With a history of healthy solar markets, a strong community solar program, and an emphasis on electrifying the transportation sector, New Jersey is well-positioned to continue its growth in the solar industry. The state ranks amongst the top ten states for solar power. A state-wide incentive program, which will bring the state nearly 3.8GW of new solar power by 2026, was passed recently. However, questions surrounding construction and interconnection have slowed the program's progress.
New Jersey's solar energy
You're not the only one who has considered solar energy for your New Jersey residence. Going solar has many benefits beyond the obvious financial ones. It reduces dependence on fossil fuels, decreases pollution, and reduces carbon emissions. Additionally, solar energy can make you more self-sufficient in terms of your energy use. This is a great thing for the environment and is particularly good for those who are environmentally conscious.
New Jersey Solar Panels Costs
The cost of installing solar panels in New Jersey can vary depending on the type and amount of electricity used. It is important to consider any solar incentives offered by your state. Get a free estimate on solar panel costs.
New Jersey solar energy has tax benefits
New Jersey residents have tax advantages when they install solar energy. The credits you generate from this renewable energy source can be resold by your local utility company. New Jersey has a robust renewable portfolio standard (RPS) program that forces utilities to use more renewable energy. These resources include solar, wind, biomass, and geothermal energy. These credits can help you offset the cost of your electric bills while also providing you with extra income.
New Jersey has renewable energy certificates (SRECs).
New Jersey's renewable energy sources include either solar, wind or hydro. Renewable fuel cells can also be used to power renewable fuel cells. A biomass facility that uses sustainable harvesting techniques can also be qualified. An installation must have three megawatts or more to qualify.
Community solar projects in New Jersey
New Jersey community solar projects can be a great way for you to save money on your energy bills and use clean energy. Unlike individual solar panels, community solar projects are remotely located and do not require a homeowner to install them on their property. Residents can instead subscribe to a subscription organization that will sell them electricity produced by the community solar project. Residents will enjoy a 15% to 20% discount on their energy bills.
New Jersey state incentives for solar energy
Solar energy is an environmentally friendly and renewable energy source that can help lower your monthly power bill. New Jersey offers four incentives for solar panel installation. You can first get an investment credit which allows you to deduct up to 30% of your system's cost. You can also get a solar renewable energy certificate program that offers a lower rate for larger solar systems.