Are there rebates in New Jersey that'll cover solar panel installation costs?

I'm interested in finding out about solar electric for our home. We have been told there is a program in New Jersey to have solar panels installed and have no electric costs or cost for installation due to federal incentives to go green. We'd like to to find out if this is true and if any such programs available in our area.

We were told by someone who had listened to a presentation something that sounds too good to be true: that there are incentives, or requirements that the electric companies are required to convert so many Kilowatt hours to "green energy" each year and that some electric companies are installing the panels at NO charge to the customer. The panels cover the electric needs of the customer as well as some excess electric which is sent back to the electric company. AND after 10 years of use the customer actually begins to make and be able to "sell back" electricity. As I said it sounds too good to be true.

Homeowner in Northfield, NJ (Posted on March 12, 2010)

EnergySavvy.com

New Jersey does have some great programs for homeowners interested in solar, but they may not cover 100 percent of the system costs. Here are some things you should know if you are considering solar.

First, New Jersey does not charge sales tax on solar panels purchased in state and will not increase you property taxes if you install a renewable energy system on your property. Also, the federal government will cover up to 30 percent of the cost for installing solar panels to power your home.

About the rumor your friend told you &mdash New Jersey utilities are required to provide 22.5 percent of their energy from renewable sources by 2021, so some may have incentives available for customers who are interested in solar. You should contact your utility directly for more information about this.

One thing all of the utilities are taking advantage of is the Solar Renewable Energy Credit program offered through the New Jersey Board of Utilities. This gives homeowners the ability to sell credits from the energy they produce to utilities for up to 15 years after the system is installed. This may be what your friend had in mind.

You may be able to take advantage of the New Jersey Customer-Sited Renewable Energy Rebates.