For this $5m solar project, which will feature United Solar’s thin-film laminates, NJRCEV has entered into a concurrent power purchase agreement with CertainTeed, under which the solar system will provide nearly 90% of the building’s electric needs and eliminate more than 800 tons of carbon dioxide emissions annually during the entire lease period of 20 years.
The investments, which NJRCEV has made on the project, will qualify for a 30% federal investment tax credit. The project, which will also be eligible for Solar Renewable Energy Certificates (SRECs), is projected to generate more than 1,000 SRECs annually.
The project is expected to begin operations by January 2011 and create up to 25 direct and indirect jobs in the state.
Laurence Downes, chairman and CEO of NJR, said: “Through innovative solar projects like our partnership with CertainTeed, we are helping to make renewable energy a viable choice for New Jersey’s commercial and industrial businesses and build up the renewable energy marketplace in our state.”
