2011 was a truly pivotal year for the New Jersey solar market, marked by explosive growth in both the number and size of solar photovoltaic (“PV”) installations.
The installed NJ solar base more than doubled in 2011, from 255MW in 2010 to over 550MW at year end 2011. We estimate that almost 300MW of new solar was installed during the year, reflecting an average monthly deployment of almost 25MW..
Across the United States, New Jersey is now second only to California in terms of total installed solar PV systems, and New Jersey is the clear solar leader on a per capita basis.
Commercial solar projects dominated the NJ market in 2011, representing almost 70% of the total installed solar capacity to date, with the Residential segment accounting for 16%.
The massive growth in the NJ solar market during 2011 is attributable to the outstanding investment returns that system owners are able to achieve through the combination of attractive federal incentives, the strong (albeit volatile) SREC marketplace, reduced solar equipment costs and utility financing programs.
Please contact EnterSolar to receive a complete copy of our New Jersey Solar Market Update – 2011 Review and 2012 Outlook – which explores the key drivers of the New Jersey Solar Market and the outlook for prospective commercial solar system owners in 2012.