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Businesses and organizations have numerous opportunities to invest and leverage their money. To grow and maintain a business, every choice must be carefully considered. In both Pennsylvania and New Jersey, more individuals are recognizing the viability and competitiveness of solar energy systems as a means of achieving certain goals.
Now is the ideal time to explore your solar options. Solar panel and installation costs are currently at an all-time low, and federal incentives are at their highest. However, the New Jersey legislature is indicating that future incentives will change and continue to decrease. Meanwhile, Pennsylvania has recently introduced the PA Solar Jobs Bill, which has improved incentives and increased the value of SRECs when trading.
Investing in solar power offers numerous advantages that can enhance your financial outcomes and brand reputation. With a solar power system, you reduce your reliance on traditional energy sources and save on electricity costs, resulting in long-lasting financial benefits. Furthermore, utilizing clean energy contributes to a positive impact on the environment, which can improve your brand’s image. This investment benefits both your company and the broader goal of achieving a sustainable future for all.
Electricity costs in Pennsylvania and New Jersey are on the rise, posing a threat to even the most well-planned budgets. A well-designed solar energy system can provide relief by ensuring predictable and lower costs for businesses of all sizes. Moreover, there are incentives in place that can expand solar power economics beyond the savings from reduced utility bills.
Depreciation – A solar energy system is given a special status for depreciation. Solar energy system owners can depreciate 100% of the allowable capital costs in Year 1 rather than over five years. This dramatically improves the first year economics, potentially accounting for as much as 30% of the project cost.
Federal Tax Credits – Businesses can receive a federal tax credit of 30% for all associated material and installation costs of a solar energy system through 2032. There are significant reductions in the credit beyond this point.
SRECs – Receive payments from utilities for the clean energy you produce. For every 1,000 kWh your solar energy system produces, you earn one SREC.
Net Metering – Regulated electric utility companies and electric suppliers or providers must offer net metering to retail customers that generate electricity through renewable systems. Customers will receive credit on their utility bill for each kWh of electricity their system produces over the course of a year.