New Jersey Incentives

123SolarPower is North America’s top network of energy efficiency experts and solar power solutions. We maintain a network of experts across the U.S. and Canada so that no matter where you are, we are there too. We make it easy for homeowners and businesses to find the best solar energy solutions. Our experts can assist you with solar panels for sale New Jersey and installation, as well as comprehensive home energy evaluations. 123SolarPower New Jersey is dedicated to helping you reduce your utility bill. 123SolarPower New Jersey is dedicated to helping you reduce your utility bill.

New Jersey Solar Power

New Jersey ranks fourth in the U.S. for solar power capacity per capita. It is also second in the nation for the highest number of residential solar panels NJ and business solar panel installations. In 2010, New Jersey joined California as the only states to install over 100 MW of solar power in a single year. The state is on track to meet its goal of producing 22.5% of all electricity from renewable sources by 2021. It began its solar initiative in 2001 with 9 MWp of total installed solar power, and ended 2013 with over 1.1 million MWp.

State Tax Incentives

New Jersey offers a property value increase tax exemption for solar panel systems. Since this type of system increases a home’s value by an average of 20 times the annual electricity bill savings, that exemption adds up. Solar panels New Jersey are now also exempt from sales tax. Residents can earn solar power performance payments of $0.641 per kWh. In addition to favorable interconnection rules, New Jersey has one of the best net metering standards in all of the U.S. What makes the state’s net metering so appealing is an unlimited number of customers with solar panels NJ arrays of any size being qualified for net metering. The only limitation on New Jersey net metering is it can’t exceed annual state demand for electricity. New Jersey offers a property value increase tax exemption for solar panel systems.

Federal Tax Incentives

The federal government offers a tax credit to homeowners who install a renewable power system. Established by the Energy Policy Act of 2005, the available tax credit covers 30% of the cost of a solar panel installation NJ. Not only can this credit significantly reduce the cost of converting to solar power, but it’s also easy to claim. The only document you need to fill out is IRS Form 5695. Simply include this form with your tax return to receive your full credit. If the amount of the credit is greater than what you owe the federal government, the surplus balance will be rolled over to the following tax year(s).

With financial incentives available from both the state of New Jersey and the federal government, now is the perfect time to buy solar panels New Jersey for your home or business. Doing so is a great way to start saving money while also adding value to your home. With financial incentives available from both the state of New Jersey and the federal government, now is the perfect time to buy solar panels New Jersey for your home or business.

Help For All New Jersey Residents

123SolarPower can connect you with the best solar energy solutions in New Jersey. Our partners are industry leaders who provide the absolute best equipment. Investing in solar panels now will pay dividends for years to come. Fill out the above form for a free estimate of installation costs and more information about how to maximize solar savings. You can also speak directly with a 123SolarPower expert by calling 800-294-2397.

Frequently Asked Questions

When making any modifications to the home, questions always arise. In order to discern whether adding solar panels is a good idea for a given home, having answers to the most frequently asked questions can help. These answers can not only help a homeowner decide whether or not to install solar panels on their home, but they may also help to alleviate some fears and/or concerns that homeowners have about solar power.

Will solar panels benefit my home if I do not have constant access to the sun?

It is a myth that only sunny places like California and Hawaii can benefit from the installation of solar panels. While solar panels do generate more power in areas that have more access to the sun, there are solar panels that are capable of capitalizing on diffused solar rays. These are the kind of solar rays that fall on overcast days.

What incentives are available to me?

There are many incentives in place to help convince homeowners to install solar panels. For example there are tax credits at both the state and federal levels. While the tax credit value varies by state, to the credit ranges to upwards of 25% on installation up to $1,000. Furthermore, most solar power devices are sales tax exempt. The federal tax credit is 30% on installation with no limit. For more information about tax incentives in your state, call 800-294-2397 to speak with a solar consultant.

What is the difference between on the grid and off the grid?

On the grid refers to one still being attached to the electric grid and essentially creates a solar/electric hybrid system. Off the grid refers to relying solely on solar power as the home is completely disconnected from any electric grid.

While solar panels may be expensive to install, the long-term savings (both personally and as a member of society) really outweigh the upfront costs. Moreover, the tax breaks available (through 2016) can also help to recoup some of the costs.

Adding solar panels to your home can benefit you in many ways—including tax credits and a decrease in your electric bill. For more information, please complete the online form or call 800-294-2397.

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