Summary of Solar Energy Financial Incentices
New Jersey waives sale tax, reduces property tax, provides rebates and offers production incentives to commercial and residential properties that purchase renewable energy systems. The financial incentives range from $100 to thousands, depending on the system and the program.
The state mandated that electric utilities produce 22.5% of their energy from renewable sources as part of the Solar Renewable Energy Certificate Registration Program. Utilities whose production portfolio does not meet the mandated 22.5% can purchase certificates from producers of renewable energy to offset their non-renewable production and meet the requirement.
New Jersey waives sales tax for solar panels, solar hot water and other renewable energy technologies. Property owners can also save on their property tax, under a program that excludes the renewable energy systems from the taxable assessment for a property.
