Solar Power in NJ:Be the change you want to see.
Climate change, the most severe global environmental threat has risked lives in the World at an alarming rate. New Jersey, being a coastal state has been at an increased threat from sea level rise, out-of-season thunderstorms, and hurricanes. Keeping the climatic changes in mind the state has introduced policies to reduce greenhouse gas emissions and encourage clean energy production.
Since then, New Jersey has been a perennial top ten solar state, and as per the SEIA 2018 report, the state ranks 5th in the nation with a cumulative 2,390 MW solar capacity installed. The state advocates clean energy and offers lucrative incentives for solar power adapters. The NJ Solar market is driven by rewards such as net metering, a solar RPS and an accompanying SREC market which further lured businesses and homeowners transition to solar. The subsequent demand for solar power panels in NJ has lowered the cost of solar panels installation, further giving solar a tremendous boost in the Garden State.
The facts below highlights the trend in Solar Power New Jersey
• National Ranking: 5th (11th in 2017).
• State Homes Powered by Solar: 371,251.
• Percentage of State's Electricity from Solar: 3.72%.
• Solar Companies in State: 561 (81 Manufacturers, 354 Installers/Developers, 120 Others).
• Total Solar Investment in State: $7,651.34 million.
• Prices have fallen 55% in the last five years.
• Growth Projection: 1,584 MW over the next 5 years (ranks 11th).
Now, let’s glance into the futuristic solar canvas in NJ.
The NJ legislature had passed a bill that expands the solar requirement in the state but contains a proposal to get rid of SRECs. Additionally, the ex-governor’s love for fossil fuel crashed the solar market and shrunk solar jobs almost to half. Where formerly, NJ led the nation in the use of solar energy, has now fallen to ninth place regarding solar jobs.
Under Gov. Murphy, solar energy market once again seems promising, and the provision of SRECs is still available to New Jersey residents. The bill establishment will once again open doors to increased solar jobs, boosting an innovative sector of the economy, curtail pollution and will catapult the Garden State back to the frontline.