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Reduced Payback Period Boosts Solar Projects in New Jersey
The state of New Jersey has seen a rapid growth in solar energy installations in recent months.
New Jersey has more than doubled its solar capacity in the first nine months of 2006, with now more than 1840 solar electric systems and over 26 MW of installed solar capacity, according to New Jersey Board of Public Utilities (NJBPU).
The growth in solar installations across New Jersey is due to the Solar Financing Model which helps drive investment in solar technologies by combining state financial incentives with net metering benefits, electric cost savings, federal tax credits and clean energy credits.
The payback period for solar installation in New Jersey has been reduced down to ten years or less. Both business and residential customers take advantage of state's Customer Onsite Renewable Energy rebates, which reduce the upfront costs for the installation of renewable energy technologies including solar, wind and biomass by as much as fifty percent, according to NJBPU. During the first nine months in 2006, New Jersey reports over $46 million dollars in rebates to ratepayers for the installation of over 10 MW of solar photovoltaics.
Solar renewable energy certificates also aid in reduced payback time, according to NJBPU. The certificates provide long term financing for solar systems by compensating the solar generators for each MWh of clean, solar electricity produced. Over 10,700 certificates have been purchased.
"The rate at which this market is growing is absolutely incredible and we are consistently impressed with the efforts of the solar industry and community who have been instrumental in growing this market," says NJBPU President Jeanne M. Fox.