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.

New jersey solar panel tax credits. Solar renewable energy credits or srecs can help home solar system owners earn a return on solar. A quick background of solar incentives in new jersey. Corporation through an extensive public stakeholder process.

Have a great business plan to support your. A rec is produced when a renewable energy source generates one megawatt hour mwh of electricity and delivers it to the grid. New jersey has a renewable portfolio standard rps that requires electric utility companies within the state to source 50 percent of its electricity from renewable technologies by 2030. Many states have an rps but new jersey is among the few that also has a solar carve out.

New jersey offshore wind strategic plan. 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. On top of these revenue streams new jersey has also granted residential solar a couple tax breaks to help keep the costs down. To meet the rps electric companies can buy solar credits from home solar systems.

For example if a wind power facility produces 5 mwh. However in june 2018 the state decided to phase out srecs in favor of a new yet to be established successor solar program. New jersey s clean energy program will come pick it up for free and offers a 50 incentive. Stellar credit or being able to provide significant collateral.

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 uses the srec tracking system gats generation attribute tracking system developed and supported by pjm environmental information services pjm eis. How recs are generated. This requires a set portion of this renewable electricity to come.

New jersey s renewable portfolio standard rps is one of the most aggressive in the u s. Solar sales tax exemption. 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. 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.

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. In other words renewable energy credits paired with electricity from the grid are renewable energy that is being generated on your behalf. Various programs and lenders in new jersey are available to help you raise startup capital or obtain a loan for your business.