NJ Solar Incentives and Rebates
New Jersey solar homeowners can participate in an SREC market.
The state has an aggressive target requiring NJ utility companies to get 22.5% of their electricity from renewable energy by 2021. In order to promote clean energy, New Jersey has a solar renewable energy certificate market in place.
Sunrun files all rebate paperwork for you and passes along the savings in your low upfront cost. Instead of paying $30,000 for a home solar system, you can upgrade to solar for as low as $0.
Solar Renewable Energy Certificates (SRECs)
In New Jersey, homeowners receive Solar Renewable Energy Certificates (SRECs) for generating solar electricity. One megawatt-hour (MWh) of solar electricity generates one SREC. SRECs can be sold or traded on an SREC market.
Launched in June 2004, New Jersey's online SREC marketplace was the first online SREC marketplace in the world.
SREC prices can fluctuate and are determined by market availability and the price of the Solar Alternative Compliance Payment (SACP) for the state Renewable Portfolio Standard (RPS). This refers to the price electricity suppliers must pay if they don't meet their renewable energy targets. Current SREC prices in most states with RPS can be viewed at SRECTrade.
For a homeowner to participate, they simply have to register and create an account to monitor the production of the system. As their system generates power, SRECs will be deposited into the online account, which the homeowner can sell themselves or have an agent sell for them.
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