Does NJ have solar incentives? Trenton, NJ–The New Jersey Board of Public Utilities (NJBPU) today voted unanimously to implement a new solar incentive program that will pave the way for up to 3,750 megawatts (MW) of new solar generation by 2026, doubling the state’s solar capacity.
Does NJ offer tax credit for solar panels? Solar Panel System Sales Tax Exemption
When you buy a new home solar energy system in New Jersey, you won’t pay any sales taxes. The exemption is for 100% of the sales tax on an eligible solar installation in New Jersey and other solar projects like home solar systems, solar home water heaters, and solar pool heaters.
How many years can you collect SRECs in NJ? In New Jersey, SRECs expire five years after they are generated. So an SREC created in 2020 can still be sold until 2025. However, the older an SREC is, the less it’s worth. SREC pricing is determined by two things: market factors and alternative compliance payments.
Are SRECs going away? In 2019, Ohio approved legislation that eliminates the state’s renewable portfolio standard in 2026 and wipes away the solar carveout this year. As a result, solar projects that previously generated SRECs no longer generate SRECs.