The Benefits of Solar Power in New Jersey

Written by U.S.SolarEnergy

New Jersey has long been a leader in solar energy, and it remains one of the best places in the country for homeowners to go solar. In addition to the federal tax credit, which was recently increased to 30% through 2032 by the Inflation Reduction Act, New Jersey boasts many of its own attractive incentives, making it one of the best places to go solar today.  

New Jersey Pays You for Your Energy

New Jersey’s Successor Solar Incentive Program (SuSI) is one of the few incentives that actually pays you to go solar. It provides you with a fixed amount of money for each kilowatt-hour your solar system generates over 15 years. At the current rate is 9 cents per kilowatt-hour, an average New Jersey homeowner can expect to be paid around $1,000 per year for their clean energy.

New Jersey Net Metering

In addition to SuSI, New Jersey has an excellent net metering program. When a customer’s home solar system generates more electricity than the household uses, they are able to sell the surplus back to the utility. All electric utility companies regulated by the New Jersey Board of Public Utilities (PSE&G, JCP&L, Atlantic City Electric, and Rockland Electric), as well as electric suppliers or providers, are required to offer net metering to all customers.

Solar System Sales Tax Exemption

All purchases of solar energy equipment in New Jersey are exempt from sales tax. This exemption is available to all taxpayers. The Sales Tax Exemption Administration (STEA) states that “solar energy devices or systems designed to provide heating or cooling, or electrical or mechanical power by collecting and transferring solar-generated energy and including mechanical or chemical devices for storing solar-generated energy are exempt.”  

A Solar-Powered System Increases the Value of Your Home

Installing a home solar system could boost the value of your home. In fact, New Jersey leads the country with the highest solar premium at 9.9%  – that’s about $32,281 for a median-valued home. This premium will only grow as traditional utility electricity prices continue to increase, as they did by 28% last winter.

No Increase in Property Taxes

New Jersey offers a property tax exemption for homes with solar, so while the resale value of your property will increase with the installation of a solar system, your property taxes will not increase.

Installing a home solar system in New Jersey brings tremendous financial benefits, including reduced electricity bills, tax exemptions, and stabilized property taxes. Contact U.S. Solar Energy today, and an expert will help you navigate these benefits while helping you transition to a cleaner and greener home.