New Jersey Solar Rebates and Incentives for 2013
New Jersey solar energy rebates and incentives are transitioning away from traditional rebates and into a market for SRECs (Solar Renewable Energy Credits). Homeowners with solar PV systems registered with the Board of Public Utilities will earn one New Jersey SREC for every megawatt-hour (1,000 kWh) their system generates in its first 15 years, and participating utilities will be required to buy them from the homeowners at the market price. New Jersey’s SREC marketplace and net metering laws allow utilities to meet state-mandated renewable energy generation standards, and customers to cash in on their systems’ production.
New Jersey Government Solar Energy Rebates and Incentives
Residential solar PV systems in New Jersey are exempt from all local property taxes (there is not a state component to property taxes in New Jersey). Exemption requires the property owner to obtain a certificate from their local assessor which reduces the property value to what it was before the PV system was installed.
Residential solar PV systems in New Jersey are exempt from state sales tax.
New Jersey Utility Solar Energy Rebates and Incentives
Electric utilities Atlantic City Electric, Jersey Central Power & Light and Rockland Electric Company offer performance-based rebates in the form of SREC purchases for the first 15 years of New Jersey homeowners’ newly-installed solar PV systems’ lives.