|Solar energy system for $1.00!|
Through a combined program of rebates, grants & tax credits, 1st Light Energy is offering consumers a solar energy system for $1.00. You must be a New Jersey PSE&G customer in good standing and have a good credit rating. (If you're not in NJ, check around for deals in your area).
Now you can reduce your carbon footprint, reduce or eliminate your electric bill and basically get a solar energy system for FREE.
Why wouldn't you do it?!
How It Works
The 2940 watt system for my home (14 panels on my south facing roof) costs $23,520. Each home's system may be a different size. Your cost is still $1.00.
PSE&G is providing approximately $247 million to finance the installation of solar photovoltaic systems throughout its NJ service area. More info here. The loan for the system is paid back in the first 10 years through SRECs* earned by the energy the system generates. My PSE&G loan will be $8163.77.
A federal tax credit exists for 30% of the cost of a photovoltaic system for a primary residence. There is no upper or lower limit on income and the credit is not related to income or to whether or not you are getting a refund. It is however related to the amount of your tax liability. You can't get a credit for more than you owe in federal income tax. If you are unable to claim the entire 30% in the first year, you can carry forward the unclaimed portion at least through 2016 and possibly beyond. Click here for more info. My tax credit will be $6394.50.
New Jersey's Clean Energy Program is a statewide program that offers financial incentives, programs and services for New Jersey residents, business owners and local governments to help them save energy, money and the environment. In 2010 there is a rebate program paying $0.75/watt of a photovoltaic solar system. More info here. The funds have all been allocated for the remainder of 2010 and the program may be renewed in 2011. My rebate will be $2205.
1st Light Energy is the company putting together the package and offering a solar system for $1.00. They provide all the money up front, apply for the rebates and loans, and stay on top of processing the paperwork. 1st Light is offering financing for the federal tax credit portion with no interest & no payment for 12 - 18 months (depending on when in the cycle you sign up) while you are waiting to receive the credit. The credit is applied for the tax year in which the system is installed and received the following year when you file your income tax. 1st Light is also covering the NJ rebate portion if that program is not refunded. When the rebates and credits come through, you use that money to repay 1st Light for providing and installing the solar systems. You also sign over to them your SRECs for years 11 - 15 (after PSE&G has been repaid). In my case, that's $5756.73 in SRECs.
Contact Stephan St. Denis at 1st Light Energy for more information and please tell him I referred you.
866-SOLAR-50, EXT 1021.
1st Light Energy is offering $500/referral for customers who refer someone who goes solar. I will earn $500 for each one of you who signs up, payable upon the installation of your system. Once you sign up, you are eligible for that referral bonus too. Spread the word!
|*SRECs (Solar Renewable Energy Credits)|
SRECs are definitely the most confusing aspect (for me) of this whole deal. Here's a quick explanation:
New Jersey's 1999 Electric Discount and Energy Competition Act (EDECA) created the Renewable Energy Portfolio Standard (RPS). Solar RPS requirements demand that energy suppliers or utilities procure a certain percentage of electricity from qualified solar renewable energy resources in a state. SRECs (Solar Renewable Energy Credits) represent the environmental attributes from a solar facility, and are produced each time a solar system produces one megawatt-hour (MWh) of production. These energy suppliers and/or utilities can meet solar RPS requirements by purchasing SRECs from homeowners and businesses who own solar systems and produce SRECs.