2024 Solar Incentives Guide for Hazlet, NJ - Tax Credits & Rebates

In this guide, we'll cover the latest solar incentives and rebates available in Hazlet.

You'll learn about:

  • Local & State Solar Incentives
  • Federal Tax Credits (Updated for 2024 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 Hazlet solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated June 24, 2024

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

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

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.

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/


Solar incentives are designed to make renewable energy usage more affordable via financial incentives for individuals who install solar panels on their homes. You might qualify for several kinds of incentives, including cash back, discounts 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 broad categories of solar incentives include:

  • Solar Renewable Energy Certificate (SREC): SRECs and other performance-based incentives may be available to you if you have a solar system that produces more than a specified (generally small) amount of electricity. Performance-based incentives are typically handled at the state level. You can sell SRECs to your utility company or other buyers, and the money you make is usually considered part of your taxable income.
  • Rebates: Some solar companies will help you claim a rebate, or partial refund after purchase, for your solar panels. Counties or states will also sometimes offer limited-time rebates. If you receive a rebate, that amount will usually come off your total price 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.)
  • Tax Exemptions: Sales tax exemptions go into effect at the point of sale for your solar panels. Property tax exemptions allow you to ignore the added value of your solar system when you calculate how much property tax you need to pay.
  • Net Metering: Net metering becomes relevant after your solar panels are up and running. If you have a net metering agreement with your Hazlet utility company, the company 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 places you might be refunded a percentage of the value.

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 for Leasing

Sunrun

★★★★★
4.0
  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

Solar Veteran

Trinity Solar

★★★★★
4.0
  • Many financing options
  • Family-owned and -operated
  • Makes charitable contributions
  • Limited service area
  • Relatively short workmanship warranty

Federal Solar Incentives

When someone says "solar incentives," you likely think of federal incentives first. It's likely that you've heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit equal to a specified percentage of the money you spend on solar panels for your home.

The ITC originally covered 30% of the cost of solar panel installation, although that number has fluctuated slightly over the years between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The cost of installation includes the panels themselves as well as the cost of equipment, accessories and labor. There is no maximum amount you can claim. The ITC can be applied to solar panels installed after January 1, 2006, on your primary or secondary residence. The residence must be in the United States and owned by you.

Curious how the ITC might apply to your specific situation? Contact your local Hazlet solar panel installer to get more information.

In August 2022, the Inflation Reduction Act expanded and extended the ITC, now called the Clean Energy Credit. Homeowners can now receive a credit equal to 30% of the total solar system installation costs for projects started after January 1, 2022, and completed before the end of 2032. This percentage will then begin to decrease annually until the Clean Energy Credit expires in 2035. Starting in 2023, it will also be easier to claim credits for energy storage systems under the new laws.

Click here to learn more about the new Inflation Reduction Act. Your local Hazlet solar panel installer can answer your questions and explain how the new Clean Energy Credit may apply to you.

State & Local Solar Incentives

Not all solar incentives are federal; rebates, tax credits and more are often offered at the state and local level. Certain incentives are offered for only a limited time, while others are ongoing. Your local solar incentives may come from your county or municipality, or from the New Jersey government.

Next Steps for Installing Solar in Hazlet

The large number of solar incentives available has helped tremendously increase the nationwide adoption of solar energy over the past 15 years. You may receive solar incentives from the New Jersey government, the federal government or your local utility company. Reaching out to your local Hazlet solar panel installation expert is a great first step towards getting all the incentives you qualify for when you switch to solar energy.

EcoWatch's Hazlet, NJ Solar Incentives FAQs

How much can I save annually on my electric bill if I install solar panels on my Hazlet home?

After adding solar panels to your Hazlet home, you can anticipate savings of about $716.04 per year, or approximately $13,604.70 over the next 20 years.

What are some environmental benefits of adding solar panels to my house?

You can reduce your carbon footprint by 300 pounds of CO2 annually when you switch to solar panels. This adds up to approximately 6,000 pounds over 20 years. In addition, solar power is a renewable energy source, which means that making the switch lessens the drain on our planet's resources.

When does the federal solar tax credit end?

The federal solar tax credit, formerly known as the ITC and now named the Clean Energy Credit, is slated to end on January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.

If I trade in my appliances for ones that utilize solar energy, are there incentives I can claim?

With the passage of the new Inflation Reduction Act, there are a number of new financial incentives that are available when you make eco-friendly improvements to your home. More details on these incentives, including information about incentives for purchasing new appliances, can be found here.

What if I am planning to add a solar system to a vacation home, rental property or commercial property? Do I still qualify for incentives?

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

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.

Follow us