How Did New Jersey Get to Be the #5 Solar State?

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A new report from TerraVerde examines what has put New Jersey on the list of Top Five Solar States. The report explores adoption trends, policies, and procedures in all the major solar sectors and also examines the future role of utilities in power generation.

What put New Jersey on the list of Top Five Solar States? In 2013 alone, the state installed 235.6 MW of solar power.

A new report, “Sunshine in the Garden State: An Unlikely Leader in Solar Energy,” delves into what’s behind the state’s high ranking. TerraVerde Capital Management LLC, an investment management firm focused on infrastructure, cleantech, and renewable energy, released the report, which analyzes the favorable solar policies and renewable initiatives in New Jersey.

 

The TerraVerde report explores adoption trends, policies, and procedures in the residential, commercial, and industrial solar. It also examines the future role of utilities in power generation.

 

According to the report, a reduction in the cost of solar PV module prices, combined with new financing options and good state and federal policies, have contributed to the fast growth trajectory for solar in New Jersey. The state now boasts over 1 GW of installed solar generating capacity

 

“New Jersey’s success with solar reflects a policy shift in the way state governments are approaching sustainability,” said Richard Bookbinder, Managing Member of TerraVerde Capital Management LLC and author of the report. “The successful implementation of solar clearly reflects a changing energy landscape with opportunities for investment,” continued Bookbinder.

 

The report points to several other factors that have helped propel New Jersey to its high ranking. Those include programs to install solar panels on street poles, the transition of brownfields to solar farms, and a culture of cooperation between the state and businesses to encourage solar and other forms of renewable energy.

 

“The path to sustainability is still a work in progress for New Jersey and it will have to continue to assess its developmental incentives and refine them accordingly,” said Bookbinder. “However, New Jersey has demonstrated that bipartisanship and policy initiative are possible even with political gridlock in Washington D.C.”

 

You can find the full report here.