Solar by State

New Jersey

Incentives Make Solar More Affordable Than Ever

The combination of government and utility incentives can drive down the cost of your solar installation by more than 50%! Federal, State, and Local governments, along with utilities, are pitching in to lower the cost of home solar power because solar is a great investment for them as well as for you. If you choose to lease your solar system, you still benefit because most of these incentives transfer to your system owner. The incentives require some paperwork, which Astrum Solar will take care of for you.

Federal, State and Local Rebates

Federal Rebate

The Federal rebate is very straightforward. It is 30% off your installation price. It’s a simple one page form that attaches to your Federal tax return and you will get your money as a tax rebate. There is no risk money will run out.

New Jersey State Renewable Energy Incentives Program

The New Jersey Renewable Energy Incentive Program (REIP) funding is now closed. Over 7,500 solar PV systems have been installed in New Jersey since 2001. For more information see the State of New Jersey website.

Solar Renewable Energy Credits

Most states have laws requiring utilities to produce a percentage of their electricity using renewable sources of energy (or pay a fine to the state). The utility can meet this requirement by buying Solar Renewable Energy Credits (SRECs) from solar homeowners. It’s a win-win-win situation! You get money from the utility for putting up solar panels, the utilities don’t need to become experts in adding solar to roofs, and the state gets more solar installations.

Astrum Solar can offer you the best value for your SRECs. That’s because SRECs prices are not fixed but negotiated, and Astrum Solar, as one of the region’s top SRECs aggregators, has the leverage to get the best price for our customers. We are also the only installation company that offers an upfront payment for the value of all your future SRECs, thereby reducing the initial out-of-pocket cost of your installation. Astrum Solar customers have the option of selling their SRECs to Astrum Solar upon purchase of their solar system or over a period of years.

What is one SREC Worth?

When you use our Solar Calculator to get an estimate for a solar installation for your home, it will show you the price we can offer you for your SRECs. You can also visit Astrum SRECs to learn more.

In the 2012 energy year, ending May 31, 2012, the utility companies pay a fine of $658 for each SREC that they are missing from their required portfolio at the end of the year. Therefore, the utility should be willing to pay a homeowner between $1 and $657 for each SREC so that they don’t have to pay the state $658 for each missing SREC. The fine amount, called the Alternative Compliance Penalty (ACP), has been set through 2016 and each year the New Jersey Board of Public Utilities (BPU) reviews the schedule and adds an additional year.

New Jersey Yearly ACP per SREC

2012 $658
2013 $641
2014 $625
2015 $609
2016 $594