2023 Solar Incentives Guide for Pine Hill, NJ - Tax Credits & Rebates

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

You'll learn about:

  • Local & State Solar Incentives
  • Federal Tax Credits (Updated for 2023 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 Pine Hill solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

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 Pine Hill?

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/


Solar incentives are intended to encourage homeowners to make the switch to renewable energy by providing financial incentives meant to lower the burden of solar panel installation and use. Various types of incentives, such as discounts, cash back or monthly utility bill credits, may be available to you. Certain incentives may be handled by the New Jersey government, by your utility company or by county or municipality, while other incentives are federal. You might qualify for any of the following types of solar incentives:

  • Rebates: Solar rebates may be provided by your county or state, or by your local utility company. These rebates are essentially cash back that is applied after you purchase solar panels and before tax credits are calculated.
  • Solar Renewable Energy Certificate (SREC): SRECs and other performance-based incentives might be available to you if the solar system on your home produces over a specified (usually small) amount of electricity. These types of incentives are typically handled by the state government. You can sell any SRECs you have to your utility company or other buyers, and the money you receive in return is typically considered part of your taxable income.
  • Tax Exemptions: Tax exemptions may come in two forms. First, there is sales tax exemption, applied when you purchase solar panels. The second is property tax exemption, which allows you to ignore the value added by your solar system when calculating property tax for your home.
  • Net Metering: You may be able to sign a net metering agreement with your Pine Hill utility company. This agreement may apply to all or a percentage of the excess electricity that is generated by your solar panels. They will then deduct this value from your utility bill each month.
  • Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the government.

Federal Solar Incentives

Federal incentives are the kind of incentives that you are most likely to have heard of. An incentive many people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a predetermined percentage of your solar system's cost.

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

To understand exactly how much money the ITC could save you, speak with your local Pine Hill solar panel installer.

In August 2022, the ITC (now called the Clean Energy Credit) was expanded and extended by the passing of the Inflation Reduction Act. The Clean Energy Credit lasts until 2035. Any solar installation project that is completed between January 1, 2022 and December 31, 2032 may qualify for a 30% tax credit. This amount will decrease slightly each year until the current program ends. Beginning in 2023, it will also be easier to qualify for credits for energy storage systems under the new laws.

More information about the new Inflation Reduction Act can be found here. Your local Pine Hill solar panel installers are the best people to answer your questions about the new Clean Energy Credit and how it may apply to you.

State & Local Solar Incentives

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

Next Steps for Installing Solar in Pine Hill

You can receive solar incentives from the federal government and the New Jersey government, as well as from your local utility company. This increase in availability of solar initiatives over the last 15 years has helped increase solar adoption nationwide. We suggest talking to your local Pine Hill solar installation expert to learn more about these incentives and to ensure that you're getting the most money possible for your solar system.

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 Pine Hill, NJ Solar Incentives FAQs

What if I add solar panels to a rental property, vacation home or commercial property? Will I still qualify for incentives?

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

If I already have a solar system installed on my house, can I still claim incentives?

If your solar panels were installed after January 1, 2022, you may qualify for the recently increased 30% tax credit under the Inflation Reduction Act. If your system was installed between 2006 and 2021, you might qualify for a tax credit between 26% and 30%, depending on the exact installation date. Speaking with a representative from the company that installed your solar system, or any local Pine Hill 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 Pine Hill annually?

After adding solar panels to your Pine Hill home, you can anticipate savings of around $906.94 per year, or around $17,231.77 over the next 20 years.

What are the top solar panel installation companies near me?

To learn about the best solar panel installers near you, take a look at our article on the top solar companies in Pine Hill.

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

You can use multiple types of renewable energy, or a combination of renewable and non-renewable energy, to power your home. Make sure you talk through your plan with your local Pine Hill solar installation expert. They can help you as you plan for your project and give you an understanding of various incentives that you may or may 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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