New Jersey Renewable Energy Credits

The rps requires each electricity supplier serving retail electricity customers in the state to procure 22 5 of the electricity it sells in new jersey from qualified renewable energy resources by 2021.

New jersey renewable energy credits.

Many states have an rps but new jersey is among the few that also has a solar carve out. On september 9 2020 the board of public utilities approved the final new jersey offshore wind strategic plan the state s comprehensive roadmap for achieving 7 500 mw of offshore wind energy by 2035 the plan was developed by ramboll u s. For example if a wind power facility produces 5 mwh. On top of these revenue streams new jersey has also granted residential solar a couple tax breaks to help keep the costs down.

2 new jersey sets a renewable portfolio standard rps requiring companies that provide electricity to get a portion of its energy from renewable sources like solar power. When you purchase your home solar system you will be 100 percent exempt from any sales tax due to the pv energy sales tax exemption. New jersey s clean energy program will come pick it up for free and offers a 50 incentive. Corporation through an extensive public stakeholder process.

Stellar credit or being able to provide significant collateral. Solar sales tax exemption. Solar renewable energy credits or srecs can help home solar system owners earn a return on solar. In other words renewable energy credits paired with electricity from the grid are renewable energy that is being generated on your behalf.

Call 866 njsmart 866 657 6278 for more information on njcep or 877 750 gats 4287 for information on the pjm eis srec tracking system. New jersey solar panel tax credits. Have a great business plan to support your. New jersey s renewable portfolio standard rps is one of the most aggressive in the u s.

Various programs and lenders in new jersey are available to help you raise startup capital or obtain a loan for your business. That means you ll. Above all the state s renewable portfolio standard and associated solar renewable energy certificate srec market have been instrumental towards growing solar throughout the state. However in june 2018 the state decided to phase out srecs in favor of a new yet to be established successor solar program.

A rec is produced when a renewable energy source generates one megawatt hour mwh of electricity and delivers it to the grid. New jersey s clean energy program uses the srec tracking system gats generation attribute tracking system developed and supported by pjm environmental information services pjm eis. Oil propane municipal electric customers new jersey residents who are municipal electric oil or propane customers are eligible to participate in and receive incentives from certain programs. You can explore them through the business action center s financing and incentives guide at the link below.

A quick background of solar incentives in new jersey. How recs are generated. To meet the rps electric companies can buy solar credits from home solar systems.