Property Tax Exemption:
In New Jersey, solar energy systems are exempt from property taxes.
The exemption of solar energy systems from property taxes in New Jersey is a policy designed to encourage the growth of the solar energy industry and make it more accessible for homeowners and businesses.
Typically, the value of a property is subject to property taxes, which are assessed by local governments to fund services such as schools, roads, and public safety. However, in New Jersey, the value of a solar energy system is exempt from property taxes, which can provide significant savings for homeowners over the lifetime of their solar system.