![]() The ITC can be credited towards the value of a solar system installed on your primary or secondary residence in the United States. The ITC offers a tax credit for a specific percentage of the cost of your solar system. The Federal Solar Investment Tax Credit, or ITC, is probably the best-known federal solar incentive. When someone says "solar incentives," you probably think of federal incentives first. You might receive either a dollar-for-dollar credit or a percentage of the value. This allows you to get a credit towards your utility bill every month for the value of excess energy your solar panels generate. Net Metering: Be sure to speak to your Plainfield utility company about signing a net metering contract.Tax Credits: Tax credits lower, dollar-for-dollar, the amount of income tax you owe the government.These rebates might be offered by your local utility company, by your state or by your county. Rebates: Rebates, or partial refunds after a purchase, are normally given prior to any solar tax credits being calculated.You may also qualify for an exemption on sales tax at the time of purchase. Tax Exemptions: These might come in the form of property tax exemptions, which let you ignore the value of your solar system when calculating the taxes you pay on your house.SRECs can be sold to your utility company or another buyer, and this is usually considered part of your taxable income. SRECs and the like are typically given at the state level. Solar Renewable Energy Certificate (SREC): In general, solar systems that produce more than a predetermined (generally small) amount of electricity can qualify for SRECs or other performance-based incentives.Certain incentives may be handled by the New Jersey government, by your utility company or by county or municipality, while other incentives are federal. Different types of incentives, such as discounts, cash back or credit towards your monthly utility bill, may be available to you. Solar incentives encourage people to switch to renewable energy by offering incentives meant to lower the financial burden of solar panel installation and use. ![]()
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