Installing solar panels in New Jersey can help you save quite a bit on your electricity bills. And to save even more money, take advantage of solar incentives in New Jersey.
The US government wants more people to go solar: it’s a modern and green way of getting energy. This is why the Solar Investment Tax Credit (ITC) program was developed. It allows American citizens to claim 30% of the cost of their installation as an income tax deduction. The cost here is not only solar panels, but also shipping, installation expenses and more. For example, if your system overall made you spend $10,000, the government returns you $3,000. To claim the ITC, complete all the necessary forms and submit them when filing your taxes.
Solar laws in New Jersey allow customers of investor-owned utilities and electric cooperatives to join net metering programs that can help offset their future bills. Annually you will receive credit on your utility bill at wholesale value from any excess generation. Then, your balance will be zeroed out and a new cycle will begin.
There are four main electric utilities regulated by the New Jersey Board of Public Utilities, which offer net metering by state mandate:
Jersey Central Power & Light Atlantic City Electric Rockland Electric PSE&G
The terms providers offer are pretty similar to each other, including the application fees. The interconnection fee is not charged if your solar system size is not more than 10kW (otherwise, you’ll have to pay $50, plus $1/kW of system capacity or $100, plus $2/kW if the connection to the grid will require special equipment). Find contacts of the utilities above and their latest interconnection forms on the New Jersey Board of Public Utilities website.
Installing a solar energy system also gives you the possibility to gain Transition Renewable Energy Certificates (TRECs) for each Megawatt-hour of generated solar power. Unlike with net metering, you don’t need to sell any electricity to get credits. There is one platform in New Jersey that allows you to store and sell them: GATS. You have to create an account on its website to be able to transfer TRECs to the TREC Administrator. A 10kW system can generate about 12 Megawatt-hours each year, and you can make about $1,000 yearly by selling your TRECs. Take a look at these detailed FAQs for further information.
New Jersey residents invested in a solar energy system will not have to pay any additional property taxes on the added value they bring to their homes. New Jersey Revised Statutes ensure any new PV system installed will not be part of your property tax. However, any such home improvement will definitely make it about 4% more valuable on the property market, says the Zillow report. In order to claim the exemption, property owners must apply for a certificate from their local assessor which is able to reduce the assessed value of their property to what it would be without the renewable energy system.
4%
this is how much solar panels increase the value of your house
A solar easement contract is a written agreement between you and another party, for example, your neighbor. This type of contract helps to ensure that your PV system will always have adequate sun exposure, protecting you from potential obstacles. It is voluntary, but can not be canceled unless a specific clause is included in the document. Once signed, it is tied to the land, not the owner. Any such agreement must be created in written form and must meet the general requirements for legal contracts.
Check out solar panels near you!
Looking to build a home solar system? Check out solar panels that we have for sale in New Jersey
SHOP SOLAR PANELS
Years of experience in translation and a love of nature help Julia find the right words to encourage going solar. She joined the team in 2023 and is happy to make her contribution to a greener future.
More articles from this authorStay tuned
Learn about the latest arrivals and discounts first!
U.S. Climate Bill: 30% Solar Tax Credit comes back
Take my energy: What is net metering and how it works
