The Garden State just got a little brighter for New Jersey residents! Owning on-site solar in New Jersey has more advantages than you think. When New Jersey’s Clean Energy Program was first introduced in 2001, there were only six solar installations in the state. Now with over 174,692 solar installations, New Jersey is one of the states leading the charge toward a clean energy transition.
One of its most notable solar incentives is the New Jersey Solar Successor Incentive (SuSI) program, formerly known as New Jersey’s Solar Renewable Energy Credits (SREC)-II solar program. The SuSI program awards residential and commercial entities that generate solar power one SREC-II certificate for every 1,000 kWh of electricity produced. Below, we take a closer look at how Catalyst Power can help New Jersey commercial and industrial customers get the most from the program’s benefits by utilizing our Connected Microgrid® and accompanying Power Purchase Agreement (PPA).
How Does It Work?
SRECs are financial and environmental incentives encouraging solar energy production and reducing carbon emissions. For every 1,000 kWh of electricity a solar power installation generates, i.e., our Connected Microgrid, Catalyst Power earns an SREC. Since Catalyst Power owns the Connected Microgrid solution, we operate and maintain it, saving you the high upfront installation and maintenance costs. Catalyst Power uses the SRECs produced by the solar array to lower your PPA price while still allowing for no upfront costs. You save on the cost of going solar and the cost of electricity through the PPA vs your current supply!
We can help determine your eligibility if you provide us with the following:
- Share your building location in New Jersey.
- Share access to your historical usage.
- Share any rooftop warranty, age, and material information.
Different buildings will each have their own capacity limits. For instance, a residential, non-residential, and public entity will have different limits and allow a certain number of SRECs. But that’s not all—the program also includes two additional components:
- The Administratively Determined Incentive (ADI) Program
- The Competitive Solar Incentive (CSI) Program
Residential and non-residential net-metered projects are under the ADI program (check out this blog post for more on net-metering). Net-metered projects with over 5 MW, including projects with solar batteries or energy storage systems, operate under the CSI program. For example, a net-metered non-residential ground mount for projects ranging from 1 MW to 5 MW can earn $85 per SREC-II and $105 for public entities. No matter where your business falls, our Energy Experts will work out all the details for you.
How Can You Participate in the Program?
A Catalyst Power-owned and operated Connected Microgrid solution can get you started. A Connected Microgrid is an on-site distributed energy resource that can help New Jersey commercial business owners participate in the SuSI program. In addition to its environmental benefits, you’ll reap additional cost savings from our Connected Microgrid. From the start, you’re saving money on all fronts just by using solar electricity. Together, we can make better energy choices for your business!
