Owner of Solar Array Will Receive SRECs For System

Posted by SI Staff on December 27, 2006 No Comments
Categories : FYI

American Energy Technologies (AET), a Wayne, N.J.-based renewable energy system designer and builder, has installed a solar photovoltaic array on an office building in Millburn, N.J., capable of generating 72 kW of electricity.

According to AET, the building owners will receive Solar Renewable Energy Certificates (SRECs) for each kilowatt-hour of electricity produced by the array. The SRECs can then be sold online to a list of purchasers, including utility companies.

‘This is the first such installation in the village of Millburn and is a unique effort for this mixed-use office building in a downtown setting,’ says Richard King, AET's president. ‘The owners have taken advantage of the state's incentives and the federal tax credit and done a service to the community.’

AET included a rebate grant from the New Jersey Board of Public Utilities, which represented over 50% of the cost to build the system. The array, located at 75 Main Street, was also installed using a 30% federal tax credit, the company adds.

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