New Jersey Grants, Rebates, and Credits

The state of New Jersey has the strongest incentives for Solar PV in the country.

Residential

Residential homeowners are entitled to the following incentives:

1. Upfront cash rebate of $.75 per watt (capped at 7,500 watts for systems 10,000 watts or less)
2. 30% federal tax credit
3. Solar Renewable Energy Credits (Highest value in the country at around $650 per SREC.  An average residential 7kW system will create 7, maybe 8 per year.  NJ projects will receive this incentive for 15 years.)
4. 12 months interest free financing available for qualified customers

What is a Solar Renewable Energy Credit?

New Jersey utility companies are required to offset their carbon emissions or face an 'alternative compliance payment.' In lieu of paying this penalty, utility companies will purchase the 'carbon credits' your system produces.

Please give us a call to discuss how SREC's can generate additional reoccurring revenue for PV system owners in New Jersey.

Commercial

On average, commercial solar electric systems in New Jersey will break even on a cash flow basis within three years. Commercial building owners are entitled to following incentives:

1. SREC's valued in range of $575 - $700 per SREC (Example: A 50 kW solar electric system will generate approximately 56 SRECs per year for estimated earnings of $35,000 per year!)
2. 30% federal cash grant (Commercial owners can receive a 30% cash grant in lieu of the 30% tax credit if installed in 2010)
3. MACRS - 5-year accelerated depreciation

Depending on your specific situation, there are various solar loans, including equipment leases, capital leases, and third-party power purchase agreements available for commercial building owners.  All these options make going solar easier and more affordable than ever.

 

Learn more about New Jersey's Clean Energy Program.