Last week, we were excited to report that the New Jersey Solar Rebate program had reopened, providing $0.75/watt installed for residential solar photovoltaics(PV). It was amazing news, but these rebates usually get used up in afew days. New Jersey only allocated $6,650,000 for this funding period,which is relatively small given the size of their market and growingpopularity of solar PV. It might sound crazy to assume a rebate wouldonly be closed after a few days, but some states have closed programsafter a day or even a few hours. Demand for solar rebates consistently exceeds supply.
Nonetheless, check out this graph showing funding available for NewJersey’s solar rebates, courtesy of the New Jersey Clean Energy Program:
That’s right. This program has been opensince September 1st, and seven days later, less than half of the fundshave been used up. I know it was Labor Day Weekend and solar was thelast thing on anyone’s mind, but this is still odd. All of us in theGetSolar office were speculating on when this would close (that’s whatyou bet on when you’re a solar geek). Everyone guessed that the programwould close before the end of the day today.
New Jersey residents: we know you have a great market for solarrenewable energy credits (SRECs) already, but you might like having anextra rebate to bump down the cost of the PV system you’ve beencoveting. Right now it’s an especially good time to get solar.