The State of New Jersey has one of the most aggressive renewable energy programs in place, encouraging businesses and residents to convert and meet a goal of 2.1% of New Jersey’s energy be produced by solar electricity. To that end, there are grants and rebates available as among the most cost-efficient means of converting customers to solar power.
Summary of New Jersey Incentive Programs
•Federal Tax Credit 30%
•State Tax Rebate $1-$1.75W
•State Grant Program to 50% of Cost
New Jersey Grant and Rebates
New Jersey offers a grant program of $300,000 for commercial and industrial sectors to install solar power production equipment.
The state also offers a rebate program of $.15-$4W based on capacity and applicant type.
New Jersey Other Incentives
New Jersey offers both sales tax exemption and property tax exemption for installed solar equipment.
New Jersey offers a production credit in the form Solar Renewable Energy Certificates(SREC’s), which can be purchased by residential, commercial, and industrial customers. These certificates provide an incentive of $693 per MWh per year.
Financing Options
The Clean Energy Solutions Capital Investment Loan/Grant Program offers commercial and industrial sectors zero interest loans up to $5 million, of which a portion can be issued as a forgivable loan or grant for qualifying systems and matching investment by the borrower. Public Service Electric and Gas (PSE&G) of New Jersey offers loan programs which can be repaid in cash or by signing over the SREC’s produced by the equipment installed.
Visit the DSIRE:Database of State Incentives for Renewables & Efficiency for further details.
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