In June, 2015, NJ Assembly Democrat Tim Eustace introduced legislation to provide financial incentives for homeowners using solar panel power systems. The Solar Power Incentive Program (SPIP) aims to reduce power grid congestion and make New Jersey more environmentally responsible. According to the New Jersey Clean Energy Program, the state has more than 37,000 solar installations, and passage of SPIP will likely skyrocket these numbers.
Under this new legislation, homeowners living within designated zones around the state will be reimbursed 15% of the installation cost of a panel system and $1.50 per watt of energy produced by the system. Not only will this make home solar panel use more economically feasible, but it will also lessen taxpayer expensive to maintain and upgrade the congested public energy grid.
What’s the Catch?
SPIP is limited to solar panel systems with a capacity of 25 kW for residential properties and 200 kW for non-residential properties. While the legislation intends to reimburse a percentage of the cost, homeowners are still responsible for the majority of the expense. The program is only expected to remain in effect for three years following passage.
In addition to long-term energy cost savings and sustainability for the homeowner, there are a number of advantages for New Jersey residents. SPIP will reduce rolling blackouts, brown outs, and other inconveniences caused by an over-worked electrical grid system. Despite the three year limit to the bill, solar panels increase a home’s value and can positively affect property values for the surrounding community. This is also the case for areas that are seen as more environmentally friendly and eco responsible.
If you are intrigued by what The Solar Power Incentive Program can do for you, contact us. It is never too early to start planning your solar panel system options!