We’ve mentioned it once or twice, but we’ll ask again to be sure: Did you know that the state of New Jersey offers various solar incentives and tax credits to property owners? If you own a commercial building that houses your business, you’re undoubtedly always looking for ways to cut costs and save more money. Solar panel installation may seem like a costly investment upfront, but with all the incentives available now, it is the ideal way for you to supply renewable energy to your building, get some money back post-installation and save on monthly energy costs in the long run. Let’s take a more detailed look at the various NJ financial incentives available to you:
Understanding New Jersey’s Solar Incentives and Rebates
New Jersey has a solar incentive program called the Successor Solar Incentive (SuSI) Program, and it’s divided into two different parts:
- Administratively Determined Incentive (ADI): This program provides a fixed-incentive payment for residential, most commercial and industrial, and community net metered solar projects, and the payment is guaranteed for 15 years. The type and size of the solar project will determine the value of the incentive, and it generally ranges from $70 to $120 for every megawatt hour of energy the system produces.
- Competitive Solar Incentive (CSI): This program is for projects larger than five megawatts and grid supply projects, and it involves a competitive solicitation process. The goal is to set the lowest financial contribution from rate-payers for solar projects that provide energy directly to the grid, and for larger-scale commercial and industrial projects.
New Jersey also has a Solar Sales Tax Exemption that allows a 100% sales tax exemption on all major solar equipment for homeowners, and a Property Tax Exemption under which home and business owners are not taxed on the increase in value to their home if they have a solar system.
Federal Tax Credits for New Jersey Homeowners Going Solar
The Residential Clean Energy Credit can be claimed by New Jersey homeowners who install renewable energy equipment, including things like solar batteries and electric vehicle chargers. This tax credit was extended in 2022 and allows homeowners to claim up to 30% of costs associated with solar installation on their federal taxes.
Speak to a NJ Solar Panel Expert Today
Whether you’re still on the fence about installing solar panels, or you’re ready to start your solar journey, our solar panel experts can help you chart a path forward and ensure that you take advantage of all the available state and federal monetary incentives. As solar panels become more popular and the need to address climate change grows more urgent, governments are recognizing the importance of incentivizing commercial and residential property owners to switch from non-renewable to clean, renewable energy.
For more information about the various commercial solar incentives available for property owners in New Jersey, or you’d like more information about solar panel installation and upkeep, please contact our team at Green House Solar today or visit our website at: https://greenhouse.solar/
