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Solar Power Incentives Available in New Jersey

Summary

When deciding if going solar is right for you, you may want to read up on the different financial options you have at the click of a button. Whether you elect a lease, power purchase agreement, or you're able to purchase your own system, there are benefits at all different levels.

New Jersey ranks #4 out of the top 10 states for solar installed, due to their strong incentive and rebate programs. The state ranks #2 nationwide based on their solar "grade" and measured by lease, loan, and purchase incentives available throughout the state for qualified homeowners. For purchased solar power systems, the state waves sales tax for the panels, reduces the property taxes, and offers incentives and rebates for commercial and residential properties.

NJ Solar Facts

  • There is enough solar energy installed in the Garden State to power 290,000 homes.
  • One of the first states to implement a renewable energy portfolio standard.
  • Nearly 8,000 people are employed in solar.
  • Developed a Solar Renewable Energy Certificate Registration program to help homeowners and business owners go solar at ease, and reduce pressure on utilities that face the challenge of achieving the requirement of renewable power generation.

Financial Incentives

Incentive Type: Industry Recruitment/Support

Incentive Type: Other Incentive

Incentive Type: PACE Financing

Performance-Based Incentive

Property Tax Incentive

Sales Tax Incentive

State Grant Program

State Loan Program

State Rebate Program

Utility Grant Program

Utility Loan Program

Utility Rebate Program

Relevant Programs

Alternative Fuels & Advanced Vehicles

The US Department of Energy has established the Alternative Fuels & Advanced Vehicles Data Center (AFDC) to offer information on alternative fuel and additional suggestions on how to reduce petroleum. This includes "advanced vehicles" (including but not limited to electric and hybrid), fuel blends (like biodiesel or ethanol), avoiding vehicle idling, etc. This website offers an informational hub for state and federal laws that have been put in place related to the alternative vehicles and fuels, fuel efficiency, and more.

The Green Power Network

Another database launched the US DOE, The Green Power Network shares pertinent news on green energy markets. It provides state-by-state breakdowns for marketing and utility programs, as well as lists marketers of renewable energy credits (RECs) — a way to financially benefit from producing renewable energy.

Weatherization Assistance Program

Launched by the US Department of Energy, the Weatherization Assistance Program (WAP) helps low income families reduce their energy bills by helping make their homes more energy efficient. They deploy providers to assist in making the qualifying homes more energy efficient for free. The WAP website provides a list of states where the program is offered.

Wind Powering America

The “Wind Powering America” site was also formed by the US Department of Energy, providing information on projects related to wind power, including working groups, maps, loan programs, and state-specific news.

NJ Property Tax Exemption

Commercial, Industrial & Residential are eligible for purchase of:

  • Solar Water Heat
  • Solar Space Heat
  • Solar Thermal Process Heat
  • Photovoltaics
  • Landfill Gas
  • Wind
  • Biomass
  • Hydroelectric
  • Geothermal Electric
  • Fuel Cells
  • Geothermal Heat Pumps
  • Resource Recovery
  • Tidal Energy
  • Wave Energy
  • Direct-Use Geothermal Energy

*100% exemption for the value of the solar power system

*Required form: http://www.state.nj.us/treasury/taxation/pdf/other_forms/lpt/cres.pdf

*Website reference: https://energy.gov/savings/property-tax-exemption-renewable-energy-systems-1

Solar Renewable Energy Certificate (SREC) Registration Program

  • Program: Production Incentive for purchased systems
  • Documentation: Must be submitted within 120 days of purchasing the system
  • Eligible for: Solar panels (photovoltaics)
  • Incentive: (1) SREC is earned for every 1,000 kilowatt-hours (kWh) of electricity generated
  • Website reference: http://www.njcleanenergy.com/srec

Cool Advantage Program

NJ Sales Tax Exemption

Commercial, Industrial & Residential are eligible for purchase of:

  • Passive Solar Space Heat
  • Solar Water Heat
  • Solar Space Heat
  • Solar Thermal Electric
  • Solar Thermal Process Heat
  • Photovoltaics
  • Solar Pool Heating

*No limit

*Website reference: http://www.njcleanenergy.com/srec

NJ Net Metering

Applies to Commercial, Industrial, & Residential Customers of investor-owned utilities:

  • Solar Thermal Electric
  • Photovoltaics
  • Landfill Gas
  • Wind
  • Biomass
  • Geothermal Electric
  • Anaerobic Digestion
  • Tidal Energy
  • Wave Energy
  • Fuel Cells using renewable fuels

*Required to have an interconnection agreement with your utility company

*Website reference: http://www.njcleanenergy.com/renewable-energy/programs/net-metering-and-interconnection

*Allows customers to receive full credit on their utility bill for every kilowatt-hour of electricity they overproduced and did not use.

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