Utility Financing Programs
In July 2008, the New Jersey Board of Public Utilities (NJBPU) directed the four Electric Distribution Companies (EDCs) to develop long term contracting or financing programs for the development of solar energy systems. At that time, the NJBPU approved innovative financing programs at all four of the states electric utilities to support the installation of solar photovoltaic systems that produce clean, renewable electricity for customers' onsite use.
Solar Renewable Energy Credits (SRECs) generated by the solar energy systems will be sold at auction to energy suppliers who are required to purchase a certain quantity of SRECs to meet their Renewable Portfolio Standard requirements.
SRECs which accrued from the EDC Solar Finance programs were auctioned with the proceeds used to recover program costs. More information about the auctions including the auction results can be found here.
On March 12, 2012 the Board issued an Order on changes to the purchase sale agreement regarding extension requirements.
The utility solar financing programs expired in 2011 and are no longer accepting new applicants at this time. However, on June 01, 2012 the EDCs filed a Notice of Intent to participate in an Extended EDC SREC Program consistent with Staff's recommendations adoped by the NJBPU.
Learn more about financing programs in specific utility areas.
In addition to the program offered by the utilities, the State of New Jersey Green Homes Office offers a MultiFamily Solar Funding Project.