Provides gross income tax deduction for costs of purchasing and installing battery backups for certain home solar electrical generators.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill would allow New Jersey residents who own solar electrical generators to deduct up to $10,000 in expenses for purchasing and installing battery backups. These battery backups are designed to provide electricity during power outages when solar panels are not connected to the grid. The goal is to encourage homeowners to invest in these systems for increased energy resilience and reliability. The deduction would apply to taxable years following the bill’s enactment.
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