The Inflation Reduction Act (IRA) is the largest climate bill in U.S. history. New Jersey solar incentives and tax credits for installing solar panels on your home were increased to 30% until 2034. It allocates over $4B of rebates towards home electrification, specifically for low and moderate-income households. Electric Vehicles are also a big winner of the IRA with tax credits for their purchase.
State solar incentive programs vary among states and utility companies.
Solar incentive programs for residential solar power vary from state to state. Individual utility companies may also offer varying options and rebates, in addition to the federal solar tax credit. Sunwise manages all the applicable solar rebates and immediately passes on the benefits in the form of a lower upfront cost. Our team primarily installs in New Jersey, Pennsylvania, and New York.
Net metering is an electric billing tool that uses the electric grid to “store” excess energy produced by your solar panel system. Under net metering, the energy produced by your solar panels that you don’t use is credited back to you.
File Form 5695, Residential Energy Credits with your tax return. You must claim the credit for the tax year when the property is installed rather than the year that it was purchased.
The IRS recommends the following steps to maximize your New Jersey solar incentive credits:
SunWise Energy is based in Cherry Hill, NJ, and we service residential and commercial properties within a 300-mile radius. Our team is ready to help; call us to learn more or get a free quote today.
1401 Chapel Avenue W
Cherry Hill, NJ, 08002
