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Unread 02-20-2010, 08:33 AM
 
786 posts, read 1,511,803 times
Reputation: 220
Default Residential Solar Installation - rebates disappearing?

Hi all,

We are considering installing a solar system on our home (5-6 kW) after we heard the rebates for such a thing might disappear after summer because of NJ government cuts.

Does anyone here know of good installers? Here are two that were recommended, but have no experience with them.

a co-worker mentioned these guys will get u a large 10 KW system for less than $10k out of pocket costs, less than $5k for a smaller system. haven't contacted them yet.
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this one is in cherry hill, recommended by a friend in south jersey who had his home done, but they don't seem to have a website. however i visited my friend's place and it looks ok.
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We want to get it done as soon as possible. At least apply for it because applying doesn't mean you have to actually get it later, but it reserves your place in getting rebates. Is this true?

Last edited by Viralmd; 02-20-2010 at 08:49 AM.. Reason: No links/recommendations from members with fewer than 10 posts.
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Unread 02-22-2010, 02:43 PM
 
Location: Vermont
4,397 posts, read 7,806,689 times
Reputation: 1631
kalim what sort of rebates are you expecting. i was under the impression most of the "rebates" come in the way of SRECs which are paid yearly based on the size of your system.
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Unread 04-16-2010, 07:54 AM
 
2 posts, read 1,567 times
Reputation: 10
There are several incentives currently available. You will get a 30% federal tax cut right off the total installation cost, if you get an energy audit you will also get $1.75/watt through the NJ REIP program, there will be no state or federal sales tax, there will be no property tax increase and you can keep the SRECS. So a 7K kWh system that could cost about $56,000 will be $39,200 after the tax credit and $26,950 after the REIP rebate (but you must follow the rules exactly to get this rebate). Then your SRECS will probably get you about $3000/year ($500/SREC X 6 SREC's generated) leaving you with a break-even of about 9 years. After that you will not only have free electric power but an income source (as long as the SREC program is continued).
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Unread 12-30-2010, 01:47 PM
 
3 posts, read 1,767 times
Reputation: 10
The incentives have changed from April:

Residential:
30% Federal Tax Credit
Small NJ State Rebate (Max $3,750) if you utilize the utility SREC contract programs. (as of 1/1/11)
The SREC program is active and is mandated by NJ Law until 2026.

In addition, the prices for solar systems have really come down considerably.
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