The cost of switching to solar power is one thing that seems to keep people from giving it a try. The federal Investment Tax Credit has allowed New Jersey residents the opportunity to invest in solar energy without financial risks.
Reduce the Initial Cost
Many homeowners pass on the opportunity to install solar power to their home due to the cost, which can be anywhere from $10,000 to $15,000, depending on the type and amount of equipment installed. The federal Investment Tax Credit allows for a reduction in these costs for states that participate.
How New Jersey Residents Save Money with ITC
New Jersey is a participating state offering the federal Investment Tax Credit for solar power technology installation. It gives every resident within the state an opportunity to receive tax credits for installing a more environmentally-friendly energy source to power the home.
How ITC Works
An ITC works similar to any other tax available tax credit. You can receive credit for the amount paid to purchase and install your solar power. Any overage of credit in comparison to what you owe in taxes can be carried over to the next year as a credit. Take advantage of the solar ITC New Jersey currently offers to help you establish a trustworthy alternative energy source at an affordable price.
Keep Your Energy Bills Lower
Incorporating solar power into your home can reduce your use from the standard grid by as much as 30 percent. It translates into cash money savings on your monthly bill. New Jersey has one of the highest rates in the nation for electric power. Going with solar allows you to bring these costs under control.
Help Expand a Cleaner Energy Technology
As more people install and begin to use solar power, more will be encouraged to make the switch to cleaner energy technology. Be part of the nationwide solution and push towards energy sources that are kinder to the environment.
Find out more about the New Jersey ITC for solar power and save money before participation comes to an end.