Solar Panels Cost $6.9k-$16k in Red Bank, NJ | May, 2025

New Jersey's Economic Development Authority (EDA) manages the Edison Green Growth Fund (EIGGF). Eligible businesses investing in new solar, wind, hydroelectric, biomass, or landfill gas energy devices may be eligible for a loan from the Fund. A maximum principal of $2 million is available, some of which takes the form of grant money. Over the course of the equipment's installation, the business should commit to creating at least 10 jobs pertinent to sustainability, which can include equipment maintenance. Additional information is available from the EDA website.

In New Jersey, interconnection and distributed generation are standardized across private utilities only. Local public utilities and utility cooperatives are not subject to interconnection guidelines but may adopt them voluntarily. Any system using a Class I renewable technology (solar, wind, biomass, geothermal, wave/tidal hydroelectric, landfill gas) may be connected to the power grid. Each system will be sorted into one of three capacity tiers governing permit processes, fees, review turnaround time, and the IEEE/UL performance and safety standards to which the system is subject. For Level 3 interconnection (the highest capacity level,) utilities may require disconnect switch installation or a minimum liability insurance policy. Additional information is available from the NJ Clean Energy website.

Through the Clean Energy Program, New Jersey homebuilders may qualify for special cash incentives if they follow certain green construction standards. Most homes can meet the criteria for an incentive by achieving ENERGY STAR certification. The rebate amount will be based on the property's Home Energy Rating System score. Higher incentives may apply if the home achieves energy net-zero, follows IECC 2015 insulation/weatherization standards, obtains 100% of its energy from on-site renewables, and/or follows EPA indoor air quality benchmarks. Additional programs, including similar incentives for multi-family residential property, are listed on the NJ Clean Energy website.

Since 2008, Public Service Electric and Gas has provided its residential and business customers special financing for new solar PV systems. Funding for the loan program is earmarked into five groups supporting different panel array types and sizes. The maximum principal available to a customer, as well as their interest rates, will depend on expected electricity production. Repayments can be made in cash or by the customer relinquishing ownership of the solar renewable energy credits (SRECs) their system generates. As SREC value fluctuates with market forces, customers will keep the SRECs not applicable to the loan. Additional information is available from the PSEG website.

Through the Clean Energy WARMAdvantage Program, New Jersey homeowners may be entitled to rebates on HVAC and thermal systems meeting energy efficiency standards. Any ENERGY STAR certified water heater, central HVAC system, or heat pump can qualify. Rebates are flat cash payments. Their amount depends on the type of system being installed. Bonus incentives may apply to solar water heaters or other systems powered using solar energy. Additional information is available from the NJ Clean Energy website.

In New Jersey, private/municipal utilities, electric retailers, and utility cooperatives may offer net metering contracts to their distributed renewable energy customers. Any solar PV/heating, wind, hydroelectric, or hydrogen fuel cell system, regardless of rated capacity, will qualify to participate. Upon signing the contract, the utility will install a bidirectional meter on the customer's system at no cost. This meter measures net excess generation (NEG) sent back to the grid. The customer's electric bill will be credited at a fixed avoided-cost rate for NEG generated during each billing cycle. Should generation exceed consumption for any given month, credits may carry forward to subsequent cycles. Customers may keep all solar renewable energy credits they generate.

New Jersey has a solar renewable energy credit (SREC) system to enforce solar carve-out provisions within the renewable portfolio standard. By 2028, solar energy must form 4.1% or more of the retail electric market in the state. Any solar facility in the state will generate SRECs for goal compliance so long as it is registered with the RPS program. Utilities are expected to purchase a portion of their SREC quotas through net metering and private solar array owners within their service area. The state operates a marketplace where utilities can enter power purchasing agreements (PPAs) or net metering contracts. Marketplace activity governs the fluctuating monetary value of individual credits. Additional information is available from the NJ Clean Energy website.

New Jersey has a renewable portfolio standard governing statewide clean energy investment. By 2030, 50% of all retail electricity in the state must be generated using renewable technology. Certain "carve-outs" require a portion of the renewable energy to be generated with solar and offshore wind systems. Compliance with the standard is measured using a Renewable Energy Credit (REC) system pegging a fixed amount of electricity to a variable dollar value. Each renewable energy device generates RECs, though utilities are expected to purchase some of their share of RECs from private customers. Solar renewable energy credits (SRECs) are accumulated separately to track carve-out progress. Should a utility fail to meet its REC or SREC quota, it will be assessed an "alternative compliance" penalty fee for each kilowatt it is deficient. Additional information is available from the NJ Clean Energy website.