Solar Energy for New Jersey Businesses – History, Benefits and What’s on the Horizon

Key Takeaways:

  • NJ is a national leader in solar
  • The state has supported the solar industry through supportive policy – primarily through Renewable Energy Certificates and State mandated Renewable Portfolio standards

  • The future of NJ solar is strong with the passage of the NJ Solar Successor Program being put in place in 2021

  • Economics of NJ and different ownership and financing options

  • What is on the horizon
    • Potential impacts of pending climate legislation
      • 30% Federal ITC For Solar PV
      • 30% Stand Alone Storage ITC
    • Permanent community solar program
      • Solar Act of 2018 established a Community Solar Pilot program Capacity allocated based on a competitive solicitation where projects are scored based on location and off taker-based metrics
      • Solar Act of 2021 – Mandates a permanent community solar program be established by the Board of Public Utilities (BPU)
        • Will either be a continuation of the pilot program or a first come first served program.
    • Battery storage potential incentives
      • 2018 Solar Act establishes a 600MW storage goal by 2021 and 2000MW by 2030
      • NJ has a battery storage goal but no current incentive structure to reach this goal – battery storage programs are currently in development but have not been finalized or made public.

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