NEW JERSEY BUSINESS
New Jersey Is Getting Paid To Go Solar
Solar Renewable Energy Credits (SRECs) are available to both residential and commercial solar customers. These credits are given after the solar power system is installed and for every 1,000 kW-hours of electricity is produced. This has been available for a few years now as part of New Jersey’s clean energy efforts. Once the state is at 5.1% energy coming from solar powered producers (it is currently at 4.2%) they will no longer be accepting new registrations. The program will expire June 1, 2021 regardless if that 5.1% goal is reached, so the year 2020 is the time to get your solar project up and running.
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.