EDC Solar Financing Incentive (ESFI)
Program Closed
Please note: With the close of the EDC SREC solicitation bids on June 10, 2011, the ESFI incentive is no longer available for new projects.
To encourage participation in the EDC SREC-Based Financing Program, in 2011 incentives will be available to those SRP projects which enter into a long term contract to sell SRECs to JCP&L, ACE or RECO. PSEG solar loan projects, and any other bi-lateral contracts negotiated between SREC buyers and sellers which are not the result of participation in the EDC SREC auctions, are not eligible for participation in the ESFI.
An incentive of $.50/Watt will be available to all eligible SRP projects that are awarded a Board approved SREC Purchase and Sale Agreement with their EDC resulting from their participation in an EDC SREC solicitation bid occurring between 1/1/2011 and 6/10/2011. For more information on this date change review the revised Honeywell Program compliance filing.
2011 ESFI Incentive - Eligibility
| Project Type | Eligible Projects |
| Solar Residential: | All residential projects less than or equal to 10.0 kW of rated capacity. Eligible residential projects include customer owned and financed systems, residential new construction in Smart Growth areas (for builders and homeowners), and residential systems using a leasing or power purchase agreement. Only the first 7.5 kW of capacity is eligible for an incentive – with a maximum payment amount of $3,750. The lifetime residential payment cap of 10.0 kW will apply. |
| Solar Public and Non-Profit: | All public and non-profit projects that are a) less than or equal to 50.0 kW of rated capacity, and b) not using a power purchase agreement or other tax advantaged financing are eligible for the ESFI. Only the first 30.0 kW of capacity is eligible for an incentive – with a maximum payment amount of $15,000. This project type includes public and non-profit organizations (municipalities, other governments, public colleges and universities, public schools (K-12), and affordable housing. |
Registrants may indicate their intent to participate in ESFI at the time they file their SRP registration by completing the ESFI intent to participate form. However, the SRP registration acceptance letter will be issued without any commitment for the ESFI. Projects that are eligible for this incentive will receive a commitment at a later time through a Board Order as described in the process below.
Upon approval by the Board of the SREC Purchase and Sale Agreement, the ESFI commitment will be made for a period of 12 months from the date of the EDC contract and the SRP project expiration date will be extended to match the expiration date of the EDC contract. Thus the Board Order will be the document which will modify the terms of the original SRP registration acceptance letter to commit the ESFI funds and extend the project expiration date. A new commitment letter will not be sent to the registrant. The incentive payment will be processed after all NJCEP installation requirements have been met including documentation by their EDC of the approval to interconnect and operate the system.
The Market Manager will track the ESFI budget commitments and post this information on the NJCEP website so that market participants can gauge the availability of funds.