Nj Solar Incentives 2016

New jersey solar panel tax credits.

Nj solar incentives 2016.

That means you ll. Federal solar tax credit in addition to new jersey s solar incentives you ll be eligible for the federal solar tax credit if you buy your own home solar system outright the tax credit can reduce the cost of a solar installation by 30 9 including a solar battery purchase. The new jersey clean energy program will help you recover the costs of installation over the life of the system. On top of these revenue streams new jersey has also granted residential solar a couple tax breaks to help keep the costs down.

The chart above shows the 25 year returns for an investment in an average sized new jersey solar system whether you choose to purchase a system with cash or pay over time with a solar loan or ppa. Renewable energy credits recs. When you purchase your home solar system you will be 100 percent exempt from any sales tax due to the pv energy sales tax exemption. This is a performance based incentive.

Much of this success is due to new jersey s solar financing model which relies on high renewable energy standards and the use of srecs. 2016 or until the funds are exhausted. Because of the unique nature of new jersey solar incentives the average solar owner here can save more than 36 000 over the next 25 years. 10 that means if you purchase a 6 kilowatt system for 18 300 you ll pay 12 810 after you receive your tax credit.

This program is coming to a close very soon. The new jersey comfort partners program is a free of charge direct installation energy efficiency assistance program available to most new jersey households with significant energy usage and an income at or below 225 of the federal poverty guidelines. New jersey solar panel incentives include. Solar sales tax exemption.