About a month ago, we reported that New Jersey solar rebates were being put on hold until the state could figure out its finances. What ensued was confusion, frustration and pandemonium… Well, maybe not pandemonium — but we did speak with a number of New Jersey solar installers who were pretty miffed by the sudden suspension of solar funds.
Luckily, it appears this bit of uncertainty has been removed from the New Jersey solar market: As of today, May 3, the state has resumed accepting applications for the Renewable Energy Incentive Program (REIP), albeit at a lower level. Here’s what’s available to help lower the cost of your New Jersey solar installation:
- Owners of new residential photovoltaic (PV) systems may receive a rebate of $1.35/watt, for systems up to 10 kilowatts (kW) in size.
- Non-residential 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 too 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.
