New Jersey Solar Rebates Resume

Last month the New Jersey solar rebates were put on hold until the state could figure out its finances.

But as of May 3rd, the state has resumed accepting applications for the Renewable Energy Incentive Program (REIP). The rebate levels are now slightly lower, but here’s what’s available to lower the cost of a residential or small commercial solar installation in New Jersey:

• Residential photovoltaic (PV) systems may receive a rebate of $1.35/watt, for systems up to 10 kilowatts (kW) in size.
• Commercial solar PV systems: $0.80/watt for systems up to 50 kW in size.

What does this new, lower rebate level mean for homeowners? As Margaret Collins reported back in April, probably “nothing to dire.” Home solar and commercial solar energy systems in New Jersey are still a winning bet, as she explains:

When the state ran out of funding for its generous solar rebate a couple years ago, all solar activity ground to a halt for months. And then the state rolled out the market-based SREC program, revitalizing the commercial and industrial solar sectors. The residential market, however, didn’t truly pick back up until the state–then under the leadership of Governor Jon Corzine, a huge solar proponent–reinstated a modest rebate. Combined with the revenue stream provided by SRECs, the reduced solar rebate has been enough to make projects feasible for the average homeowner. In fact, payback periods for home solar installations in New Jersey have been lower than anywhere else in the country due to this unique set of incentives.

See the New Jersey Clean Energy website for complete details.