In New Jersey -- and a growing number of other states -- owners of solar energy systems are able to sell things called solar renewable energy credits (SRECs). In a nutshell, SRECs provide cash payments to homeowners and business owners who install solar panels.
Last week, we were excited to report that the New Jersey Solar Rebate program had reopened, providing $0.75/watt installed for residential solar photovoltaics (PV). It was amazing news, but these rebates usually get used up in a few days. New Jersey only allocated $6,650,000 for this funding period, which is relatively small given the size of their market and growing popularity of solar PV. It might sound crazy to assume a rebate would only be closed after a few days, but some states have closed programs after a day or even a few hours. Demand for solar rebates consistently exceeds supply.
Due to the success of its recent ENERGY STAR appliance promotion, New Jersey's Clean Energy Program will provide additional rebates for the purchase of qualified energy-efficient appliances. This latest offer is good for eligible purchases made between July 1 and August 31 of this year, or while funds last. According to a recent newsletter,