Solar Roundtable at Monmouth University Focuses on Fastest Growing Solar Market in the Country
NEWARK, N.J. -- Over sixty leading solar market participants and community representatives gathered at Monmouth University in Long Branch, New Jersey to celebrate the installation of one of the largest solar systems on the east coast and to discuss the future of New Jersey's solar market. The Monmouth University 454 kw solar installation is now one of over 1840 solar installations across the Garden State.
The BPU announced third quarter 2006 results for the growth of New Jersey's solar market at the event. The reported numbers show that New Jersey has more than doubled its solar capacity in the first nine months of 2006. Therefore, since 2006, New Jersey now has more than 1840 solar electric systems across the State with over 26 MW of installed solar capacity. The rapid growth in solar installations across the Garden State is due to New Jersey's Solar Financing Model, which effectively helps drive investment in solar technologies by combining state financial incentives with net metering benefits, electric cost savings, federal tax credits and clean energy credits.
"The rate at which this market is growing is absolutely incredible and we are consistently impressed with the efforts of the solar industry and community leaders like Monmouth University who have been instrumental in growing this market," said NJBPU President Jeanne M. Fox. "However, New Jersey's solar financing model is integral to our shared success and will be even more critical to our ability to continue this level of growth and our position as a national solar market leader."
Based on its financing model, New Jersey has reduced the payback period for solar installation down to ten years or less. Both business and residential customers have taken advantage of state's Customer Onsite Renewable Energy (CORE) rebates, which reduce the upfront costs for the installation of renewable energy technologies including solar, wind and biomass by as much as fifty percent. During the first nine months in 2006, New Jersey reports over $46 million dollars in rebates to NJ ratepayers for the installation of over 10 MW of solar photovoltaics. An additional $56 million in CORE rebate commitments were made available by the Board in September bringing the final 2006 budget for the rebate program to $147 million. The Office of Clean Energy estimates that an additional 200 installations representing an additional 5 MW of solar capacity will be completed within the fourth quarter. In comparison, New Jersey installed a total of 9.9 MW of solar capacity from 2001 through 2005, representing a total of $43.9 million in rebates.
