New Jersey Incentives and Rebates
You may have heard the news that New Jersey is one of the top solar states in the U.S., and the reason is that it has prioritized the building and utilization of solar generation systems to increase its residents' energy independence and decrease pollution.
The main way it has done so is by launching the New Jersey Clean Energy Program, which will give homeowners state-issued certificates that consumers can sell and trade. The Solar Renewable Energy Certificates (SRECs) will be awarded to homeowners for every 1,000 kilowatt hours their private system generates.
Essentially, SRECs are used to register solar projects within the state of New Jersey, and homeowners will have to officially register their system prior to beginning construction of it. Once the job is completed, the Renewable Energy Incentive Program will begin issuing SRECs, as well as help consumers track just how much energy their system has generated through its website. The accrued credits are then deposited into an account on a monthly basis.
It's important to note that the value of SRECs is not concrete, and fluctuates from one year to the next. Most systems will generate a few thousand dollars worth of energy in the first year alone.
By combining New Jersey-issued SRECs with the federal government's tax rebate program, the savings can be even more significant. That credit is often worth up to 30 percent of the full cost of installing a system, which will typically reward homeowners with several thousand dollars for switching to solar.
In addition, some cities and counties will also offer their own incentives to residents, so it's important to check to find out if you qualify.
By combining all these offers, you can save thousands of dollars on the price of installing a solar generation system and almost entirely rid yourself of energy bills for the life of the system.
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