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Rebates and Incentives

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Rebates and Incentives

SREC’s

In New Jersey, SREC’s are the main driver for solar. SREC’s (Solar Renewable Energy Certificates) are earned through your PV system. For every Megawatt hour of energy your system produces, you earn one SREC. You then sell your SREC’s on the open market to the utility companies (Green Planet can provide this service for you). Depending on your appetite for risk and your feel for the market, you can sell SREC’s as you earn them at market price or you can pre-sell them up to 10 years in advance for a reduced, but fixed price. Click here www.njcleanenergy.com for more detailed information on New Jersey’s Clean Energy Program.

Federal Grant (Section 1603 Payment)

Federal incentives for commercial owners include a 30% Grant (Section 1603) payment. This means that the federal government will issue you a check for 30% of the total cost of your array within 8-12 weeks after your system is commissioned. This is not a loan and it is not a rebate. This is a Federal Grant that never has to be repaid.

MACRS Depreciation

Under the Modified Accelerated Cost-Recovery System (MACRS), any solar array placed in service before January 1, 2012 qualifies for 100% first year bonus depreciation. Depending on your businesses’ tax rate and appetite for tax incentives, this is like getting an additional 30% back at tax-time.