The final call to switch to solar energy in New Jersey!

While solar incentive funds for New Jersey are almost exhausted, you must be sure that you'll catch all available programs that will help you reduce your initial investment in solar panel installation. Financial support programs that are available for residents of New Jersey can make the return of investment faster, and after the repayment period, your solar panel system can cut your electricity bills and save you thousands of dollars for years to come.

When it comes to solar, it's all about great savings, maximizing yields and using free energy from the early morning until dusk. With that on the mind, solar installer company Solar Me is filtering all available incentives and programs for residential solar panel installation in New Jersey like never before to bring you the best!

How does Federal Solar Tax credit work in New Jersey?

Federal Solar Tax Credit is established to encourage homeowners to switch to green sources of energy, in order to reduce carbon footprint and consumption of energy from conventional fossil fuel sources. Federal Solar Tax Credit is offered to residential or commercial solar projects in New Jersey and can reduce 30% of overall solar installation investment, including:

·       solar panels

·       inverter, charge controller, battery storage, net meter

·       mounting and connection material

·       projecting

·       permits

·       contractor services

Federal Solar Tax Credit will enable you a significant 30% return from IRS in the next tax season, but only if you sign on before 12/31/2019! After that, for solar power systems built in 2020 Federal Solar Tax Credit will refer to 26% of overall solar investment, in 2021 it will be 22% off, but in 2022 only commercial solar panel installation could get back 10% of their investment.

Let's check on real numbers: for example, the average residential 6kW solar panel installation in New Jersey could cost between $15,600 and $22,800. If you hurry and catch this 30% off from Federal Solar Tax Credit by the end of the year, your solar panel installation in New Jersey could cost between $10,920 and $15,960! For average 6kW solar panel installation in New Jersey, you could save between $4,680 and $6,840 with this generous Federal program.

Do you qualify for Federal Solar Tax Credit in New Jersey?

If you are a New Jersey resident, homeowner and taxpayer, and want to generate your own electricity from the solar panel system by the end of 2019, you are qualified to get a 30% refund from IRS. Also, you must own your solar panel system. Solar Me offers options for ownership and leasing.

Protecting the benefits of the sun

Federal Solar Tax Credit can be a great advantage especially if you are planning to add battery storage to your solar power system. Solar batteries can be the most expensive part of the investment, given that they are expected to be highly reliable, durable and to provide you with enough power when you need it the most, at night or in cases of a power outage. Solar panel installation with battery storage ensures a faster return on investment, and in the long term, it can save more money on your electricity bills.

Sunny times for New Jersey with SREC

Additionally, New Jersey is supporting a transition to renewable energy with a special program tailored to increase the consumption of energy from solar panels. This fund was established by the New Jersey Board of Public Utilities and determines that 5,1% of overall electricity must be sold from solar panels. Solar Renewable Energy Certification (SREC) program will be closed when the state meets a threshold of 5,1% of green energy production, or by June 2021, whatever comes first. This program is offering Solar Renewable Energy Credits (SREC) to owners, one SREC for every megawatt-hour (1,000 kilowatt-hours) generated from their solar panel installation in New Jersey. SREC owners can sell it to licensed electricity suppliers or trade with it on the market.

In 2019, the average market price for SREC was between $190 and $226. Residential 6kW solar panel system can generate 14.16 MWhr yearly, so 6kW solar installation owner could earn between $3,070 and $3,200 every year. Once approved, solar panel owners can generate SREC for fifteen years! Save money on electric bills while profiting in the long run. How’s that for an investment?

As can be seen in the graph above, SREC program is the main driving force for residential solar projects in New Jersey. So far, more than 107,000 solar panel installations are plugged in across the state, and overall energy consumption from a photovoltaic system is 4,51%, so it would be more likely to SREC meet the 5,1% milestone before the June 2021 and cease accepting new applications very soon. New Jersey has joined a gigawatt club back in 2012, and so far has installed 2,911.06 MW, enough to power almost 480,000 homes!

Funds for homeowners in New Jersey are nearing completion

More financial incentives for solar energy in New Jersey are listed in Database of State Incentives and Renewables & Efficiency (DSIRE), with 24 different opportunities for New Jersey residents to reduce initial investment in solar.

Solar panel installation is all about great savings that will leave you money in your pocket and boost your home budget, so going solar before the end of 2019 is the deal you shouldn't miss! By choosing our solar company to be your partner in a solar project in New Jersey, you do not only benefit from highly efficient technical solutions and more options for operational scalability, but also reducing initial costs.

Our field of expertise is not only providing quality service and delivering quality products - with Solar Me you'll have a clear advantage and financial boost in order to achieve both energy and economical savings without leaving your money on the table. Today, generating free electricity from solar panels is closer to the average homeowner in New Jersey because we're always on your side!

Just don't forget to switch to solar before 12/31/2019 to take full advantage of these money saving incentives!

Written by Michelle Keller | April 15, 2020