How it works with no cash

This is how you can put solar on your roof without taking any money out of your pocket:

  • Use our SAME AS CASH (SAC) program to cover all your costs up to $45,000 for the first year
  • You recieve your Clean Energy rebate as part of the repayment for SAC
  • You apply for a PSEG solar loan that you pay back with SRECs not $'s (up to 60% of the system cost)
  • During the year (April 15th +) you get a tax credit for 30% of the cost of the system which you put against your SAC loan.
  • You save money on your electric bill that you put aside to pay the SAC bridge loan

So here it is by the numbers:

  1. System Cost $43,500

  2. NJCEP Rebate estimate $5,220 ($0.75 assumed starting Sep. 2010) 12%

  3. Federal Rebate $10,980 (30% of cost after CEP Rebate)

  4. Annual electric savings estimate $1400 (3%)

  5. PSEG loan request $25,900 (60%) paid back in 10 years through SREC reasignment to them

 

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