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February
3, 2009
Trenton,
NJ, USA: New Jersey Launches Renewable Energy Incentive Program
New
Jersey has launched its new Renewable Energy Incentive Program
for 2009. The program – in which all ratepayers of BPU regulated
utilities are eligible to participate – will provide incentives
for onsite renewable energy projects using solar, wind and biopower
technologies.
Residential
solar projects less than or equal to 10 kW can receive a rebate
of $1.75 per watt for ratepayers who complete an energy audit
through the Home Performance with ENERGY STAR® Program. Residential
projects that do not complete the audit will receive rebates of
$1.55 per watt. Non-residential solar projects that are less than
or equal to 50 kW can receive rebates of $1.00 per watt. Solar
projects larger than 50 kW are not eligible for rebates.
The
solar rebate levels will be in effect for applications received
from February 3, 2009, through April 30, 2009 – subject to availability
of funding. The rebate amounts are subject to change throughout
the year.
“New
Jersey’s Clean Energy Program™ is making renewable energy technologies
like solar, wind and biopower affordable and practical by providing
financial incentives, along with technical and program support
needed for implementation,” said BPU President Jeanne M. Fox.
Incentives for wind projects will be based on the estimated system
production, and incentives for biopower projects will be based
on system capacity.
An
additional rebate amount of $0.25 per watt will be available for
projects that use renewable energy systems or components manufactured
or assembled in New Jersey.
Renewable
Energy Certificates (RECs) are available for all renewable energy
projects and are calculated based on the electricity a renewable
energy system generates. System owners can sell or trade these
certificates to electricity suppliers, who are required to buy
and retire a certain number of RECs each year to meet their obligations
under the state’s Renewable Portfolio Standard. RECs can help
renewable system owners pay for their projects over time.
Further details about: New
Jersey’s Clean Energy Program
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