TRENTON – Legislation that would encourage homeowners to install renewable energy systems in their homes by exempting the value of those systems from property taxes was approved by the Senate Economic Growth Committee today.
The bill, S-1497/2409, is sponsored by Senators John H. Adler and Stephen Sweeney.
“We need to provide incentives for homeowners to embrace solar power and other energy efficient technologies,” said Senator Adler, D-Cherry Hill. “We know these systems are environmentally friendly and now they will be financially friendly, too.”
The bill would exempt renewable energy systems that have been certified by the local enforcing agency from real property taxation each year.
“The major hurdle for many property owners when it comes to solar power is the cost of installing and maintaining the system,” added Senator Sweeney, D-Cumberland, Gloucester and Salem. “By exempting these technologies from property taxes, we are making them far more affordable and will make it possible for many more families to adopt a green lifestyle.”
The bill defines renewable energy as energy produced from solar technology, photovoltaic technology, wind energy, fuel cells, geothermal technologies, wave or tidal action, and methane gas from landfills, a resource recovery facility, or hydropower facility.
The bill passed the Committee by a unanimous vote and now goes to the full Senate for their approval