New Jersey Renewable Energy Credits

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 renewable energy credits.

Solar sales tax exemption. 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. Many states have an rps but new jersey is among the few that also has a solar carve out. 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.

New jersey s renewable portfolio standard rps is one of the most aggressive in the u s. On top of these revenue streams new jersey has also granted residential solar a couple tax breaks to help keep the costs down. Various programs and lenders in new jersey are available to help you raise startup capital or obtain a loan for your business. A quick background of solar incentives in new jersey.

Solar renewable energy credits or srecs can help home solar system owners earn a return on solar. New jersey s clean energy program will come pick it up for free and offers a 50 incentive. That means you ll. 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. 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 uses the srec tracking system gats generation attribute tracking system developed and supported by pjm environmental information services pjm eis. To meet the rps electric companies can buy solar credits from home solar systems.

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. This requires a set portion of this renewable electricity to come. Corporation through an extensive public stakeholder process. For example if a wind power facility produces 5 mwh.

Stellar credit or being able to provide significant collateral. You can explore them through the business action center s financing and incentives guide at the link below. 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. In other words renewable energy credits paired with electricity from the grid are renewable energy that is being generated on your behalf.

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. How recs are generated. New jersey offshore wind strategic plan.