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New Jersey Solar Power Rebate Program



State:NEW JERSEY
Program Name:New Jersey Clean Energy Program
Incentive Type:Solar Renewable Energy Certificates (SREC)
Applicable Sectors:Commercial, Nonprofit, Schools, Institutional
Incentive Amount:SREC trade at market value; 1 SREC = 1,000 kWh
Maximum Incentive:$711.00/SREC
Eligible System Size:No maximum size specified, but output should not exceed 100% of the historical or expected (if new construction) consumption.
Ownership of Renewable Energy Credits:Remains with project owner
Funding Source:Utilities via RPS compliance
Website:http://www.njcleanenergy.com/
Authority 1:Electric Discount and Energy Competition Act
Date Enacted:TBA
Effective Date:TBA

Incentives

a. Homeowners are entitled to an upfront cash rebate of $1.55 per watt
(or $1.75 per watt if a home energy audit is performed)
b. A 30% federal tax credit
c. Solar Renewable Energy Credit(s)
(average NJ SREC price in 2008 was $685)

Solar renewable energy credits: NJ utility companies are required to offset their Carbon emissions or face a alternative compliance payments. In lieu of paying this penalty, utility company will purchase the 'credits' your system produces. Please give us a call to discuss how SREC's can earn a solar electric system owner additional revenue.


New Jersey Board of Public Utilities Renewable Energy Program Administrator,
Office of Clean Energy
44 South Clinton Avenue
P.O. Box 350
Trenton, NJ 08625-0350
Phone: (609) 777-3300
Fax: (609) 777-3330
Web site: http://www.bpu.state.nj.us


Residential Solar

Residential solar is a great way to lower or eliminate your electric bill and protect yourself against rising electric costs in the future. A growing number of states offer solar power incentives, usually in the form of solar rebates. The amount of the solar rebate varies from state to state, but in most cases it will cover a significant portion of your solar system installation cost. In addition, the US government currently offers residential solar system owners a one time 30% Federal Investment Tax Credit.

State rebates pay for a significant portion of your solar system installation cost. However, rebates are always decreasing as popularity increases.

Click your state below to learn about your state's solar power rebate program:

3-6 months:
  • 2-3 months for permits
  • 2-3 months for feasability study
  • 2-3 months for installation
Payback 4-6 years depending on variables.