Trenton, New Jersey, is the seventh largest site for new solar projects under development, according to a new analysis released today. On Friday, December 6, 2019, the Office of Science and Technology Policy (OSTP) of the US Department of Energy approved a $1.5 million funding program to support the development of the latest government solar incentive program (1) entitled Transition Renewable Energy Certificates (TREC). South Plainfield - Petra Solar, Inc., is the first company to receive funding under the new program and the second largest renewable energy provider in Trenton.
The SREC program allows solar system owners to earn up to $1 per 1,000 kWh of energy they generate from solar energy per S REC. Solar panels in Trenton, New Jersey, that earn an SREC can be sold to utilities for a total of $2,500 per kWh, or $4,200 per year.
To increase the energy savings from the SREC sale, the economic benefit is up to $1 per 1,000 kWh generated by the solar panel system. Your own solar system for your home will power your home, business, office or other residential and commercial buildings in Trenton.
Just like buying a car, solar panels are a smart investment, and when combined with the tax relief available to finance them, their system becomes one of the best investments you can make for your property. The purchase of solar panels is preferable to leasing, because this way you can keep the costs of your solar panels as low as possible. If you lease the panels, the credits will go to the landlord instead, but the owner of a new solar system can apply for tax breaks while it is in operation.
This means that SRECs play an important role in the return on investment for New Jersey solar installations. There is no doubt that there is a great interest in solar energy in Trenton and other parts of the state, largely due to the low cost of solar panels and the tax breaks.
The Solar Investment Tax Credit (ITC) is probably one of the largest programs anyone interested in solar energy should consider. The first solar incentive is the Investment Tax Benefit, or I TC, which currently allows the first $100,000 of investment in installing a solar plant to be deducted from the tax.
The GECC has contributed significantly to bringing solar energy to the Catholic churches in New Jersey with over 1,000 solar panels in the last two years.
Solar energy also helps to address the climate crisis, and the Trenton community can be an example others can aspire to. Our team has the entrepreneurial skills and project management to know how to conduct solar research and development and deliver a clean energy solution that the citizens of New Jersey, New York and New England will be proud of. We specialize in solar, wind and other renewable energy technologies that can reduce energy consumption and help reduce environmental damage.
Petra Solar is proud to create green jobs in Trenton, New Jersey, New York City and New England. The implementation of the Clean Power Plan and the state clean energy tax credit will ensure that all our low-income families receive strong support in developing clean energy solutions for their families. We need a strong clean energy policy that puts their needs first, to ensure that they can also participate in our solar revolution.
It takes about 4-5 years for a solar-powered photovoltaic system to pay for itself and there is a return of 20%. The average solar system in Trenton costs about $1,000 more than the average home in New York City. New Jersey already has a strong track record of building a thriving 21st century economy based on clean energy, not fossil fuels. Solar energy helps you save money month after month, creates jobs, boosts economic investment and saves taxpayers money.
If you are looking for a solar panel package that is connected to the grid, there are a number of factors you want to use to start planning. These factors may affect the price, but these figures show the estimated payback and break-even period. A renewable energy certificate (SREC) shows that you can generate a certain amount of electricity without using solar power for at least a year, at a cost of about $1,000 per year.
This is used as part of New Jersey's Renewable Energy Standard, also known as the Renewable Portfolio Standard (RPS), to show that regulated companies are meeting their solar energy targets.
Community solar participants, who may be residential, commercial or industrial customers, can receive credits for their energy consumption provided they comply with New Jersey RPS and are responsible for at least 10% of the solar energy produced. In addition, Trenton residents can amass credits on their electricity bills for the clean energy they generate. Under the NJBPU Clean Energy Program, managed by the state Department of Environmental Protection (DEP) and the New York State Energy Research and Development Authority (NYSEDA), municipal solar projects must have at least ten subscribers. Solar programs can participate by feeding their solar energy directly into their homes and buildings, which directly benefit from lower electricity costs, according to a press release.