In New Jersey, there are 3 components to the solar energy incentives that are available:
NJ
Clean Energy REIP rebate- $1.55/watt to $1.75/watt for 10,000 watts
Federal 30% Income tax credit – no cap
NJ SREC Program- a program to pay you for your renewable energy credits
The federal ITC is a credit off your tax liability- it lowers the amount of your tax, not your income so it’s like cash!
A typical system in New Jersey might look like this:
| kW system would generate approx. 6,000 kWh/year or about | $1,200 year in electricity |
| Contract Cost | $38,750 |
| REIP Rebate | $ 8,750 |
| Net to Customer | $30,000 |
| 30% Fed ITC | $ 9,000 |
| Final Net Cost | $21,000 |
Sunrise Solar Solutions offers some unique financing options only available in NJ. These include a standard cash contract and a reduced rate contract.
Under the cash contract, you would break even between year 6 and 7 and would accrue savings of $53,612 over the system life, after accounting for SREC’s.
If you chose our reduced cost contract, we would credit you with $6,000 towards your final payment and you would assign your SREC’s to us for the first 5 years. After 5 years, they would accrue to your account.
For more on SREC’s visit http://www.njcleanenergy.com/renewable-energy/programs/solar-renewable-energy-certificates-srec/overview/ or go to our FAQ page