Centrally headquartered in Holmdel, Suntuity Solar is perfectly positioned to service most eligible homeowners within the state. Federal and state incentives have made it more feasible to transition to solar than the majority of US states, which is why you may have started noticing more and more homes with residential solar panels. As a result of renewable-friendly legislation, New Jersey ranks #6 in the nation for solar installed.*
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The ITC is a driving force behind increased solar adoption in the United States. Since its implementation in 2006, solar installation has grown by over 1600% with an average annual growth rate of 76%.
The tax credit is available for purchased solar systems is worth 30% of the cost of the system, which is paid back to the homeowner and determined by the amount of the individual’s taxable income that year.
New Jersey is one of the top SREC markets across the country. One SREC (solar renewable energy certificate) is earned for every 1,000 kilowatt-hours (kWh) of solar energy that your system produces, incentivizing carbon-neutral energy in the form of credits that can be sold back to your utility company. SREC values can vary each year, but were worth roughly $220 a piece in New Jersey in 2018.
Net metering is a utility billing system that will credit homeowners for an excess electricity that their solar system produces. The excess power is sent back into the grid for community use through a bidirectional meter. The credits provided are meant to supplement the homeowner’s energy use at night or when it’s cloudy when the system isn’t producing as much.
Eligible homeowners receive a 100% property tax exemption of the “added home value” that was a result of the solar panel installation. Reports currently average the resale value of a solar home to be about $3 – $4 more per watt.
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Solar pricing in New Jersey has dropped 47% in the last 5 years, which is why you may have seen an increase in the amount of panels you see on homes throughout the state. With over 94,000 solar installations completed, here are some other interesting stats regarding New Jersey’s solar landscape: