New Jersey Solar Policy Update — New “Transition” Incentive Program!
New Jersey has always been a great state for solar, but in May 2018, Governor Murphy called for an adjustment to the current SREC incentive program. Since then, NJ businesses have been awaiting the new policy announcement to determine how the state will reach its lofty renewable energy goals.
“We are thrilled to have clarity on the future of New Jersey solar and to be able to deliver our clients clean, renewable energy with strong project returns,” says Peyton Boswell, Managing Director of PowerFlex.
Based on news from the BPU this morning, the approval of the current proposal creates the Transition Renewable Energy Credit (TREC) Program, which will provide all types of solar systems, especially large rooftop projects, 15-years of fixed revenue for generating solar energy on-site.
Additionally, with attractive Net Metering policy, the Federal Investment Tax Credit (ITC) and the state’s high electricity costs, going solar in New Jersey is a prudent business move.
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