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Solar Renewable Energy Credit (SREC): One SREC represents one megawatt of electricity generated from solar, and in New Jersey, you get about six per year. New Jersey requires its utility companies to produce certain amounts of electricity from solar, and buying SRECs from solar generators helps them meet those goals. On average, a homeowner makes about $170 from the sale of an SREC, so those 6 SRECs you get equal about $1,000 in your pocket, every year until 2030.
New Jersey Property Tax Exemption for Renewable Energy Systems: New Jersey property owners can get a property tax exemption for 100 percent of the value of their renewable energy systems. Eligible solar renewable energy systems include solar photovoltaics (solar panels) and solar thermal energy (e.g., solar hot water). The value of the exemption is set by the local property tax assessor and then subtracted from the assessed value of the property where it's installed, reducing the amount of property tax owed.
Net Metering: With 206 sunny days a year, there will be plenty of times when your solar power system will generate more energy than you need in a given month. In that case, state's investor-owned utilities and energy suppliers (and certain competitive municipal utilities and electric cooperatives) are required to offer net metering--a method to “bank” that energy for when your system isn’t operating at peak capacity (i.e. consecutively cloudy weather or periods of heavy snow). There is no firm aggregate limit on net metering, although the Board of Public Utilities is permitted to allow utilities to cease offering net metering if statewide enrolled capacity exceeds 2.5% of peak electric demand. Homeowners receive month-to-month credit for net energy generation (NEG) at the full retail rate and are compensated for remaining NEG at the avoided-cost of wholesale power at the end of an annualized period.
New Jersey Sales Tax Exemption: Unlike many other home improvements like a new kitchen or bathroom, when you invest in a solar power system for your home in New Jersey, you will not have to pay any sales taxes on your system. That represents a 7 percent savings right upfront, even before you factor in any federal or state incentives.
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