NEWARK– The New Jersey Board of Public Utilities announced today that New Jersey now has over 100 MW of solar capacity with more than 4,340 projects statewide. The ground-breaking achievement is the latest example of New Jersey’s renewable energy leadership and commitment to reducing greenhouse gas emissions, officials said.
New Jersey’s solar success is particularly remarkable for the rapid progress it has made in reaching the 100 MW milestone, officials noted. Seven years ago, the state had only six solar installations.
Since that time New Jersey has established a model program that incorporates both energy efficiency and renewable energy. New Jersey’s integrated approach to solar development includes a strong Renewable Portfolio Standard (RPS) with a solar electric set aside, excellent interconnection and net metering standards that have made it easier for systems to connect to the distribution system, a Solar Renewable Energy Certificate (SREC) financing model that provides energy credits and additional long term financing for those who invest in solar.
New Jersey’s Solar Renewable Energy Certificate financing model is one of the state’s newest initiatives to develop a vibrant solar market. Representing all the clean energy benefits of electricity generated from a solar electric system, one certificate is issued for each 1,000 kWh (1MWh) generated. Certificates are then sold or traded, separately from the power, providing solar system owners a source of revenue to help offset the cost of installation. In most cases, certificates replace state rebates, which fueled solar growth in the early years of New Jersey’s solar program. New Jersey is the first government globally to adopt the use of certificates to help finance solar projects on a broad scale.
“The NJBPU is continually looking to efficiently increase our renewable energy generation while reducing New Jersey’s greenhouse gas emissions,” said Jeanne M. Fox, president of the NJBPU. “Today, our innovative SREC financing model combined with federal tax credits and New Jersey’s Renewable Energy Portfolio requirements provide the incentives needed to continue to spur New Jersey’s solar growth.”
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