NEW JERSEY BUSINESS
New Jersey Is Getting Paid To Go Solar
Cash incentives that help pay for commercial solar installations in New Jersey are found in the State’s Transitional Renewable Energy Credits (TRECs). These credits are given after the solar power system is installed and remit the owner $152 for every 1,000 kW-hours of electricity produced. These incentives stem from the New Jersey Renewable Portfolio Standard (RPS), which was first adopted in 1999 and updated several times. This latest update pledges that all energy production in New Jersey will reach 35% renewable levels by 2025 and 50% by 2030. What’s more, a portion of all the renewable energy must come from solar, thereby ensuring a portion of these valuable incentives are reserved specifically for solar projects. The TREC program will expire once the next wave of Renewable Energy Credits are announced. This next program, and the new REC values, will be called the “Successor SREC Program”. Interested parties are encouraged to check with the New Jersey Clean Energy program for future announcements (www.njcleanenergy.com).
How the New Jersey Solar Incentive Works
Net Metering allows solar power producers to transfer excess solar energy back to the grid to receive compensation. This excess power is collected when your solar energy system is producing more energy than you are using. This commonly happens during the sunniest part of the day, or when the home or business is not open, so energy is not being used.
Upfront cost is often a hurdle for installing solar energy systems, especially for large commercial projects. The state of New Jersey offers a complete sales tax exemption for all solar equipment including panels, inverters, racking and batteries.
New Jersey, Go Solar with Sunvest
New Jersey also offers a property tax exemption for both residential and commercial solar energy producers. Property owners can apply for a certificate from the local tax assessor which then would reduce the property liability by the amount of value added from the solar energy system. Basically, this means that you are protected from your property taxes rising because of the added value from the solar energy system.
These state incentives paired with the Federal Investment Tax Credit (ITC) make it easier and more cost-effective than ever to convert to clean energy in New Jersey. Contact us today to find out how easy it is to get your solar project up and running.
Do you own a warehouse or storage building? Want to learn more on how you can make more profit by helping generate clean energy for your community at no cost to you? Reach out to SunVest Solar today.