State Overview

New Jersey

National Solar Capacity Ranking: 10th

Data Current Through: Q3 2024

 

New Jersey State Solar Overview

New Jersey has been an early leader in solar and perennial top ten solar state. The New Jersey Solar market continues to be see strong growth and is driven by net metering, a solar RPS and an accompanying SREC market.

SEIA New Jersey State Policy Priorities

  • Establish interim successor incentive program to the current SREC program and set up the path to a long-term incentive program
  • Help expand the size of the community solar pilot and relax some of the land-use restrictions on large-scale solar.

Just The Facts

  • Solar Installed (MW):

    5,479

  • National Ranking:

    10th (18th in 2023)

  • Enough Solar Installed to Power:

    898,230 homes

  • Percentage of State's Electricity from Solar:

    7.68%

  • Solar Jobs:

    6,628

  • Solar Companies in State:

    459 (79 Manufacturers, 257 Installers/Developers, 123 Others)

  • Total Solar Investment in State:

    $15.3 billion

  • Prices have fallen:

    37% over the last 10 years

  • Growth Projection and Ranking:

    2688 MW over the next 5 years (ranks 22nd)

  • Number of Installations:

    202,926

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New Jersey State Solar Policy Resources

New Jersey Energy Storage Policy and Market Overview

New Jersey has taken significant strides in stimulating a competitive energy storage market and has foundational policy, programs, and funding partners to reach energy storage milestones. Despite recent lags in progress, state legislators are finalizing the critical scaffolding supporting the energy storage through robust BTM and FTM incentives.

New Jersey became the 4th state to adopt an energy storage procurement policy with a mandate set at 2,000 MW by 2030 (A.B. 3723). The state is making progress towards this goal and has about 90 MW of storage. In 2022, the state proposed the New Jersey Energy Storage Incentive Program (SIP). As of 2024, the state BPU is actively navigating program rate design, adders, and utility feasibility for BTM and FTM incentives. Externally offered energy storage funding opportunities are available in New Jersey but have limited funds, narrow scopes, and asymmetrical funding windows.

New Jersey’s energy storage market has the optimal foundation to expand and attain the procurement mandate. The establishment of incentives programs will shift the market into a competitive atmosphere and aid both utilities and residential customers in successful deployment.

 

New Jersey Energy Storage Policy Resources