The Entech Group Inc., a leading energy, engineering and environmental services company in NJ, today announced that a key legislative panel has introduced bill S1925 for consideration. S1925, the focus of intense debate within New Jersey’s solar energy industry, was proposed to stabilize the solar market by paying out increased subsidies to solar panel owners.
Proponents of the bill, including solar energy companies in NJ like The Entech Group, believe that this will help absorb the overabundance of solar renewable energy certificates (SRECS) that have flooded the market since the price per credit came crashing down in June of 2011.
Last summer, New Jersey’s installed solar capacity was more than 380 MW generated from over 10,000 solar arrays statewide. New Jersey was second in the nation in both installed solar capacity and number of installations; only California had more.
Since then, however, the state’s solar energy usage has plummeted after the price of the solar credits that owners of solar systems earned for the power they produced fell from nearly $600 to less than $100.
Thomas A. Furey, P.E, LSRP and Vice President of The Entech Group is quoted, “Introducing S1925 is a step in the right direction to regain growth in New Jersey’s solar market.” Furey believes that S1925 could help to stabilize the solar energy market in NJ and pave the way for a thriving labor market for the solar installation community.
For more information on how bill S1925 affects residential and commercial solar panel installations, call The Entech Group at (866) 548-0208.