New Jersey has always been one of the best states for solar: higher-than-average electricity rates and strong solar incentives have helped thousands of New Jerseyans achieve quick payback periods on their solar investments. Above all, the state’s renewable portfolio standard and associated Solar Renewable Energy Certificate (SREC) market have been instrumental towards growing solar throughout the state. In 2021 the Garden State decided to implement the SREC-2 program which has set pricing for 15 years making the calculation of how much incentive money you’ll receive from the program 100% accurate.
The value of your incentive will vary depending on the type of installation. The NJ BPU has assigned varying factors for individual solar projects; solar projects located on large plots of land have a higher SREC-2 factor than a residential solar installation on a roof.
And don't forget that qualified installations are eligible for FREE roof replacement with a 50 year warranty on shingles. Homeowners struggling to come up with cash for a new roof may want to consider offsetting their costs with this roof replacement program.
See if your home pre-qualifes NOW. Not all homes are eligible due to numerous factors such as grid restrictions. Per theAtlantic City Electric Restricted Circuit Mapbelow, areas in black are now prohibited and areas marked in yellow or red are only months away from being on the blacked-out list. It is imperative you act quickly before your solar options are eliminated.
THE SOLAR TAX CREDIT IS EXPIRING SOON!
Extended renewable energy tax credits have been included in a $1.4 trillion federal spending package alongside a $900 billion COVID-19 virus relief spending bill. The solar investment tax credit (ITC), which was scheduled to drop to 26% in 2021, will stay at 26% for two more years. This means solar projects in all market segments (residential, commercial, industrial, utility-scale) that begin construction in 2021 and 2022 will still be able to receive a tax credit at 26%. All markets will drop to a 22% tax credit in 2023 so don't delay!
Net Meteringhelps customers maximize their renewable energy investments. It enables customers to receive full retail credit on their utility bill for each kWh of electricity their system produces over the course of a year. At the end of an annualized period, the customer-generator will receive credit on their utility bill at the wholesale value of electricity for any excess generation that remains.
When a renewable energy system produces more electricity than the customer actually uses, the customer will be compensated with credits at the full retail value of the electricity for the production over and above what they use. For example, on a typical sunny day at moderate temperatures, a customer with a solar panel system may use less electricity than the system actually generates. When electricity production exceeds usage, the utility meter will spin backwards and provide the customer with credits for the excess energy produced. These credits can be used by customers as needed.
With net metering, your electric meter spins forward when electricity flows from the utility into the home, and backwards when power flows from the home to the utility. Your stored kWhs are "netted," or paid back, on an annual basis.
Let's Get Started!
Our renewable energy specialists will review your data to confirm your eligibility for state and federal incentives. We'll do that by generating a custom design to offset your electric usage. Enter in some simple answers regarding the property and we'll get back to you right away to schedule a quick review.