Solar power NJ How to get solar power incentive in New Jersey
New Jersey is one the most advanced states of America. It is geographical location is so perfect that anyone can attracts easily to it.
The state is sharing its border with New York and Hudson River in the north side. But if we will see the south end then you can find the vast Atlantic Ocean covering New Jersey’s most of the parts.
The city is advancing itself in almost every field. If we see the exploitation of renewable sources then it can be easily guessed that New Jersey is now ready to handle any kinds of energy crisis.
Facts about solar power NJ and its exploitation
New Jersey is boosting itself in the solar market and in a very short time, it has installed huge amount of solar power generation systems with high installation charges per capita. The state is just behind of California in the race of solar market.
The reason behind such growth is the accurate strategy and perfect implementation of various energy resource plans. In the year of 2001, New Jersey Clean Energy program has came in existence and from that time it has raised New Jersey to a new hike.
After this commission’s supportive efforts, New Jersey’s number of solar installation has increased to 2, 400 which is an astonishing figure in it. There is an investment of around $ 273 million for the solar projects. By seeing the figure itself, anyone can guess how serious New Jersey is for solar energy consumption.
Current situation of solar power NJ - New Jersey
Administration has decided to generate 22.5% of the total electricity demand through renewable energy sources by the end of 2021.
Solar energy has got 2.12 % share of it which is quite remarkable if they achieve it. Not only has this but New Jersey also introduced lots of solar grants in the state so that solar power installation becomes easier for every household. The state is changing the old rebate programs like taxpayer –funded rebate with performance based financing model.
In the beginning, there was a pilot of producing 124 MW of electricity through solar energy by installing various solar power plants but in the reality they were able to produce only 65 MW of it. Administration has release one kind of certification called as Solar Renewable Energy Certificates (SREC) under the new solar power grant methodology.
So if someone produces 1,000 KWH of solar generated electricity then they will gain one SREC. These credits in future can be sold to other electricity providers.
According to the new metering rules, net excess generation was paid at the utility’s full retail rate. This will be carried over to the next month as a credit. This new metering rules are capable of allowing the real time hourly pricing.
Due to various solar power projects, New Jersey is capable of producing 50 MW of electricity. Rebates and incentives are very attractive and providing 50% of the initial system installation cost. New Jersey has perfectly explored the solar world and used it. Very soon they will top the list of maximum solar power generating state of USA.