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

State Solar Incentives for Businesses · March 9, 2022

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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.