The NJ Solar Energy Boom

When you think of New Jersey, leader in solar energy might not be the first thought that comes to mind. But in fact, according to the New Jersey Board of Public Utilities the state has more solar power installed per capita than California.

In 1999, New Jersey passed a law that created the Clean Energy Program, which is a state wide program that offers rebates, programs, and services for residents, business owners, and local governments to help them save energy, money and the environment.  The program has also created a market for solar renewable energy credits (SRECs), which pays solar consumers to generate solar power. With a combination of SRECs and federal tax credits, hypothetically solar energy consumers could save thousands of dollars annually on their electricity bills.

In 2010, the state legislature also passed the Solar Energy Advancement and Fair Competition Act which requires the state to get a percentage of its electricity from solar sources. Energy providers for the state were required to collectively purchase at least 300GWh of solar-generated electricity in the first year and in each successive year the solar energy requirement increases as much as 20 percent until 2026.

Other recent environmental laws have created a commission to study the impact of solar and renewable energy on property values, land use, planning, and development – and projected cost savings for the state.

Recently, Governor Christie released the state’s 2011 Energy Master Plan (EMP) which has the goal of promoting energy solutions that are efficient and cost-effective. The EMP effects policy changes meant to reduce the financial burden of state utility providers in promoting clean energy. The impact of the EMP on New Jersey’s clean energy initiatives is yet to be seen but some fear that the state’s role as a leading solar power provider could be in danger.

Contact a New Jersey Real Estate Attorney Today

Solar and renewable energy are the wave of the future and its impact on real estate, land use, and development is yet to be fully seen. From the most complex commercial matter to single family properties our NJ real estate attorneys  can advise you on how renewable energy affects your property.  Contact us online or call 856-427-4200 today to schedule a consultation.