Solar Energy Saves Money, Could Provide Free Electricity and CASH to Municipalities & Schools in New Jersey
New Jersey taxpayers could net $36.9 million per year, $369 million over 10 years, with the installation of 152.5 megawatts (MW) of photovoltaic (PV) solar electricity systems on public schools, community colleges, and each of the public universities in the state.
The systems would pay for themselves within the first 8 years. At 2010 values of electricity and Solar Renewable Energy Certificates (SRECs), these systems would generate electricity worth approximately $300 Million and SRECs worth $1.2 Billion over the first 10 years, approximately $369 Million in excess of the cost of the systems, and provide virtually free electricity over the remainder of their 35 to 40 year lifespan.
Widespread deployment of solar energy increases the resilience of the electric grid, strengthens national security and can enhance local emergency response capabilities.