A Roundup of Solar Incentives for New Jersey Residents

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April 1, 2015 | By RGR Marketing Blog

Garden State Residents Can Take Advantage of Credits for Solar

If you live in New Jersey, you’ve probably noticed solar panels cropping up everywhere. Going solar is becoming a popular choice in every state, but NJ has become one of the U.S. leaders in solar adoption. Why are solar panels becoming such a hot item in the Garden State? It has one of the most attractive sets of solar incentives around. The bottom line is this: if you live in Jersey and are considering going solar, then you’re in a great place to do just that.

PSE&G Solar Loans

New Jersey’s Public Service Electric and Gas, also known as PSE&G, has been offering solar loans to qualified customers for several years. Customers can finance a major portion of the costs associated with going solar at very reasonable interest rates. What’s more, the payments can either be paid in cash or Solar Renewable Energy Credits, whose minimum value are guaranteed by PSE&G.

All in all, it’s a very affordable and flexible way to pay for a solar installation, and many NJ solar enthusiasts have jumped on the bandwagon. New applications are available at the beginning of every year, and those interested in taking advantage of the program are encouraged to apply as early as possible, as the program is only available to a limited number of borrowers. Loans are also available to small and medium-sized businesses.

Solar Renewable Energy Credits for New Jersey Residents

New Jersey’s aggressive Renewable Portfolio Standard requires that by the year 2021, utilities source at least 20.8% of the electricity they produce from renewables. And the good news is that a substantial portion of the RPS is carved out specifically for solar. They can reach those goals by building solar arrays, or by purchasing RPS credits from private consumers and businesses with solar arrays.

Solar owners earn RPS credits each time their solar arrays produce 1,000 kWh of electricity. As previously mentioned, these credits can be used to make payments on solar arrays through PSE&G, but they can also be sold outright for cash. It’s important to note that the value of these credits fluctuates according to market conditions, but they’re always worth something, and they’re a very enticing bonus for going solar.

Solar Sales Tax Exemption in New Jersey

Unless you live in a handful of states, sales tax can really add to your clients’ solar system purchase price. In order to make solar power even more affordable, New Jersey’s lawmakers have decided to exempt PV systems from sales tax.

New Jersey Property and Sales Tax Exemptions

Did you know that adding solar power to your home makes it worth more? It’s true. That’s great news when it comes to your equity, but higher home values mean higher property taxes, right? Not when it comes to solar.

New Jersey exempts the value added by solar systems from property tax assessment, starting the year after they’re installed. Adding tax-free equity and doing something great for the environment certainly sounds like a win-win to us.

Oh, and new solar installations are also exempt from New Jersey’s 7% sales tax. Both exemptions require claimants to fill out a bit of paperwork, but they’re certainly worth the extra effort.

Solar Net Metering in New Jersey

Net Metering systems allow solar owners to take electricity bill credits for power they produce but don’t use. At the end of each year, the utilities are required by law to purchase leftover credits at avoided cost rates. Plus, unlike certain other states’ NM programs, New Jersey’s has no limit on aggregate net metering.

Federal Tax Credits Apply to New Jersey Residents

New Jersey residents are also eligible for the federal government’s 30% solar tax credit. The credit covers qualified solar installation and purchase expenses. Solar customers can also take accelerated depreciation of 20% of the total system cost each year for five years.

[Photo Credit: Conservation New Jersey]

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Garden State Residents Can Take Advantage of Credits for Solar

PSE&G Solar Loans

Solar Renewable Energy Credits for New Jersey Residents

Solar Sales Tax Exemption in New Jersey

New Jersey Property and Sales Tax Exemptions

Solar Net Metering in New Jersey

Federal Tax Credits Apply to New Jersey Residents

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money today!

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Garden State Residents Can Take Advantage of Credits for Solar

PSE&G Solar Loans

Solar Renewable Energy Credits for New Jersey Residents

Solar Sales Tax Exemption in New Jersey

New Jersey Property and Sales Tax Exemptions

Solar Net Metering in New Jersey

Federal Tax Credits Apply to New Jersey Residents

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