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

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

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 Lumberton solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 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 Lumberton?

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

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

Property Tax Exemption for Renewable Energy Systems

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

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)

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

Solar Energy Sales Tax Exemption

Incentive Type:
Sales Tax Incentive
100% exemption

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

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

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" refers to financial incentives that are in place to encourage increased use of renewable energy by making solar panels more affordable. Solar incentives can include cash back, upfront discounts or monthly credits towards your utility bill. Some incentives are provided by the federal government, some by the state of New Jersey and some by your specific utility company, county or municipality. Some broad categories of solar incentives include:

  • Net Metering: You may be able to sign a net metering contract with your Lumberton utility company. This agreement may apply to all or a percentage of the excess electricity your solar panels generate. They will then subtract this value from your utility bill each month.
  • Solar Renewable Energy Certificate (SREC): SRECs can be sold to your utility company (or other buyers) for money that normally counts as part of your taxable income. Generally, a certain (small) threshold of energy production must be met before your solar system qualifies for SRECs or similar performance-based incentives. These kinds of incentives are generally handled at the state level.
  • Rebates: Your solar installer might help you claim a rebate, or partial refund of your purchase, for your solar system. Counties or states will also offer limited-time rebates at various times. If you receive a rebate, that amount will usually come off your total price before any tax credits are calculated.
  • Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the federal government.
  • Tax Exemptions: Your solar panel system may qualify for exemptions on both sales and property tax. Sales tax exemptions are effective at the time of purchase. Property tax exemptions allow you to exclude the value added by your solar panels when you are calculating property taxes on your home.

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 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

Federal Solar Incentives

Federal solar incentives are likely the first thing that comes to mind when you think about solar incentives. A federal incentive that most people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a certain percentage of your solar system's cost.

The ITC covers solar systems installed after January 1, 2006, and under this program you can deduct from your taxes a percentage of the total cost of solar panels, equipment, accessories and labor. This credit can be claimed on solar panels installed on a primary or secondary residence in the United States that you own. The original amount you could claim was 30% of the total cost, although the amount you can claim may range between 26-30%. There is no maximum claim amount.

Talking to your local Lumberton solar panel installer is the best way to learn more about how the ITC may apply to your situation.

The Inflation Reduction Act, passed in August 2022, added more provisions to the ITC (as well as renaming it to the Clean Energy Credit). The new Clean Energy Credit extends until 2035. Homeowners can now apply for a 30% credit for solar systems installed between January 1, 2022, and December 31, 2032. The total credit will then decrease annually until the date of expiration. Starting in 2023, it will also be easier to obtain credits for energy storage systems under the new laws.

More information about the new Inflation Reduction Act can be found here. Your local Lumberton solar panel installation expert is the best person to answer your questions regarding the new Clean Energy Credit and how it may apply to you.

State & Local Solar Incentives

Some solar incentives may be offered at the local or state level. Similar to federal incentives, these may include tax credits, rebates and more. These solar incentives — which might be provided by the state of New Jersey, or by your county or municipality — may be offered for only a limited time, or on an ongoing basis.

Next Steps for Installing Solar in Lumberton

The large number of solar incentives available has contributed greatly to the increase in the use of solar power nationwide over the last 15 years. You may receive solar incentives from the federal government, the New Jersey government or from your local utility company. It is a good idea to talk to your local Lumberton solar installation expert for more information about these incentives and to make sure that you're getting the largest number possible for your solar panels.

EcoWatch's Lumberton, NJ Solar Incentives FAQs

My home already has solar panels. Are there any incentives that I qualify for?

If your solar system was installed after January 1, 2022, you may qualify for the newly increased 30% tax credit under the Inflation Reduction Act. If your system was installed between 2006 and 2021, you may qualify for a tax credit between 26% and 30%, depending on the date of installation. Speaking with the company that installed your solar system, or any local Lumberton solar installer, can help you learn what incentives you can apply for.

How much will a solar system save me on my electric bill in Lumberton annually?

On average, homeowners in Lumberton who install solar panels save around $774.55 per year, or about $14,716.44 over 20 years after making the switch.

Who installs solar panel systems near me?

To find the best solar panel installer in your area, check out our guide to the top solar companies in Lumberton.

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

The order your incentives will be applied in might vary depending on which incentives you are claiming but generally yes, you can receive multiple types of incentives for your solar project. Talk with your solar installer or a local tax professional to ensure you are claiming all the incentives you're eligible for and applying them in the correct order.

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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