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Go Solar for Less with Solar Tax Credits in Roseland, NJ
Transitioning to solar will not only lower your monthly electricity bill, but will also give you long-term savings as your investment continues to pay off over time. For the next 2 years, you have an opportunity to increase your savings dramatically by taking advantage of solar tax credits and other local incentives. By lowering the upfront cost of your solar panels, you can reduce your solar payback period and begin enjoying the profits of your investment faster.
Currently, solar tax credits are the best way to reduce the overall cost of your home solar panels in Roseland, NJ. You can save up to 26% on your upfront costs by claiming the solar tax credit. Unfortunately, these incredible savings won’t be available forever, as the federal government has announced plans to phase out and discontinue the solar tax credit by the end of 2023. At Momentum Solar, we are committed to helping residents of Roseland transition to solar as soon as possible so they can use the solar tax credit while it is still available!
What Is the Solar Tax Credit?
In 2006, the federal government rolled out its much-anticipated solar Investment Tax Credit (ITC). Since its inception, the country has seen a 52% average annual growth in solar installations. Experts credit the ITC with encouraging explosive growth in the solar sector by creating thousands of jobs and helping countless numbers of Americans go solar.
Despite its popularity, plans are in place to phase out the ITC. While lawmakers are fighting to extend the solar tax credit, the future of this popular program is uncertain. For now, we know that the solar tax credit will be offered as follows:
- 26% reduction in 2021
- 26% reduction in 2022
- 22% reduction in 2023
As it stands now, the solar tax credit will no longer be applicable for residential solar panel installations in Roseland after 2023. Since the amount of savings available through the solar tax credit is substantial, we are encouraging our customers to make the transition to solar before the ITC expires.
Further Savings through SRECs for Solar Panels in Roseland
Residents of New Jersey can also take advantage of the state’s generous SREC (solar renewable energy certificate) program to increase the return on their solar investment. While several states offer SRECs, NJ’s program is one of the most financially rewarding for homeowners. Through SRECs, you are eligible to earn money for each megawatt hour of solar energy generated by your solar panels during the first 10 years they are installed.
Unfortunately, like the solar tax credit, this solar incentive will also be phased out over the next few years. For now, residential applications for New Jersey’s SREC program will only be accepted until June 1, 2023, providing yet another reason to act quickly if you know that a transition to solar is in your future.
Go Solar Sooner with These Solar Financing Options
With these valuable incentives expiring, we know that many Roseland residents are motivated to get solar installed in the coming year, so we have put together a number of solar financing options for our customers.
We offer a variety of solar loans with competitive terms and rates. A loan can be taken out to cover the full amount of your solar panels or for a portion of the cost if you have some savings set aside already. With a solar loan, you will own your solar panels and enjoy the maximum amount of savings from them. Most of our customers find that the cost of their loan repayment is lower than their monthly electric bill, allowing them to start saving with solar from Day 1.
We also offer solar Power Purchase Agreements (PPA) to our Roseland clients. A PPA, also referred to as a solar lease, is an arrangement in which you pay only for the electricity generated by your solar panels and not for the panels themselves. In this case, Momentum Solar would own your panels and be completely responsible for all associated costs. You would pay a fixed rate for electricity for the entire course of the contract, which will be substantially lower than the cost of buying electricity from the grid.
Schedule a Free Solar Consultation Today
If you want to take advantage of solar tax credits and SRECs before they expire, we encourage you to contact us today to schedule a free consultation with our Roseland solar installers. During the meeting, we’ll provide you with a custom quote for solar panels and explain how you can apply for our solar financing options. We look forward to hearing from you!
Find Out if Switching to Solar is Right for You
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