New Jersey Solar Incentives
Go Solar in New Jersey with Sunrun and Enjoy Attractive Incentive Programs
New Jersey is one of the top ten states in the U.S. for solar.1
New Jersey’s solar panel price drop over the last five years.1
Electricity rates in New Jersey are almost 33% higher compared to other states.3 But controlling your electric bills isn’t the only benefit you can enjoy when you switch to solar in New Jersey. You can also create and store your own solar power to protect your home from unexpected outages and reduce your carbon footprint. Plus, there are several financial incentives to help you lease or purchase new rooftop solar panels along with a battery storage system.
Sunrun is the leading residential solar, storage, and energy services company in the country,4 and it’s one of the best solar installers in New Jersey you can team up with. We’re here to ensure you can bring home all the solar potential that the Garden State has to offer.
Do You Know the Solar Tax Credits and Solar Rebates That New Jersey Offers?*
Inflation Reduction Act (IRA)**
Qualified homeowners with home solar could be eligible for a tax credit of up to 30% against the cost of the system.
Solar Renewable Energy Credits (SRECs)
Compensation per kilowatt-hour (kWh) produced by the system.6 (Varies by market value.)7
Solar Investment Property Tax Exemption
Property tax exemption on the added home value from the rooftop solar system.8
Solar Panel System Sales Tax Exemption
6.625% home solar system state sales tax exemption.9,10
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Learn the Details of New Jersey Solar Incentives
The Board of Public Utilities (BPU) New Jersey’s Clean Energy Program lets you earn SRECs, also known as Solar Renewable Energy Certificates, for every kilowatt-hour (kWh) of solar energy your system creates based on market value.6,7
Add a new solar panel system to your New Jersey home and your property taxes won’t go up.8 Installing a system could also boost the value of your home.
Approximate solar home value increase in New Jersey: 9.9%12
When you buy a new home solar energy system in New Jersey, you won’t pay any sales taxes.9 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. This can save you 6.625% right off the bat.10
Tap into New Jersey’s Magnificent Solar Potential
*Customer’s ability to monetize rebates, incentives, and tax credits depends on several factors, including, without limitation, continued state subsidization of these policies, the applicable Sunrun product type, and whether a customer purchases or leases a home solar system from Sunrun.
**We recommend contacting a tax professional to most accurately determine the impact tax credits may have on your federal taxes.
- New Jersey solar state rank and solar price drop
- New Jersey Renewable Portfolio Standard (RPS)
- New Jersey electricity costs
- Sunrun ranked as leading residential solar-plus-storage vendor
- Federal Solar Investment Tax Credit (ITC)
- New Jersey Solar Renewable Energy Certificates (SRECs)
- New Jersey SREC value
- New Jersey solar property tax exemption
- New Jersey solar state tax exemption
- New Jersey state tax
- New Jersey solar panel costs
- New Jersey potential solar home value increase
- Atlantic City Electric (ACE) net energy metering (NEM) program
- Orange & Rockland (ORU) NEM program
- Public Service Electric & Gas (PSEG) NEM program