NJ Solar Incentives

New Jersey is one of the top states in the nation when it comes to rewarding consumers for switching to renewable energy. More readily available than in many neighboring states, in NJ solar incentives are available in the form of NJ Renewable Energy Credits through the New Jersey Renewable Energy Incentive Program (REIP).

NJ renewable energy offers incentives through sales tax and property tax exemptions. Unlike home improvements, with solar energy in New Jersey you are not required to pay any sales tax on your system. A property tax assessor is also not allowed to increase your property taxes because you have a valuable solar system, but the value of your home will be worth significantly more when you sell (a win-win!).

The NJ solar power incentives for photovoltaic rebate are subject to change each year. For instance, in 2010 the rebate was $.75/watt while in 2009 it was more than double that at $1.55/watt. Each year the incentive will decrease, so if you're considering moving to solar energy, it's better to make the move sooner rather than later.

Of course, other than the numerous financial benefits offered by NJ renewable energy, you will also be benefiting the environment. According to solarpowerrocks.com, by installing a solar system you are saving 9,618 pounds per year of greenhouse gas and doing the equivalent of planting more than 70 trees.

About NJ Renewable Energy Credits

The REIP provides rebates that reduce upfront costs of installing renewable energy projects in New Jersey. Rebate levels vary depending upon energy efficiency measures completed, technology, system size, and customer type. (May not be available at all times. Check with NJ REIP web page for current information.)

Additionally, solar renewable energy certificates (SRECs) can also be a recurring source of revenue to help finance projects. This is one of the newest solar incentives in New Jersey, which is the first state to incorporate SRECs, and represents all of the clean energy benefits generated by solar energy.

In layman's terms, SRECs are proof for the New Jersey utilities that they are complying with the law to produce their share of clean power by either producing it on their own or "buying" that power from someone else like you, the consumer. One SREC is issued for each 1,000 kWh generated, then sold or traded separately from the power, providing solar system owners a source of revenue to help offset the costs of installation, according to the New Jersey Board of Public Utilities.

All solar system owners are eligible to set up an electric account for the sale and trade of SRECs at the New Jersey SREC website, www.njcep/srec.com.

Having successfully completed the New Jersey REIP Mandatory Training Requirement, Eclipse Solar can help you explore the benefits of solar incentives in New Jersey, guiding you through every step of the process to ensure you receive all available rebates. Additional information on benefits and specifications of the New Jersey REIP can be found on our website or by calling us toll-free at 877.570.3224. You can also request a free estimate online at any time.