2023 Solar Incentives Guide for Glassboro, NJ - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Glassboro.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Glassboro?
Solar Energy Sales Tax Exemption
Successor Solar Incentive (SuSI) Program
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
Solar Renewable Energy Certificates (SRECs) Registration Program
In June 2016, SREC traded at an average price of $229.90.
NJ Clean Energy- Residential New Construction Program
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
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
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)
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)
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
Boiler and Water Heater Combination Rebate: $700
Furnace and Water Heater Combination Rebate: $700- $950
New Jersey Renewable Energy Incentive Program (Sustainable Biopower)
Federal Residential Renewable Energy Tax Credit
Solar incentives are designed to make renewable energy usage more affordable via financial incentives for individuals who install solar panels on their homes. Different types of incentives, like discounts, cash back or monthly utility bill credits, might be available to you. Certain incentives may be provided via the New Jersey government, by your utility company or by county or municipality, while others are federal. You might qualify for any of the following types of solar incentives:
- Rebates: Rebates, or partial refunds after a purchase, are normally applied prior to any solar tax credits being calculated. Solar rebates may be given by your local utility company, by your county or by your state.
- Solar Renewable Energy Certificate (SREC): SRECs and other performance-based incentives might be available to you if your solar system produces more than a specified (typically small) amount of electricity. These types of incentives are usually handled at the state level. You can sell your SRECs to your utility company or other buyers, and the money you make is normally considered part of your taxable income.
- Tax Credits: Tax credits reduce, dollar-for-dollar, how much income tax you owe the federal government. These differ from tax deductions.
- Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar panels. Property tax exemptions let you ignore the value that your solar panels add when you're calculating the amount of property tax you need to pay on your house.
- Net Metering: You can sign a net metering contract with your Glassboro utility company. This agreement may apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then subtract this value from your utility bill each month.
Federal Solar Incentives
When you hear the term "solar incentives," federal incentives might be the first thing that comes to mind. You might have heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit equal to a specified percentage of the money you spend on your solar system.
The ITC can be credited towards the value of a solar system installed on your primary or secondary residence in the United States. The solar panels have to have been installed after January 1, 2006 on a property you own for you to claim the credit. Initially, the ITC applied to 30% of all system costs (panels, equipment, labor and accessories), although this amount has fluctuated over the years between 26-30%. The installation date of your solar system will determine what percentage you are eligible for. There is no cap on the amount you can claim.
To better understand exactly how much the ITC could save you, talk to your local Glassboro solar panel installation expert.
In August 2022, the ITC (now referred to as the Clean Energy Credit) was expanded and extended by the passing of the Inflation Reduction Act. The Clean Energy Credit is valid until 2035. Your solar installation project undertaken between 2022 and 2032 may qualify for a 30% tax credit. This amount will decrease slightly each year until the end of the current program. Starting in 2023, it will also be easier to obtain credits for energy storage systems under this new program.
Click here to learn more about the new Inflation Reduction Act. Your local Glassboro solar panel company is the best resource for answering your questions about the new Clean Energy Credit and how it will apply to you.
State & Local Solar Incentives
Tax credits, rebates and more can be claimed at multiple levels. In addition to federal solar incentives, there are often state and local ones as well. Incentives may be given by your county or municipality, or by the state of New Jersey. Some incentives are available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Glassboro
There are many types of solar incentives: those offered by local utility companies, those offered by the federal government and those offered by the New Jersey government, to name a few. The use of solar energy has increased tremendously in the last 15 years, thanks to these incentives. Reach out to your local solar panel installation expert today to find out more information and to save as much money as possible on a solar system for your Glassboro home.
EcoWatch's Glassboro, NJ Solar Incentives FAQs
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