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New Jersey Solar Rebates, SRECS, and Incentives – Updated

New Jersey Solar Power

New Jersey Solar Power

New Jersey gets bad wrap about a lot of things.  All those turnpike exits, and that glorious smell as you go past the oil refineries in the Northern part of the state. But one thing you can’t fault the garden state is Solar. In fact, New Jersey is at the top of our 2009 Solar Report Card. It got an A, and here’s why:

  • It’s got net metering with easy interconnection standards (Little hassle and red tape.)
  • It’s got a great rebates and incentives, including a very generous Solar Renewable Energy Certificate (SREC) program that PAYS you for generating your solar power.

Bottom line, for an average size 5Kw system for someone with a $100/month electric bill before solar:

  • Cost Before Incentives: $35,000 (5000watts x $7/watt installed) (Don’t panic!)
  • State Rebate: subtract $8,750
  • SREC value: subtract about $3400/year for 2009 (probably less as years go by)
  • 30% Federal tax credit: subtract $7875 (calculated after State rebate)
  • Years to Payback: 8-9 years, depending on SREC value.

Estimated NET cost: $ 14,975

Oh, yeah. This helps too:

  • Greenhouse Gas (CO2) Saved: 9618lbs/year, or like not driving 11,500 miles a year.
  • New monthly electric bill (first year): About $13/month.

Check out the more detailed explanation of New Jersey’s solar rebates and incentives. Or, if you just want to see what it will cost you and your family, just fill out our form, and we’ll set you up with a free quote.

Feel great about yourself, Solar People of New Jersey. You Rock!

Last modified: June 4, 2018

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Paul Appleton

This is true. NJ is only second to california for installed base. Commerical/business usage is a benefit to their future job base. I compared my opportunity for ROI of a home sysetm in CT to that of my brother’s installed 10 kW residential system…pay back was 3-4 times quicker in NJ

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