2022 Solar Incentives Guide for Bellmawr, NJ - Tax Credits & Rebates

In this guide, we'll cover the latest solar incentives and rebates available in Bellmawr. You'll learn about:
  • Local & State Solar Incentives
  • Federal Tax Credits (Updated for 2022 and beyond)
  • Ways to optimize your solar investment

Solar installers are experts in maximizing your solar tax credits and rebates.
Get a free quote from one of our trusted Bellmawr solar installers to see how much you can save.

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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What Solar Tax Credits, Incentives, and Rebates are Available in Bellmawr?

Solar Energy Sales Tax Exemption

Incentive Type:
Sales Tax Incentive
100% exemption

Successor Solar Incentive (SuSI) Program

Incentive Type:
Performance-Based Incentive
Net-Metered Residential: $90/SREC-II

Small Net-Metered Non-Residential located on Rooftop, Carport, Canopy and Floating Solar
Projects smaller than 1 MW (dc): $100/SREC-II, $120 for public entities
Projects 1 MW to 5 MW (dc): $90/SREC-II, $110 for public entities

Net Metered Non-Residential Ground Mount
Projects smaller than 1 MW (dc): $85/SREC-II, $105 for public entities
Projects 1 MW to 5 MW (dc): $80/SREC-II, $100 for public entities

Community Solar LMI: $90/SREC-II
Community Solar Non-LMI: $70/SREC-II

Property Tax Exemption for Renewable Energy Systems

Incentive Type:
Property Tax Incentive
100% of value added by renewable system

Solar Renewable Energy Certificates (SRECs) Registration Program

Incentive Type:
Solar Renewable Energy Credit Program
Determined by the market.
In June 2016, SREC traded at an average price of $229.90.

PSE&G - Solar Loan Program

Incentive Type:
Other Incentive

NJ Clean Energy- Residential New Construction Program

Incentive Type:
Rebate Program
Incentives depend on the HERS score and the classification
Single family homes: Ranges from $1,125 to - 24,250
Multi-single homes: Ranges from $1,125 to $18,188
Multifamily homes: Ranges from $625-$12,125

Home Performance with ENERGY STAR Program

Incentive Type:
Rebate Program
Rebates
Single family : $2,000 to $4,000
Multi-family : $500-$1,500 per unit
Rebates for single family and multi-family should not exceed 50% of the cost of the measures used to calculate total estimated savings (TES)
See table below for details
Loans
Single-family: $5,000 (Tier II) or $10,000 (Tier III) 4.99% interest loans up to $15,000 (where utility 0% financing is unavailable)

COOLAdvantage Program

Incentive Type:
Rebate Program
Central AC: Tier 1 $300(Tier 1), $500 (Tier 2)
Ductless Mini Split A/C or Heat Pump: $500
Air Source Heat Pump: $300 (Tier 1), $500(Tier 2)
Geothermal Heat Pump: $500

NJ Clean Energy- WARMAdvantage Program (Electric and Gas)

Incentive Type:
Rebate Program
Residential Electric Customers (including municipal utility customers):
Solar Hot Water Heater: $1,200
Heat Pump Water Heater: $500
Geothermal Heat Pump: $500
Air-Source or Ductless Mini-Split Heat Pump: $300- $500
Residential Gas Customers (including propane):
Gas Furnace: $250- $500
Gas Boiler: $300
Gas Water Heater: $300
Solar Hot Water Heater: $1,200
Oil Heating Customers:
Oil Furnace: $250
Oil Boiler: $300

Combination Rebate
Boiler and Water Heater Combination Rebate: $700
Furnace and Water Heater Combination Rebate: $700- $950

New Jersey Renewable Energy Incentive Program (Sustainable Biopower)

Incentive Type:
Rebate Program
$900,000 or 30% of the cost per project, which ever is less

Federal Residential Renewable Energy Tax Credit

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

Source: https://www.dsireusa.org/


The phrase "solar incentives" broadly refers to financial incentives that are in place to encourage increased use of renewable energy by making solar panels more affordable. You may qualify for different types of incentives, such as discounts, cash back or credit towards your monthly utility bill, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the state of New Jersey and others from the federal government. Some solar incentives you might qualify for are:

