The programme – in which all ratepayers of BPU regulated utilities are eligible to participate – will provide incentives for onsite renewable energy projects using solar, wind and biopower technologies.
Residential solar projects less than or equal to 10 kW can receive a rebate of US$1.75/W for ratepayers who complete an energy audit through the Home Performance. Residential projects that do not complete the audit will receive rebates of US$1.55/W.
Non-residential solar projects that are less than or equal to 50 kW can receive rebates of US$1.00/W. Solar projects larger than 50 kW are not eligible.
The solar rebate levels will be in effect through April 2009 – subject to availability of funding. The rebate amounts are subject to change throughout the year.
Incentives for wind projects will be based on the estimated system production, and incentives for biopower projects will be based on system capacity. An additional rebate amount of US$0.25/W will be available for projects that use renewable energy systems or components manufactured or assembled in New Jersey.
Renewable Energy Certificates (RECs) are available for all renewable energy projects and are calculated based on the electricity a renewable energy system generates.