We generated enough power for 1 SREC in January, which sold at auction for $660. As far as I'm concerned that makes the system $660 closer to paying for itself.
Thanks again as always to SRECTrade. I didn't have to do a thing except notice the deposit in my account.
Folks, if you're putting in a system, make sure to shop around before choosing somebody to broker your SRECs. There are vast differences between the terms of the agreements they'll want to make with you. If your installer is trying to hook you up with a particular broker, chances are they are getting something out of the deal. That doesn't mean it's the right deal for you.
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8 comments:
Thanks for this blog, I am in Pa and in the process of having a 10Kw PV system installed. Your posts have been very helpful.
You're very welcome, Rob. That's exactly why I work on this blog. I'm not smart enough to supply any technical information but I can help people know the practical side of how to do it...
...dave
Dave:
We finally got our system installed by GroSolar. The first team that showed kept on postponing the installation date till I just had enough of them. The second installation team was professional and competent. My system has passed local inspection and I am waiting for my PSE&G interconnection. One thing that I saw mentioned in your blog about the additional $0.25 rebate for doing the energy audit was "You dont have to get the work done for to get the additional rebate". Is that true? Please let me know. I have link to my system which I will send it to you via PM.
I'm in the process of looking into a system and I was wondering whether you received a 1099 for the SRECs you sold last year? It's been a little challenging to figure out whether SREC revenue is taxable at the Federal and NJ State or not...nobody seems to want to confirm one way or the other.
BTW thank you for this excellent blog, your detail and insight really helped us decide that this was a project worth doing.
Hi Gogoa,
I'm sorry you had trouble with GroSolar. All I can do is be honest and say that I was and am completely happy with them. At least they got the job done in the end.
I received the rebate just for doing the energy audit. I plan to work on implementing their suggestions over the next year but haven't done any of them yet :-)
...dave
Hi Anon 7:34,
I tried to track down the answer as to whether SREC income was taxable a long time ago. By the end of the summer I was relatively sure that the answer was yes but I wasn't completely sure either. A lot of this is so new, with new people running the programs, that the answer isn't always readily available.
I decided back then just to wait and see what comes in the mail. I haven't received a 1099 for SREC money yet. But your question was a good reminder. I just sent an email to SRECTrade, my broker, asking them this question. I'll post the answer when I hear from them.
Thanks!
...dave
who does the energy audit, who is giving out the .25 cent/watt rebate and where do I get more info? I just signed a contract for a 11kw system .Brian
Hi Brian,
That's a really big system, good for you.
The way I remember it, the extra rebate money for doing the audit was tacked onto the original rebate money from the state. I just searched the NJ Clean Energy program website (under Rebates and Promotions) and couldn't find anything about this. I hope it isn't phased out.
GOGOA told me in an email that he found a qualified firm to do his audit for free! Unfortunately they are in Cherry Hill (it was Hutchinson heating/air conditioning, etc.).
There's a way to search for certified auditors on the NJCEP site.
In the meantime I'll rack my brain and my files and try to remember more details about how that additional rebate worked. So much happened so fast that I guess I lost track.
...dave
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