold to utilities (who use the credits to meet their legal renewable energy requirements). New Jersey residents can also qualify for a sales tax exemption, and pay zero sales tax for their solar equipment, accessories, and installation. And there’s a similar property tax exemption which means you don’t pay additional property taxes based on the value solar adds to your home.
New Jersey homeowners are also eligible for the Solar Investment Tax Credit (ITC).**** The ITC allows you to deduct 26 percent of the cost of installing a solar energy system from your federal taxes.
Solar panels perform in all kinds of weather
Going solar is a big decision, and although there are many factors you should consider, local weather shouldn’t be a deterrent. Solar panels are designed to work in almost any type of weather… even snow and clouds!
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*This information is accurate as of May 5, 2021 and figures are approximations.
**Offsetting requires matching energy usage to the solar system’s output.
***We advise you to consult with the appropriate professionals (including, but not limited to, your solicitor or attorney, accountant, CPA, CGA, or any other financial or legal advisor) for the implications of any information contained in our website and in any link you access through our website.
****You should contact a qualified tax expert and consult with them. Neither Freedom Forever’s family of independent authorized dealers nor Freedom Forever itself can give you tax advice. A qualified tax professional will understand your situation and be able to give you the most relevant advice.