The incentives, administered under New Jersey's Clean Energy Program, would be granted to solar panel systems manufactured with at least 50 percent of the product cost from New Jersey facilities. Called Renewable Energy Manufacturing Incentive, the program provides rebates of 25 cents per watt for panels and 15 cents per watt for inverters and racking systems.
BPU President Jeanne M. Fox said that the New Jersey REMI "will expand and attract new clean energy manufacturing in New Jersey." BPU anticipates that $1 million in incentives will be provided in the next few months.
REMI will join NJCEP's existing solar power incentive programs. Residential installations are eligible for $1.75-per-watt rebates if an energy audit is performed and $1.55-per-watt credits without an energy audit. New Jersey, which hopes to generate 30 percent of electricity from renewable energy sources by 2020, has a "burgeoning" solar power market: there are 4,500 solar projects in the state, up from six in 2001.
