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Solar Tax Credits & Rebates for Residents of Mercer County, NJ
New Jersey is a leader in residential solar panel installations in the United States. The state has actively encouraged homeowners to go solar through a variety of programs to make the cost of solar panels more accessible to the average homeowner. Thanks to a combination of solar tax credits and rebates, it has never been more affordable to purchase solar panels in Mercer County.
Federal Solar Tax Credit
The federal solar Investment Tax Credit (ITC) is a generous incentive that helps you lower the cost of your solar panels by 30% within the first year of purchasing the panels. Any tax-paying resident of Mercer County who installs solar panels is eligible for the solar tax credit. The incentive is granted as a dollar-for-dollar reduction on your income tax.
Unfortunately the federal solar tax credit will no longer be available for residential installations after 2021. In 2020, the ITC will decline to 26% and in 2021 it will be reduced to just 22%. So if you’re thinking solar panels for your Mercer County home, we encourage you to act soon to take full advantage of this valuable solar tax credit.
NJ Solar Rebates & Incentives Available to Mercer County Residents
In addition to the generous solar tax credit, residents of Mercer County can take advantage of local incentives and rebates to reduce the cost of their solar panels.
New Jersey SRECs
New Jersey offers homeowners a way to earn money with solar panels through solar renewable energy credits (SRECs). You’ll receive an SREC for every megawatt-hour of electricity you produce each year. The utility companies purchase SRECs as a way of meeting the renewable energy quotas set by NJ. The value of SRECs varies throughout the year, but you can expect to earn around $12,000 over 10 years through this program.
Like the ITC, the NJ SREC program has an expiration date. New applicants will not be accepted after May 2021. If you want to take advantage of this valuable incentive, the time to act is now!
Act Now to Take Full Advantage of These Programs!
The current solar tax credits and local incentives available to residents of Mercer County add up to substantial savings. By taking full advantage of these programs, you could pay off your solar panels in less than 10 years, thereby increasing the ROI of your solar panel system over its lifespan. At Momentum Solar, our team can help you make the most of these programs – and you don’t need cash upfront in order to get started! We offer several solar financing options to our customers.
To learn more, we encourage you to schedule a free consultation with our knowledgeable team of solar installers. We have been helping Americans go solar for over 10 years, giving us the knowledge you need to take full advantage of solar tax credits, rebates, and incentives in Mercer County. Our solar panels have been given a Tier 1 quality rating by independent analysts, indicating that they are among the most reliable and effective solar panels available on the market today. On top of that, our panels and system components are backed by an incredible 25-year warrantee, which will ensure you peace of mind for the full lifespan of your solar system. Contact us to schedule your free consultation and get started today!
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