Dec 28 2010
Adam Putter, who is the President of a Fort Lee-based company, Solar Roof Development, revealed that last December the Congress had passed tax legislations and also extended the grant for the Renewable Energy Program offering 30% cash rebates for eligible projects.
The legislation should have expired by 2010 end, but now will be applicable till the end of 2011. He mentioned that the Grant, which was known as Section 1603 Grant, was enacted as a section of the American Recovery and Reinvestment Act of 2009, and has been highly beneficial for the renewable energy industry growth in the New Jersey area, as it has seen a 400% growth in commercial solar installations since 2008.
Solar Roof Development mainly works with commercial real estate owners advising them and informing them about the financial benefits i.e. incentives offered by Federal and State Governments. They also help owners to identify the appropriate solar installers. Each project has a different set of requirements and the company helps out in locating the apt contractor, financing structure and products for a solar installation project. Any solar installation purchase would continue to receive 30% of the system cost from the US Government. Banks were also ready to provide finance options for solar projects by taking the grant as a down payment thus enabling the company to purchase the necessary equipment with almost nil payment.
Solar Roof Development offers consultancy services for nursing homes, industrial, residential buildings and hotels that apply for solar installation grants. Their services also include energy audits, competitive bidding for equipment and a network of installers, counseling financial options, tax benefits and investment returns. New Jersey, being the third biggest industrial hub, is a prime market for solar energy, and the incentives and the federal grant programs make solar energy, a highly viable proposition.