New Jersey Solar Equipment Rebate

This week, the New Jersey Board of Public Utilities (BPU) announced yet another solar incentive for the state: rebates on Jersey-manufactured solar equipment. From the BPU’s press release (PDF) yesterday:

The New Jersey Renewable Energy Manufacturing Incentive (REMI) offers consumers, businesses, and municipalities that purchase solar panels, inverters, and racking systems manufactured in New Jersey a rebate of up to 25 cents per watt for panels, and up to 15 cents per watt for inverters and racking systems. The REMI program is expected to grow New Jersey’s economy by providing $1 million in incentives to the state’s consumers, businesses, and municipalities over the coming months.

To qualify, 50 percent of the total cost of a product including labor, manufacturing, raw materials, et al., must be attributable to New Jersey components. Solar power in the state has been stronger than ever since the initial CORE rebate program folded last year and the state reopened incentives with its cutting edge SREC trading program. While consumers are already eligible for rebates of up to $1.75/watt (residential), these rebate adders are intended to pull more solar manufacturing business into the state to support the industry from the bottom up as well as from the top down.

Keep in mind that the current New Jersey solar rebate amounts are only good through the end of 2009, so get your application in now to make sure you will receive the highest possible rebate on your solar installation. Or if you’ve been keeping your project on the back burner, maybe it’s time to review it. 30 years of energy? Not a bad holiday gift, especially when  you consider that many systems in New Jersey are now achieving payback in under five years.