New Jersey Resources (NJR), based in Wall, N.J., has unveiled its first solar program, which will provide customers with solar panels with no up-front installation or maintenance costs. In addition to this initial program, NJR is in the process of exploring several other solar and renewable opportunities in the residential, commercial and industrial markets.
NJR Home Services, an unregulated subsidiary of NJR, will lease solar panels to homeowners for approximately $52 per month for a 6 kW system over a 20-year period. That monthly rate is fixed over the life of the lease and includes all installation and maintenance costs.
NJR plans to initially make this offer to approximately 130 residential customers, and assuming full participation, expects to invest up to $4 million. Investments made by the company will qualify for a 30% federal investment tax credit, along with current New Jersey Clean Energy Program rebates of up to $1.55 per kilowatt installed.
In addition, the energy produced will be eligible for solar renewable energy certificates, which can be sold to load-serving entities in New Jersey to meet their renewable energy requirements. Lease payments from residential customers will provide additional return on investment.
SOURCE: New Jersey Resources