New Jersey State incentives combined with federal tax incentives are making solar more affordable than it’s ever been. Since New Jersey has some of the highest electricity prices in the United States, adding solar to a commercial property can provide significant cost savings for a business or organization. Lower electricity expenses combined with lower tax payments create a shift in financials that triggers positive impacts on a business’s cash flow and its profits and losses. Core Development Group has over a decade of experience helping New Jersey businesses to realize these cost savings.
New Jersey receives an average amount of sunlight compared with other U.S. States, but businesses can reap greater rewards through solar than average because they can obtain long-term cost savings and state incentives that reduce electricity costs. These benefits can even repay the cost of the commercial solar system over time, making them a financially wise investment.
While solar panels may seem costly upfront, there are various state-supported programs, tax incentives, and credits available to organizations or businesses across the three electricity utilities (PSEG, ACE, and JCPL) in New Jersey. There are also property tax exemptions, sales tax exemptions, and state tax credits available for system owners that qualify.
The New Jersey Board of Public Utilities (NJBPU) recently passed legislation that reduces the cost of electricity for solar owners, as well as eliminating sales tax on solar systems. In addition, Federal programs such as the Inflation Reduction Act also give benefits on Federal taxes for installing solar and can subsidize the costs for switching to cleaner energy sources. These incentives can help offset the upfront cost of installing a commercial solar system and make solar energy more accessible to businesses, municipalities, and non-profits.
Installing a commercial solar system provides business owners in New Jersey with a source of clean, renewable energy and increases energy independence. By choosing a commercial solar system, businesses can generate their own electricity, reducing their dependence on the electrical grid, reducing dependence on imported fossil fuels, and increasing local energy security. By reducing our reliance on fossil fuels, we can also help reduce our carbon emissions and contribute to a cleaner environment. Selecting solar for a portion of an organization’s electricity needs is forward-thinking: it makes a positive impact on the environment, reduces our dependence on traditional energy sources, and makes a statement about the organization’s values.
New Jersey businesses and organizations should consider the many cost-effective benefits of purchasing commercial solar systems. From financial incentives to environmental benefits, solar energy provides a multitude of advantages that can make a positive impact on our lives and our communities.
Meanwhile, owners of landfills or contaminated pieces of land are eligible for solar land leases, where they receive a long-term revenue stream in exchange for putting solar panels on their property. The energy generated can be virtually metered to remote meters of electricity consumers that can receive a 10 percent discount on their energy charges.
Businesses that wait to invest in solar systems will be subject to paying utility electricity rates every month and will be exposed to market volatility, which can be an increasingly expensive proposition. Concerned about the upfront costs of solar installation? Consider the savings down the road that will more than compensate for the initial expense.
Commercial solar systems that have short payback periods, provide steady financial returns, and help business owners stabilize energy prices are smart capital investments. Let Core Development Group provide your organization with a free consultation and determine whether solar makes sense for your business. See what so many of our customers have learned already: It’s smart to go solar sooner.