Due to some compelling New Jersey Solar incentives, NJ ranks fourth in the U.S. for solar power capacity per capita.
It is also second in the nation for the highest number of residential solar panels NJ and business solar panel installations.
In 2010, New Jersey joined California as the only states to install over 100 MW of solar power in a single year. The state is on track to meet its goal of producing 22.5% from renewable sources by 2021.
In 2001 NJ installed 9 MWp solar power and ended 2013 with over 1.1 million MWp.
SRECs (Solar Renewable Energy Credits)
Solar Renewable Energy Credits (SRECs) is an incentive for homeowners who have solar. Homeowners receive credits based on energy the system produces, which they can then sell back to PSE&G or other company.
1 SREC = 1000 kWh
For example, your system generates 10,000kWh per year. This means you have 10 SRECs. If NJ offers $260/ SREC, the total value of SRECs for their system will amount to $2,600.
(kWh x .001) x SREC rate = value of SRECs
(10,000kWh x .001) x 260 = $2,600 Annually
Federal Tax Incentives
The federal government offers a tax credit to homeowners who install a renewable power system. Established by the Energy Policy Act of 2005, the available tax credit covers 30% of the cost of a solar panel installation NJ. Not only can this credit significantly reduce the cost of converting to solar power, but it’s also easy to claim. Just include IRS Form 5695 with your tax return to receive your full credit. If the amount of the credit is greater than what you owe the federal government, the surplus balance will be rolled over to the following tax year(s).
With financial incentives available from both the state of New Jersey and the federal government, now is the perfect time to buy solar panels New Jersey for your home or business. Doing so is an excellent way to start saving money while also adding value to your home.
Help For All New Jersey Residents
Solymoly has established itself as one of the fastest growing solar companies in NJ. The company is solidly based on a single principal objective: To lead the world into a clean energy future while observing the highest ethical standards. SolyMoly is a vertically integrated residential and commercial solar project development company – all our designs, marketing, solar consulting, technology are done in house. In fact, we have built the entire software including the proposal generation and CRM for our solar business from scratch and passed on the cost-savings and efficiency to our customers. We have access to all the main solar panel manufacturers, finance providers and will ensure that the client gets the optimal solution with no need to compromise. The NJ Solar incentives and our residential programs will ensure that your investment in solar panels now will pay dividends for years to come.