Incentives

Environmental benefits are not the only reason to go solar.  There are many financial incentives that make going solar an excellent investment.  

 

Avoided Electric Costs

Eliminate or reduce your monthly electric bill.  Installing a solar energy system is your hedge against the rising cost of electricity.  With electric rates rising every year, the savings are substantial.        

 

New Jersey Renewable Energy Incentive Program Rebates

The NJCEP provides incentives that reduce the upfront cost of installing a solar energy system.  Residential systems less than or equal to 10 kW will receive $1.35/Watt.  Commercial systems less than or equal to 50 kW will receive $0.80/Watt.  The rebate amount is contingent upon the rate at which the rebate block fills up. 

 

Tax Credits

The Federal Government offers assistance in the form of a tax credit.  A full 30% of your system installation can be recovered as a tax credit on your purchase year's tax return.

For commercial clients only, the American Recovery and Reinvestment Act of 2009 allows renewable energy project owners to apply for a non-taxable cash grant from the US Treasury Department equal to 30% of the basis of an eligible project. 

Please consult your tax advisor. 

 

Solar Renewable Energy Credits (SRECs)

Beyond the State and Federal incentives, it is important to understand that you will be awarded Solar Renewable Energy Credits (SRECs) for the power you produce.  Each time your solar energy system produces 1,000 kWh's (kilowatts hours) of electricity you will be issued a Solar Renewable Energy Credit (SREC).  SRECs are tradable for cash. 

New Jersey's Renewable Portfolio Standard (RPS) requires the State's electricity suppliers provide a portion of their electricity from solar power.  They must use SRECs to meet this requirement. 

 

We will develop the most advantageous funding for your project. Depending upon size, geographical location, amount needed, cash flow and tax status we will combine that information with the above State Rebates and Federal Incentives and determine an appropriate, fiscally sound financial strategy.