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In addition to the savings and benefits of clean energy, your purchase of a solar energy system qualifies you for multiple incentives, rebates and tax credits from local, state and federal agencies. In many cases up to 80% of the system cost. Incentives dramatically decrease the overall cost of ownership of a solar energy system.
New Jersey
- SRECs - One Solar Renewable Energy Certificates (SREC) is awarded to owners of Solar PV Systems for every 1,000 megawatt-hours (mWh) of electricity produced by their system. Once earned, SRECs may be sold to energy suppliers (e.g., PSE&G, JCP&L) who must purchase specific quantities each month. Though the actual value of an SREC varies, recent pricing has been as high as $685 / mWh. For more information about SRECs, see http://www.njcleanenergy.com/renewable-energy/project-activity-reports/srec-pricing/srec-pricing. Through SRECs, your solar System not only generates energy, but income as well!
- Federal (tax form 5695) - 30% investment tax credit or 30%cash grant . If you opt for the 30% cash grant, the US Treasury will pay you within 60 days. The 30% is calculated from the gross system cost. No maximum.
- Accelerated Depreciation - Historically, solar energy Systems were depreciated based upon the 5 year MACRS schedule, but as a result of the recently passed tax bill, the entire cost (100%) of an asset placed in service after September 8, 2010 and before January 1, 2012 may be deducted in the year it is placed in service. This is an extremely powerful incentive for those with the tax appetite to use such a deduction.
- NJCEP rebates - At the time of this writing, the NJCEP rebate program is not active. Speak with your solar energy services professional for the latest information regarding this program.
New York Commercial Incentives within the 5 boroughs
- Federal (tax form 5695) - 30% investment tax credit or 30% cash grant. If you opt for the 30% cash grant, the US Treasury will pay you within 60 days. The 30% is calculated from the gross system cost. No maximum.
- NYSERDA - $1.75 per watt up to 50 kilowatts per site meter (this usually equates to +/- 30% of the gross system cost. (.50 per watt bonus for energy star homes and BIPV systems)
- NYC 20% property tax abatement - 20% of the net cost after the NYSERDA cash rebate over 4 years (5% per year) e.g. - if the net system cost is $200,000, the tax abatement would be $40,000; applied at 5% or $10,000 per year for four years. The cap is $62,500 annually or the amount of property taxes owed during a year.
- Accelerated Depreciation - Historically, solar energy Systems were depreciated based upon the 5 year MACRS schedule, but as a result of the recently passed tax bill, the entire cost (100%) of an asset placed in service after September 8, 2010 and before January 1, 2012 may be deducted in the year it is placed in service. This is an extremely powerful incentive for those with the tax appetite to use such a deduction.
New York Commercial Incentives (outside of the 5 boroughs)
- Federal (tax form 5695) - 30% investment tax credit or 30% cash grant. If you opt for the 30% cash grant, the US Treasury will pay you within 60 days of the system going live. The 30% is calculated from the gross system cost.
- NYSERDA / LIPA - $1.75 per watt up to 50 kilowatts per site meter (this usually equates to +/- 30% of the gross system cost. (.50 per watt bonus for energy star homes and BIPV systems)
- Accelerated Depreciation - Historically, solar energy Systems were depreciated based upon the 5 year MACRS schedule, but as a result of the recently passed tax bill, the entire cost (100%) of an asset placed in service after September 8, 2010 and before January 1, 2012 may be deducted in the year it is placed in service. This is an extremely powerful incentive for those with the tax appetite to use such a deduction.
Connecticut Commercial Incentives
- Federal (tax form 5695) - 30% investment tax credit or 30% cash grant. If you opt for the 30% cash grant, the US Treasury will pay you within 60 days of the system going live. The 30% is calculated from the gross system cost.
- Accelerated Depreciation - Historically, solar energy Systems were depreciated based upon the 5 year MACRS schedule, but as a result of the recently passed tax bill, the entire cost (100%) of an asset placed in service after September 8, 2010 and before January 1, 2012 may be deducted in the year it is placed in service. This is an extremely powerful incentive for those with the tax appetite to use such a deduction.
Click here for residential tax credit and rebate information.
Rebates and incentives are only available on solar hot water and PV systems. There are no rebates offered for swimming pool systems.
Please schedule an appointment with an OnForce expert today for an up to the minute, detailed explanation of available incentives and credits.
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Commercial 
