Will NJ Pay For Solar Panels?

Are you considering installing solar panels on your home or business in New Jersey? One of the first questions that many people have is whether or not the state will pay for the solar panels. The short answer is yes, there are various programs and incentives available to help residents and businesses in New Jersey afford solar panel installation.

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The New Jersey Board of Public Utilities (BPU) offers a number of programs to encourage the use of solar energy. One of the most popular programs is the Solar Renewable Energy Certificate (SREC) program. Under this program, homeowners and businesses that install solar panels can earn SRECs for each 1,000 kilowatt-hours (kWh) of electricity their panels produce. These SRECs can then be sold to utilities, which are required by state law to purchase a certain amount of solar energy each year. This can provide a significant financial benefit to homeowners and businesses, as the SRECs can be worth hundreds or even thousands of dollars.

Another program offered by the BPU is the Solar Loan Program. This program provides low-interest loans to homeowners and businesses to help pay for the cost of solar panel installation. The loans are available for up to $50,000 and can be used to cover up to 100% of the cost of the installation. This can make solar panel installation more affordable for many residents and businesses in New Jersey.

In addition to state programs, there are also federal incentives available to help residents and businesses in New Jersey afford solar panel installation. The federal government offers a tax credit for homeowners and businesses that install solar panels. This credit is equal to 30% of the cost of the installation and can be claimed on your federal income tax return. This can provide a significant financial benefit, as it can reduce the overall cost of the installation by thousands of dollars.

In conclusion, New Jersey offers a variety of programs and incentives to help residents and businesses afford solar panel installation. These programs can provide significant financial benefits and make solar panel installation more affordable. If you are considering installing solar panels, be sure to explore all of the programs and incentives available to you. With the right combination of state and federal incentives, you may find that solar panel installation is more affordable than you thought.

Enter your zip code to see if you qualify for Free Solar Installation!

Do I Qualify?

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