An innovative solar program was launched by New Jersey Resources (NJR). The solar program, the first of its kind by the company, will enable customers to own solar systems with no upfront costs including for installation and maintenance. The customers can have easy access to affordable renewable energy through this solar program. In addition, the company is also scouting for other opportunities in the industrial, commercial, and residential renewable energy and solar markets.
Even after government incentives and tax rebates, solar panels can cost thousands of dollars. NJR’s unregulated subsidiary, NJR Home Services, will provide homeowners solar panels through a lease program that will cost them about $52 every month over a 20-year agreement period for a 6-kW solar system. The lease covers installation as well as maintenance costs.
Initially, about 130 residential customers will be offered this solar program from NJR. Up to $4 million is expected to be invested by the company if the program attracts full participation. The company’s investment will be eligible for 30% federal investment tax credit in addition to rebates from the New Jersey Clean Energy Program. Up to $1.55 per kilowatt of installed capacity is offered through the Clean Energy Program. Solar Renewable Energy Certificates (SRECs) are also available for power generated from the systems. These SRECs can be sold to New Jersey’s Load Serving Entities.
The customers will start saving immediately after the system is energized and connected to the utility’s meter. The monthly savings on energy costs for the average homeowner is expected to be about $100. Customers can save $20,000 in energy costs over the lease period.