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Commercial Rebates & Incentives
Currently incentives have put New Jersey #2 in the country next to California. The NJ SREC program is one of the highest paying programs in the country making New Jersey a worthy leader in the solar industry. Add State and Federal incentives and now solar owners are looking at 5 year paybacks instead of 15+ years. However these incentives will not last forever and programs are expected to end soon.
New Jersey State Rebate:
Residential & Residential PPA: State will pay a rebate on the total watts installed. The current rate is $0.75/watt installed up to 7,500 watts.
Note: If you wish to exceed 7,500 watts, you cannot claim this rebate.
Non-Residential (Public and Non-Profit): $0.75/watt up to 30 kW [30,000 watt].
Note: If you wish to exceed 30,000 watts, you cannot claim this rebate.
Commercial & Non-Residential PPA: Not Eligible.
Federal Tax Credit:
Federal government is offering a 30% tax credit or a 30% tax grant towards the purchase of a solar electric system. Consult with your tax advisor as your tax situation may differ. 5 Year Accelerated Depreciation also available.
SREC (Solar Renewable Energy Credit):
This incentive is structured over a 15 year term. One SREC equals 1000 kWh generated by your solar system. The current rate is approximately $663 per SREC.
Example: 20kw solar system generates approx 25,000kwh/yr = 25 SREC's a year = $16,575
Note: There is an average 3% annual decrease in SREC value.
In order to obtain the dollars from an SREC, the SREC must be auctioned to buyers (power brokers) who purchase the SREC from you at the fair market price (which usually falls approximately in the 3% range noted in the example above). This requires time and effort over the course of the SREC term of 15 years which is sometimes unappealing to solar owners but M2M Energy can help with SREC Management.
SREC Management
M2M Energy can manage the SREC's for you. This type of service is highly recommended if you do not wish to manage this aspect of the solar system's financial benefit for the next 15 years performing SREC trading, selling, etc. As industry professionals we understand and keep up to date with the market place, price ranges, program details, etc. Let us deal with the hassle while you collect your revenue worry-free. M2M Energy offers this service for 5% per SREC on systems between 2 kW to 10 kW. For larger systems please contact your M2M Energy Solar Rep.
Due to the constantly changing programs, please visit www.dsireusa.org or www.njcep.com for more information.
