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When we at GetSolar are asked which states in the nation are the most promising for solar, people are often surprised to hear that we list New Jersey among them. For years, the state has led the nation in solar implementation with an aggressive RPS (Renewable Portfolio Standard) that looks for approximately 1500mw of solar capacity by 2021.
New Jersey is leading the nation again with an experimental SREC (Solar Renewable Energy Credit) program. And if you apply for it before April 30th, 2009, you may be eligible to receive the state's reinstated solar rebate of up to $1.75/watt (residential) or $1/watt (commercial). Towards the close of 2008, the SREC trading program was exclusive of any cash rebates; if you act now, however, you can take advantage of both incentives. Read more about NJ solar energy incentives.
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New Jersey is arguably the nation's leader in renewable energy legislation. With specific regard to solar power, NJ has taken bold steps to help lower the out-of-pocket cost of solar for homeowners and businesses across the state. Their efforts have paid off. As of 2008, New Jersey had about 70 megawatts (mW) of grid-tied photovoltaic (PV) panels installed statewide, making it the second-biggest user of solar energy among U.S. states (California is number one.) Whether it's been establishing strong renewable energy standards requiring that by 2020, 20% of electricity demand is met with renewables, or creating one of the nation's first bona fide renewable energy certificate (REC) markets, New Jersey has been a strong and consistent supporter of solar energy. In brief terms, NJ homeowners and businesses can sell the electricity generated by their solar panels. That electricity is bundled into solar RECs and used by the utility to meet renewable energy requirements set by the state. What does this mean for buyers? Solar panels are more affordable in New Jersey because they generate solid returns over the course of panels' lifetime. For more information on New Jersey solar incentives, review our New Jersey solar incentive page. Or visit the New Jersey Clean Energy Program website. Beyond these NJ-sponsored initiatives, don't forget that there is a 30-percent renewable energy tax credit available to both individuals and businesses. Any excess credit may be carried forward one year. (Important note: for commercial systems installed in 2009 and 2010, businesses can opt to receive a solar energy grant -- also worth 30 percent of system costs -- instead of the tax credit.)
Whether you're interested in PV panels or a solar thermal (solar hot water) system, the installation professionals listed above are well equipped to meet your needs. To move forward with your project, fill out our solar energy information form. It's free and takes only a few minutes to complete. After we've learned a bit about your energy situation, we'll work with our local installation partners in NJ to get a free site visit and quote. We'll also do our best to answer any questions you may have. It's free and easy, so you have nothing to lose. What are you waiting for? Get solar in New Jersey!