New Jersey’s New Clean Energy Incentive Program!
When going solar customer receive several tax incentives and also credit on the energy that you produce with your home. New Jersey has made a long term commitment to solar energy and as of May 1, 2020 there is a new program in place called the TREC Program. TREC stands for Transition Renewable Energy Credit. Here is a quick snap shot of the new incentive program compared to the old one that expired:
Incentive Program Length of Program
SREC Program (Old, Expire) 10 Years
TREC Program 15 Years
The new program is longer and the amount of the credit solar customers will receive is much more predictable. This new program will usher a new wave of solar installation in the State of New Jersey that will pump clean energy into the utilities like PSEG and JCPL.