Believe it or not New Jersey is the second largest solar energy market in the United States. A far second to the leader California. However, the great state of New Jersey has doubled down on solar energy yet again, as the legislature approved an increase to the amount of solar energy utilities must buy or create, putting New Jersey back on the map of top solar energy markets.
Bloomberg news reported that the vote was 68-4 approving the bill. All this came after the New Jersey solar market surpassed California for the first time in MW installed in the first quarter of 2012. California still the clear overall leader, New Jersey solar power installers are showing they can hang, hang a lot of panels. The expansion in rooftop solar energy installation continues to prove that in the United States our strength and ability to create jobs is in the installation businesses.
Governor Chris Christie, a Republican, still has to sign the bill. He has gone on record publicly many times that he and his administration support the New Jersey solar energy industry and will continue to support it and the thousands of jobs it creates. He also stated if the bill passed he would sign it. Let’s hope that promise holds true.
In New Jersey there is a renewable energy standard for the electric utilities. This means that utilities must obtain a certain percentage of their power from renewable energy, in this case that percentage is 20.4 percent by 2021. A large percentage of which over 2,500 gigawatt-hours coming from solar energy. If the utility misses it’s goal there is a steep penalty.
This type of standard provides a market based incentive called an SREC, which is the equivalent to 1000kwh. The value of the SREC fluctuates based on supply and demand. With the increased goals New Jersey solar producers now have less supply then demand which will increase the value which is paid to residential and rooftop solar owners. Thus providing a greater incentive for customers to install solar panels.
Included in this new plan are limitations to large utility scale development projects putting more incentive on those who develop smaller rooftop projects. We may soon be calling New Jersey the Sun Power state. This will greatly help residential customers who are looking to go solar with no money down as solar lease providers increase their efforts to install solar.
Abundant Energy is an installer of both residential and small to mid sized solar energy installations in both the New Jersey and Florida markets. With over 30 years of business experience installing rooftop solar systems Abundant Energy provides is prospective and current customers with high quality solar energy installations for generating electricity (photovoltaic), swimming pool heating and thermal domestic water heating.
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