All homeowners who install a solar power system will get an investment tax credit of up to 30% off the total cost of the solar project.
Although adding a home solar system increases a property’s value, homeowners are exempted from paying property tax on the appreciated price.
As per this billing policy, the excess power produced by your solar power system is used to offset your future bills. The value of net metering is dependent on who your utility provider is.
In NJ, each time a residential solar electric system generates 1,000 kilowatt-hours of electricity, an SREC is issued which then can be sold for cash. NJ systems are eligible to collect SRECs for 15-year period at a fixed price of $85 each.
NJ ELC #34EB01151200
