Nj Solar Power Incentives

The njcep offers financial incentives programs and services for new jersey residents business owners and local governments to help them save energy money and the environment.

Nj solar power incentives. The incentive is called the transition renewable energy credit or trec. The current rebate system originally enacted in 2008 was granted a multi year extension in 2015 with the passage of the omnibus appropriations act p l. You can take advantage of this program to save energy and lower your utility bills. New jersey s clean energy program is a statewide program that offers financial incentives programs and services for new jersey residents business owners and local governments to help them save energy money and the environment.

Renewable energy credits recs this is a performance based incentive. 10 that means if you purchase a 6 kilowatt system for 18 300 you ll pay 12 810 after you receive your tax credit. Nj solar programs the state s solar success has been based on two core programs one that compensates you for the electricity you produce and one that rewards you for that electricity s clean characteristics. New jersey helps residents and business owners get started with solar energy while minimizing investment and optimizing cost saving incentives.

New jersey net metering this policy allows you to sell excess electricity back to the grid at the retail rate. The new jersey clean energy program will help you recover the costs of installation over the life of the system. This program registers solar projects in order to earn solar renewable energy certificates srecs. One trec represents one megawatt of electricity generated from solar and in new jersey your 7 2 kw system will earn you a little over 9 per year.

Please check njcep for more information and availability of funds. Solar energy systems are sales tax exempt. Renewable energy incentive program thousands of new jersey homeowners businesses and municipalities are incorporating clean renewable energy into their everyday lives with help from new jersey s clean energy program. The tax credit can reduce the cost of a solar installation by 30 9 including a solar battery purchase.

This program is coming to a close very soon. As an added bonus if you get hit with the alternative minimum tax this credit allows no rebates last forever though and the clock is ticking on eligibility for federal solar incentives. New jersey residents who are municipal electric oil or propane customers are eligible to participate in and receive incentives from certain programs. In addition to new jersey s solar incentives you ll be eligible for the federal solar tax credit if you buy your own home solar system outright.