The New Jersey Clean Energy Program (NJCEP) offers a Renewable Energy Incentive Program that provides rebates to help reduce the upfront cost of installing a solar energy system.
Not only are businesses and homeowners eligible for state incentives, but they are also eligible to receive federal tax incentives as well. These incentives offer a 30% federal tax credit, up to allowed amount. Businesses can also take advantage of federal depreciation benefits.
Another way to help offset the cost of the installation to your solar system is to sell or trade your pollution certificates known as Solar Renewable Energy Certificates (SRECs) SREC is a tradable certificate that represents all the clean energy that is generated/produced by your solar energy system. Each time your system produces/generates 1,000 kWh of electricity, a SREC is earned and placed in the customer's account. These certificates can be tracked using the SREC Tracking System. Customers will be able to use the tracking system to kept record of the energy produced by your solar system.
With net metering you can sell electricity back to your utility provider. Typically after you install a Solar system, at certain times of the day your system will generate/produce more energy then you will be able to use. After your system is registered for net metering, the electricity meter will run backwards when the solar panels generate more energy then the home/business is using. This allows for the electricity generated to be subtracted from the electricity used on a monthly electric bill. If your system has the ability to produce more electricity than your building can use,the excess amount will be credited to the next month. At the end of a 12 month period the credits can be bought from the homeowner at an avoided cost(wholesale), depending on the utility provider.
There are multiple ways to financially benefit from installing a solar system today!
