t isn’t the sunniest place in the country, but New Jersey consistently earns one of the top spots in our annual ranking of the states for their friendliness to home solar. The Garden State earns that top spot both because it has excellent legislative policy driving the solar marketplace, which includes the nation’s top solar incentive: Solar Renewable Energy Credits, or SRECs for short.
Here are the most important things you need to know about SRECs:
Each SREC is worth about $200 to owners of solar systems in New Jersey
The average homeowner can earn about 6 SRECs per year (that’s $1,200, for those of you playing along at home)
You get SRECs for the first 10 years of owning your system (that’s $12,000 over 10 years.)
The SREC program will soon close to new applicants. Maybe in 2019, but certainly by 2021
People who install solar before the end of the program can receive SRECs for the full 10 years
So that, uh… means you’ve gotta act fast, and the cost of not acting could be $12,000 or more. Local solar installers are the experts on making sure you get the most value for the SRECs your system can produce.
If you’re ready to find out how much you can save with a solar panel installation for your home, get multiple quotes for solar from expert installers and make sure you get an estimate of the SRECs your system will produce.
The details of the current and historical SREC program are a little complicated, so let’s delve in: