|Save Money and the Environment with Solar Panels for Your Home in NJ|
Energy – Do you live in NJ and you’re looking for a way to save money and the environment? If so, solar panels for your home in NJ may be the perfect fit. Take a look at how solar panels work, what the benefits are, and why more homeowners are turning to solar energy in New Jersey and across the country. You’ll be glad you did!
Solar Panel Incentives in New Jersey
Incentives, Rebates, Grants, Tax Credits – There are a number of financial incentives available to homeowners who install solar panels on their roof. The New Jersey Board of Public Utilities offers rebates on solar panel installation up to $1,000.00 per kilowatt. Plus, there are federal tax credits available that can be applied to your taxable income. For more information about what is available to you as a homeowner in New Jersey, please contact customer service at 1-877-NJSMART (657-6278).
Solar Renewable Energy Credits (SRECs)
An SREC is a form of tradeable renewable energy certificate (also known as green tags) that represents proof to state authorities that 1 megawatt-hour (MWh) of electricity was generated by an eligible renewable resource and fed into the local utility grid. The SREC is also proof to private purchasers of the authenticity of green power from an eligible renewable resource.
A SREC can be sold separately from any electricity it represents, traded on an exchange, or bundled with electricity. Utilities are required to purchase or retire at least one SREC for every 1000 MWh they sell, but they may purchase more if they choose to do so.
Federal Investment Tax Credit (ITC)
One of the main reasons to invest in solar panels for your home is to save money. However, many people are unaware that investing in solar panels could also provide some significant tax benefits. If you make an investment in a qualified solar electric property, such as a residential solar panel system, then you may be able to take advantage of the federal Investment Tax Credit (ITC). The ITC offers a 30% tax credit on investments made into qualified renewable energy property. That means if you invested $10,000 into solar panels, you would qualify to receive an ITC worth $3,000! The ITC applies to both personal and business investments made through 2019.
State Tax Credits and Rebates
There are many tax credits and rebates available to homeowners who install solar panels on their home. The federal government offers a 30% tax credit, but your state may offer even more! New Jersey has a 13% state tax credit, as well as a 30% rebate from the Board of Public Utilities. There is no maximum cap on how much you can get back, and it doesn’t matter if you purchase or lease your panels. You don’t have to own the panels for them to qualify for the rebate. For example, if someone purchases a solar system and leases it to you, you’ll still be eligible for the full rebate.
When installing solar panels at your home in New Jersey, there are three things that need to be considered: roof orientation (south facing), roof shading (eave height), and roof pitch (degree). If any of these components hinder the performance of your system, then another location will need to be found. Make sure that when installing solar panels on your home in NJ that they’re installed correctly so that they’re producing energy efficiently!
This post was brought to you by UES Group LLC – Installers of Solar Power Systems
Solar Panel Financing Programs in New Jersey
Solar panels for home nj provide a great way to save money on energy bills and help save the environment. To find solar panel installation companies near you, search New Jersey Solar One’s map. Whether you are new to solar or just looking for a second opinion on whether now is a good time to install solar panels, we have the resources you need.
Net Metering in New Jersey
Net metering is a billing arrangement that credits solar customers for electricity they produce at home. The credit offsets energy drawn from the utility grid, so you are only billed for net consumption – what you consume minus what you produce. Net metering is available to all residential customers who have a renewable energy system located on their property. If you’re not sure if net metering applies to your situation, contact your electric utility company.
Solar Power Purchase Agreements (PPAs)
Solar power purchase agreements, also known as solar PPAs, are a way to get solar panels installed on your home without having to pay a single dollar. This means you can save money on electricity costs while simultaneously making an impact on the environment! And because this is a contract-based agreement, it doesn’t matter what type of property you live in or whether or not you own your home. To see if a solar PPA is right for your home, contact an energy expert today.
A solar lease is a great way to save money and help the environment. It’s like paying your electric bill, but instead of paying it to your local utility company, you pay it to your landlord or other property owner. With a solar lease you don’t have to worry about installation because that’s their job! Plus, if you don’t want to renew your lease when its up, there are no penalties. You can also make money by selling any excess electricity generated by your panels back to the grid.