Pricing, Program, & Incentive Information for Local NJ Residents
In 2018, New Jersey passed The Clean Energy Act setting a state-wide goal to run on 100% clean energy by the year 2050. Since then, the Garden State has become home to some of the best renewable energy tax credits and incentives around, making New Jersey solar panel installation an attractive and financially sound investment.
Solar Panel Incentives & Tax Credits for New Jersey Homeowners
Ranked as one of the Top 10 Solar States, New Jersey has proven themselves to be a powerhouse in installing solar energy, especially through their policy-making and incentives. In addition to federal programs, local government has made it incredibly easy for NJ homeowners to take advantage of solar panel installation at an affordable price.
|The New Jersey Clean Energy Program|
The NJCEP provides NJ homeowners who install qualifying solar panel systems with rebates of between 30% – 70%.
Solar Tax Credits
|NJ Solar Energy Sales Tax Exemption|
Unlike many states, New Jersey offers taxpayers a 100% sales tax exemption on all solar energy equipment — making solar panel installation a full 7% cheaper than in surrounding states. In order to claim, you must fill out form ST-4 and present to the seller in lieu of paying a sales tax.
NJ Solar Property Tax Exemption
In most cases, when solar panels are installed, homeowners are responsible for paying the increase in property taxes on the value that solar the panels add. However, New Jersey property owners are fully exempt from paying any increase in property tax as a result of solar panel installation. To claim, you must apply for a certificate from your local property assessor.
Federal Investment Tax Credit (ITC)
The ITC is a 26% tax credit for solar systems on residential and commercial properties. For residential homeowners in New Jersey, the tax credit is applied to federal income taxes when a solar panel system is purchased and installed.
Note: there is an ITC step-down schedule, so the earlier you invest in solar, the bigger your credit. The current schedule is as follows:
26% for projects that begin construction in 2020
22 $for projects that begin construction in 2021
0% (residential) or 10% (commercial) after 2021
Other Programs & Incentives
|New Jersey Solar Renewable Energy Certificates & Net Metering|
The state of New Jersey continues to be a leader in developing renewable energy initiatives, and their net metering program has been used as the foundation for other state’s programs. Net metering enables NJ homeowners with solar panels to earn money from the power they generate. Required by state legislation, all four regulated NJ utility companies offer net metering programs.
Normally, SRECs that are generated by solar panels are sold to utility companies in order to help them meet state-wide sustainability goals. However, New Jersey is quickly reaching their sustainability goals and that’s formed a need to replace the state’s traditional SREC program with a TREC (Transitional Renewable Energy Credit) program. Although similar to SRECs, TRECs will have fixed pricing (as opposed to variable) and their value is multiplied by an assigned factor based on the solar panel installation type.
Energy Efficient Mortgages
Energy Efficient Mortgages (EEM) are available for New Jersey homeowners looking to finance solar panel installation on their existing home. Energy Efficient Mortgages include both Federal Housing Authority (FHA) or Veterans Affairs (VA) loan programs.
New Jersey Solar Panel Program & Pricing Information
As a New Jersey resident, your electricity bill is sitting right around the national average. But by combining one or more of the state’s solar tax credit and incentives above with one of the pricing options below, you can pay even less for power each month.
Zero money down options and more…
|Rebates and incentives withstanding, how much does a solar panel installation cost in New Jersey? It really depends on whether or not you’d like to invest with or without cash down, and if you’re a homeowner that’s interested in owning or leasing your panels. There’s also the option of going solar with our RateGuardian ™ PPA (Power Purchase Agreement), where New Jersey residents can literally pay nothing for both solar panels and installation.|
Purchase With Cash/Credit/Traditional Financing
Residents who purchase their own solar systems see an average of 50-100% savings on their monthly utility bill. At Solar Energy World, we also have $0 down financing options for New Jersey homeowners who wish to own their system, based on creditworthiness. Purchasing a solar panel system in New Jersey can also generate income; homeowners can sell their SRECs (soon to be TRECs) for hundreds of dollars a year.
Lease or choose our RateGuardian™ PPA to Pay $0
One of the most popular ways to acquire residential solar in New Jersey is to enter into a Power Purchase Agreement or Solar Lease. Pending a credit approval, our PPAs and Leases enable homeowners to put down $0 in up front costs for solar panels and installation. With our Solar PPA, residents pay nothing for solar panels and installation are able to lock in a lower rate than their utility that can lower their utility bill by up to 30%.
In layman’s terms, Solar Energy World owns the solar panels and installs them at no cost to you. We then sell you back the electricity the panels produce at a locked in rate that is lower than the variable rate that the four New Jersey utility companies charge.
Same Top Service and Quality No Matter Which Option you Choose
If you install solar panels in your New Jersey home — whether you purchase or lease or choose our RateGuardian™ PPA — it will increase your home’s value, without you having to pay the incurred property tax. Plus, with New Jersey solar panels from Solar Energy World, we guarantee a 20 -25 year warranty depending upon panel brand, plus 24/7 live monitoring and diagnostics support. We also offer solar battery backup for those who want power during outages.
Why Choose Solar Energy World for Your NJ Solar Panel Installation?
With over 88 years as a top-rated solar panel installer in New Jersey, we at Solar Energy World pride ourselves in helping NJ residents and businesses reduce their ecological footprint and save money. Every single solar panel system we install is custom designed to fit both your financial and energy production needs.
We understand that investing in solar energy is a big decision, and we’re here to help. Not only will we guide you through your investment options, take care of all the paperwork, and let you talk to our happy customers, we never hire any outside subcontractors and only use the most superior solar panel products — many of which are American made.
If you’re thinking about investing in solar panels for your New Jersey home, give us a shout today. Feel free to call us at 866.856.4580 and speak with one of our local solar experts, or get started right away with our free, customized solar estimate.