State ID
New Jersey is a longtime leader in solar energy and has some of the best incentives in the nation. It is ranked 8th in the country based on the total amount of solar electric capacity installed and in operation (SEIA 2021).
Solar Incentives
Under the (Successor Solar Incentive) SuSI or SREC-II program, you can generate one SREC-II for every megawatt-hour (MWh) your solar panel system generates. This is great because the retail rate of NJ net metering is significantly higher than the wholesale rate that large power plants receive for the electricity they sell to the utility. When you purchase your home solar system, you will be 100% exempt from any sales tax, due to the PV energy sales tax exemption. That means you’ll spend 7% less on your solar equipment. New Jersey residents that invest in a solar energy system will not have to pay any additional property taxes on the value that their solar panels add to their homes. Plus, you qualify for the federal solar tax credit.
Frequently asked questions
FAQ
Growth Projection and Ranking: 2,291 MW over the next 5 years (ranks 15th)
Total Solar Investment in State: 11.4 billion
As of March 2022, the average solar panel cost in New Jersey is $2.75/W
Given a solar panel system size of 5 kW, an average solar installation in New Jersey ranges in cost from $11,688 to $15,812, with the average gross price for solar in New Jersey coming in at $13,750
Generally, homes with solar energy systems sell for more than homes without. In most parts of the country, going solar can increase your property’s value by 4.1 to 9.9%, depending on where you live. Please note: The value of your property will only increase if you own, rather than lease, your solar system. However, a leased solar system may increase your home’s marketability.
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