Rooftop Solar Panels - Green in More Ways Than One

A recent article in the Newark Star-Ledger highlighted the influx of solar energy projects in New Jersey and the financial incentives driving those projects.  Notable aspects of the article include:

  • The Board of Public Utilities ("BPU") developed a solar renewable-energy certificate program ("SREC") to create a marketplace for solar energy producers to trade energy with utilities.
  • Commercial installations account for 57 percent of the SRECs, or 84.32 megawatts, with 22 percent of the SRECs being generated by residential installations, and the balance from municipalities and schools.
  • Nearly $3 billion dollars have been granted to qualified applicants under the Section 1603 Payment in Lieu of Tax Credit programs.  Of that, $27 million dollars has been paid for 52 solar projects in New Jersey -- an average of more than a half million dollars for each project
  • In December 2009, Federal Express completed a 2.42 megawatt rooftop solar array at its distribution hub in Woodbridge, New Jersey.
  • In Edison, a food storage warehouse recently installed a system that will provide 45 percent of the plant's energy needs per year.

While time is running short, it is not too late to consider your rooftop for a solar panel installation.  The Stimulus Act requires that the project commence construction in 2010 in order to claim the 30% payment. 

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