Take Advantage of Local New Jersey Tax Incentives for Solar Panels
Find out exactly how much solar will save Princeton, NJ homeowners
Your Guide to Home Solar Panels in Princeton
Are you considering making the switch to cleaner, price-protected energy? If so, you probably have a lot of questions, but you have come to the right place! Momentum Solar has been helping residents of Princeton invest in solar panels for over a decade. Not only can we help you design the perfect solar system for your home, but we can also help you take advantage of solar tax credits and provide you with solar financing options to help you achieve your dream of going solar.
How Residential Solar Panels Work
Perched silently atop your roof, it is hard to imagine that a huge amount of electricity is being generated. But inside those dark panels, there is a lot going on. As the sun’s rays hit the panels, electrons within the panels become energized, generating a direct current (DC) of electricity. Before being sent into your home, the DC current is directed into an inverter, where it is changed into alternating current (AC) electricity so it can be used by your home appliances. All of your energy production is tracked with a metering system that records how much electricity you create and how much you use.
Can I Really Generate Enough Electricity with Solar Panels in Princeton?
During our initial meeting with prospective customers, many of them express a similar concern – can we really generate enough electricity with solar panels in Princeton? People assume that the east coast cannot benefit from solar power in the same way that California and Florida residents can. This is simply not true. Thanks to an important piece of legislation, known as “net metering,” residents of New Jersey can dramatically reduce and even eliminate their monthly electric bill.
Solar Tax Credits & SRECs Available to Princeton Residents
You’ve probably heard about some of the incentives available to homeowners who choose to invest in home solar panels. These incentives have made it possible for a large number of Americans to go solar by providing dramatic savings on the cost of solar panels. The two most valuable incentives available to residents of Princeton are:
- Solar Investment Tax Credit (ITC): Commonly referred to as the solar tax credit, this incentive provides a large refund on the cost of your home solar panels. After the installation of your panels, you will be eligible for a tax credit on your annual income tax return. This tax credit reduces your income tax liability, based on a percentage of the cost of your solar panels. For example, in 2020 the value of the ITC is 26% of the cost of your panels.
- New Jersey SRECs (Solar Renewable Energy Certificates): New Jersey is committed to reducing its reliance on fossil fuels for energy production, so the state requires that utility companies generate a certain percentage of electricity from renewable sources, such as solar power. The utility companies are able to meet these quotas by including the electricity generated by home solar panels. Over 10 years, you can expect to earn thousands in SRECs from your utility company.
Unfortunately both of these incredible incentives have expiration dates. The solar tax credit is being phased out over the next two years and will no longer be available to homeowners after 2021. Applications for NJ’s SREC program will only be accepted until June 1, 2021. If you’re thinking about going solar, the time to act is now.
Go Solar with Princeton’s Leading Solar Installer
We are committed to helping our customers go solar while the best tax credits and incentives are still available. We offer all of our customers a free consultation to jumpstart the process. During your meeting with our Princeton solar installers, you will receive all the information you need to make an informed decision about transitioning solar. To get started, simply contact us today – we look forward to hearing from you!
This customer’s bill is estimated to be $150 lower than the previous bill.
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