Do Solar Panels Increase Property Taxes In NJ?
In New Jersey, solar panels do not increase property taxes due to the state's Solar Property Tax Exemption. This exemption, which was implemented in 1998, protects homeowners from having their property taxes increased as a result of installing solar panels on their homes.
This is one of the many NJ solar incentives that can save you thousands when going solar. Read on to learn more, or enter your zip code to see which NJ solar incentives you qualify for!
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According to the New Jersey Department of Environmental Protection, this exemption applies to both residential and commercial properties, and it covers the full value of the solar panels. This means that even if the value of your home increases as a result of installing solar panels, your property taxes will not go up.
The Solar Property Tax Exemption is a critical component of New Jersey's renewable energy efforts, as it helps to make solar energy more affordable and accessible for residents and businesses. Without this exemption, many homeowners and businesses may be hesitant to invest in solar panels due to concerns about higher property taxes.
In addition to the Solar Property Tax Exemption, New Jersey also offers a number of other incentives for solar energy, including the Solar Renewable Energy Certificate (SREC) program and the Solar Installation Sales Tax Exemption. These incentives help to further reduce the cost of solar energy and make it more appealing to homeowners and businesses.
Overall, it is clear that solar panels do not increase property taxes in New Jersey. The state's Solar Property Tax Exemption ensures that homeowners and businesses are not penalized for investing in renewable energy, and it helps to make solar energy more accessible and affordable for all.
