Financing & Incentives
We will develop the most advantageous funding for your project. Depending upon size, geographical location, amount needed, cash flow and tax status we will combine that information with the above State Rebates and Federal Incentives and determine an appropriate, fiscally sound financial strategy that makes sense for you.
SolarWorks NJ has partnered with SunCap Financial, a leading home solar financing company. If you are interested in leasing a home solar energy system, we have several payment options available to choose from:
$0 to Low Upfront Options & Prepaid Options
SunCap will own the system on your roof, while you benefit from electric savings and much more...
- Power Production Guarantee
- Insurance & System Warranty
- Worry-free Maintenance & Monitoring
- Transfer Agreement to New Homeowner
Value of the 30% Tax Credit
Our goal is to offer affordable solutions for any budget. Let us show you how you can go solar for $0 down.
Commercial Leasing & Power Purchase Agreements
There are several options available for financing a commercial system.
- Bank Loans
- Power Purchase Agreements
Please contact us for more information, as commerical financing can be project specific.
Start your project today with no interest and no payments!
- 6 - 12 month programs available
- Residential projects up to $45,000
- No interest, no payments until end of term
Loan is based on credit and income
Environmental benefits are not the only reason to go solar. There are a number of financial incentives available to help you reduce the cost of a solar project and improve your return on investment. In addition to state and federal incentives, one of the best ways you can improve your solar project’s economics is to monetize the SRECs associated with your solar project.
Avoided Electric Costs
Eliminate or reduce your monthly electric bill. Installing a solar energy system is your hedge against the rising cost of electricity. With electric rates rising every year, the savings are substantial.
New Jersey Renewable Energy Incentive Program Rebates
At this time, the NJCEP is not offering upfront rebates for solar projects. If you participate in a SREC-Based Financing Program offered by a utility company, you may be eligible for a rebate. New Jersey's Clean Energy Program will continue to accept projects that apply to the SREC Registration Program.
Federal Income Tax Credits
Residential Projects - A full 30% of your system installation can be recovered as a tax credit on your purchase year's tax return.
Commercial Projects - A full 30% of your system installation can be recovered as a tax credit on your purchase year's tax return. Commercial projects are also eligible for depreciation - Modified Accelerated Cost Recovery System (MACRS) & Bonus Depreciation.
Please consult your tax advisor.
Solar Renewable Energy Credits (SRECs)
Beyond the State and Federal incentives, it is important to understand that you will be awarded Solar Renewable Energy Credits (SRECs) for the power you produce. Each time your solar energy system produces 1,000 kWh's (kilowatts hours) of electricity, an SREC is issued which can then be sold or traded separately from the power.
New Jersey's Renewable Portfolio Standard (RPS) requires the State's energy suppliers to acquire a certain amount of SRECs in order to provide a portion of their electricity from solar power.
Most residential and commercial system owners have limited options for selling their SRECs because energy suppliers typicaly do not engage directly with small system owners. SolarWorks NJ has a partnership with one of the largest SREC aggregators in the county, SolSystems. Through our partnership, SolarWorks NJ can offer clients several reliable financing solutions that will make going solar more affordable.