Electricity Rate Hikes
While rates fluctuate throughout the state of New Jersey, businesses pay about 12% more for electricity than the national average. In 2023, rates increased anywhere from 4.1-4.49%, depending on your utility company.
Are you ready to put a lid on your rising energy costs? Reach out to us and we can show you what's possible with solar power.
Not only does solar power save money on your energy bills, but there are renewable energy/local solar incentives that can put money back into your business and/or offset the costs of a commercial or industrial solar installation. Various programs and incentives change over time. Here are the latest offerings for solar programs and incentives for the state of New Jersey.
The SuSI Program: The New Jersey Board of Public Utilities established a Successor Solar Incentive Program, known as the “SuSI Program.” Financial incentives are based on both the solar project size and the project type, with a 15 year program term.
The SuSI Program is comprised of two sub-programs:
a.) The Administratively Determined Incentive (ADI) Program provides administratively set incentives for net metered residential projects, net metered non-residential projects of 5 MW or less, and all community solar projects.
b) The Competitive Solar Incentive (CSI) Program applies to qualifying grid supply installations, non-residential net metered solar installations with a capacity greater than five (5) megawatts ("MW"), and eligible grid supply solar installations in combination with energy storage.
Accelerated Depreciation: Businesses in New Jersey may be eligible for accelerated depreciation on their solar energy systems, allowing them to recover the costs more quickly through tax deductions. Consult a tax professional to understand the specific depreciation benefits and requirements.
Federal Investment Tax Credit (ITC):
Although not specific to New Jersey, the federal ITC is a significant incentive for commercial solar installations throughout the United States. It allows businesses to claim a tax credit equal to 30%, 40%, 50%, up to 60% of the total installed costs of a solar energy system.
It's worth mentioning that local utilities, municipalities, and other organizations may offer additional incentives or financing options. Our solar experts are available to ensure you take advantage of all available local, state and federal solar energy incentives. Learn more about Smart Roofs Energy here.