When considering a switch to solar energy for your New Jersey home, one of the key factors that come into play is the financial incentives and tax credits available to homeowners. Solar energy systems are not only eco-friendly but can also lead to significant savings on your energy bills. But do GAF Solar Shingles qualify for tax credits in New Jersey? Let’s delve into this question and explore the potential financial benefits of choosing GAF Solar Shingles for your New Jersey home.
Key Takeaways
- GAF Solar Shingles qualify for the Federal Solar Tax Credit (ITC), allowing homeowners in New Jersey to deduct a substantial portion of their installation costs from federal taxes.
- New Jersey offers state-level incentives, including the Solar Renewable Energy Certificate (SREC) program, enhancing the financial benefits of GAF Solar Shingles.
- Net metering allows homeowners to sell excess solar energy back to the grid, potentially leading to credits or monetary compensation.
- Consultation with certified experts is advisable to explore specific tax credits and incentives available in New Jersey for GAF Solar Shingles installation.
Do GAF Solar Shingles Qualify for Tax Credits in New Jersey?
Yes. Upon installing GAF Solar Shingles on your New Jersey home, you are eligible to claim both state and federal tax credits. In addition, New Jersey provides property tax exemptions for renewable energy systems, sales tax exemptions for solar energy equipment, and a Successor Solar Incentive Program (SuSI) that offers monetary rewards for renewable energy credits. Net metering is also available, enabling homeowners to sell excess energy back to the grid for billing credits. These incentives, combined with the energy savings from GAF Solar Shingles, make them a financially advantageous choice for homeowners in New Jersey looking to harness clean, renewable energy.
What Financial Incentives Are Available for Solar Shingles in NJ?
There are many different kinds of financial incentives available to make going green easier than ever. Some incentives are exclusive to NJ while others extend throughout the nation. Here are some of the most popular kinds of solar incentives to look into:
- Federal Solar Tax Credit
- State Tax Credit
- Local Solar Incentives
- Net Metering
- Sales Tax Exempt
- Property Tax Exempt
- Production Incentives
- Cash Incentives
What Solar Incentives Does New Jersey Offer?
New Jersey offers a range of incentives to encourage homeowners to adopt solar energy:
- New Jersey Property Tax Exemption for Renewable Energy Systems: This incentive prevents homeowners from paying higher property taxes due to the increased home value resulting from installing a renewable energy system. It exempts 100% of the added property value.
- New Jersey Solar Energy Sales Tax Exemption: New Jersey exempts all taxpayers from paying state sales tax on solar energy equipment, saving homeowners money at the time of purchase.
- New Jersey Successor Solar Incentive Program (SuSI): SuSI replaced the state’s solar renewable energy certificate (SREC) program in 2021. It allows property and business owners with solar panel systems to earn money by selling renewable energy credits (SREC-IIs). These credits represent the environmental value of electricity generated by renewable energy systems.
- New Jersey Solar Easement and Access Laws: New Jersey legally grants property owners the right to adequate sunlight to power a solar system through solar easements, restricting homeowners associations (HOAs) from preventing solar installations.
Do GAF Solar Shingles Qualify for the Federal Solar Tax Credit Too?
Yes, GAF Solar Shingles do qualify. This means that you receive exceptional savings on your new roof. In fact, All New Jersey residents are eligible for the federal Solar Investment Tax Credit (ITC), which is worth 30% of the total cost of your solar panel system. The ITC reduces your federal tax liability and can be worth several thousand dollars.
The federal solar tax credit is available through 2032, with decreasing percentages in the following years. Your solar installer can help you apply for this credit on your federal tax returns using IRS Form 5695.
Net Metering
Another financial benefit for New Jersey homeowners considering GAF Solar Shingles is the practice of net metering. Net metering allows homeowners to sell excess energy produced by their solar systems back to the grid. This can lead to credits or even monetary compensation, making solar energy not only eco-friendly but potentially profitable.
Net metering involves a billing arrangement between homeowners and their electric utility companies. It measures both the energy a home consumes from the utility grid and the excess energy generated by the solar panels. When there’s a surplus of energy, the homeowner’s meter runs backward, providing either a monetary credit or a credit in kWh (kilowatt-hours). These credits can be used when the solar system doesn’t produce enough energy, such as during nighttime or cloudy days.
Enjoy The NJ Tax Credit With GAF Solar Shingles
Do GAF Solar Shingles qualify for tax credits in New Jersey? The answer is yes. Homeowners who install GAF Solar Shingles on their homes will enjoy a federal, state, and potentially, local tax credit. If you sign up for net metering, you can save additional money. To explore the specific details of tax credits and incentives available in New Jersey and to get started on your journey to clean, cost-effective energy, it’s advisable to consult with a certified roofing contractor or solar energy expert like RGB Construction who can provide tailored guidance based on your individual circumstances.
RGB Construction is proud to be a GAF-certified solar shingle installer in NJ. Our experienced team has helped many homeowners like you enhance their homes with new roofing systems. Give us a call today at 856-264-9093 to learn more about GAF Solar Shingles or to request a quote.