  • Solar Renewable Energy Certificate (SREC): SRECs and other similar performance-based incentives are typically handled at the state level. Once your solar panel system meets the threshold (typically a small amount of energy production), you can receive SRECs that can then be sold to your utility company or other buyers. The money you receive from the sale is generally considered part of your taxable income.
  • Tax Exemptions: Tax exemptions can come in one of two forms. The first is sales tax exemption, applied when you purchase solar panels. The second is property tax exemption. This allows you to exclude the value added by your solar system when paying property tax on your home.
  • Net Metering: Net metering becomes relevant once your solar system is up and running. If you have a net metering agreement with your Bellmawr utility company, it will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some locations, this is a dollar-for-dollar credit, while in other areas you might get refunded a percentage of the value.
  • Rebates: Solar rebates may be offered by your local utility company, or by your state or county. These rebates are essentially partial refunds that are applied after you pay for solar panels and before tax credits are calculated.
  • Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the federal government. (This is different from a tax deduction.)

Federal Solar Incentives

When you hear the term "solar incentives," federal incentives are likely the first thing that comes to mind. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a certain percentage of your solar system's cost.

The ITC applies to solar panels installed after January 1, 2006 on a primary or secondary residence that you own in the United States. Initially, the credit applied to 30% of the total cost — for panels, equipment, labor and accessories — although that amount may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the claim amount.

Curious how the ITC might apply to your specific situation? Get in touch with your local Bellmawr solar panel installer to get more information.

The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The new Clean Energy Credit is valid until 2035. You can now receive a 30% credit for solar systems that began installation after January 1, 2022 and are completed by the end of 2032. The total credit will then decrease annually until it expires. Beginning in 2023, it will also be easier to qualify for credits for energy storage systems under this new program.

Click here to learn more about the new Inflation Reduction Act. Your local Bellmawr solar panel company can answer any questions you have and explain how the new Clean Energy Credit will apply to you.

State & Local Solar Incentives

Some solar incentives may be offered at the local or state level. As with federal incentives, these can include rebates, tax credits and more. Certain incentives are offered for only a limited time, while others are ongoing. Your local solar incentives may come from the New Jersey government, or from your specific county or municipality.

Next Steps for Installing Solar in Bellmawr

You can receive solar incentives from the New Jersey government and the federal government, as well as from your local utility company. The increased availability of solar initiatives over the last 15 years has helped greatly increase nationwide adoption of solar energy. If you're ready to make the change to solar energy, getting in touch with your local Bellmawr solar panel installation expert is an excellent place to start.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

Tesla Energy

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

EcoWatch's Bellmawr, NJ Solar Incentives FAQs

Can I get any financial incentives when I add solar panels to a vacation home, rental property or commercial property?

While we recommend speaking with your local solar installer and/or tax professional to fully understand what solar incentives apply to you, many incentives will apply to a second home, so long as that home is in the United States and owned by you. There may be additional incentives available for commercial properties specifically, depending on the specifics.

How can I find out if I qualify for certain solar incentives?

It's best to speak with your local Bellmawr solar installer for a better understanding of which incentives your project will qualify for. Usually, solar incentives apply to new solar systems installed on property you own (in the U.S.) between the dates specified by the incentive. Some incentives, such as those offered by the government of New Jersey, might have other requirements.

How long until the federal solar tax credit ends?

The Clean Energy Credit (previously called the federal solar tax credit, or ITC), is slated to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.

Can I qualify for incentives both towards the initial cost of solar panels, and later as reimbursement?

The order in which incentives are applied could vary depending on which incentives you receive but in most cases yes, you can claim multiple types of incentives for your solar project. Speak to your solar installer or a local tax professional to ensure you are claiming all of the incentives you qualify for and applying them in the correct order.

Can I use multiple types of renewable energy to power my home?

Yes, you can employ multiple types of renewable energy to power your home, such as a combination of solar and wind power. You can also combine renewable energy generation with a backup source of non-renewable energy. Be sure to discuss the details of your plan with your local Bellmawr solar panel installer, to make sure you know what you'll need and what incentives you might or might not qualify for.

Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.

Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.

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