Jul 16
Solar Panel

New Jersey Solar Incentive Programs

 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.