TerraVerde Capital Management LLC, an investment management firm focused on infrastructure, clean tech and renewable energy, today announced a comprehensive report titled “Sunshine in the Garden State: An Unlikely Leader in Solar Energy” that provides analysis of policies and renewable initiatives that have contributed to New Jersey’s top five Solar State status.
The TerraVerde report explores adoption trends, policies and procedures in residential, commercial and industrial sectors for renewable energy as a solution to energy security and climate change with emphasis on the future role of utilities in power generation.
Specifically, the report attributes a reduction in the cost of solar PV module prices and new financing options at the Federal and State levels that have contributed to the high-growth trajectory for solar energy at a 252% increase since 2010.
“New Jersey’s success with solar reflects a policy shift in the way state governments are approaching sustainability,” said Richard Bookbinder, Managing Member of TerraVerde Capital Management LLC and author of the report. “The successful implementation of solar clearly reflects a changing energy landscape with opportunities for investment,” continued Bookbinder.
The report notes that New Jersey has more than 1 GW of installed solar generating capacity due to best practices programs including the installation of solar panels on street poles, the transition of brownfields to solar fields and a culture of cooperation between State and companies to encourage solar usage and other forms of renewable energy.
Sample residential and high-profile utility and commercial solar projects include:
- Public Service Electric & Gas has added enough solar capacity to 200,000 poles to power 13,000 homes;
- FedEx has the nation’s largest rooftop solar installation in the U.S. at a ground distribution center and enough capacity to produce 30% of the facility’s power; and
- The New York Giants and Jets football teams enjoy power from solar at MetLife Stadium to illuminate the LED lights and provide additional power for the stadium’s other clean power demands
As U.S. states remain creative in the approach to solar and consider regulatory and geographical climates issues, the report suggests a common need for utility companies to develop solar energy capacity on underutilized land.
“The path to sustainability is still a work in progress for New Jersey and it will have to continue to assess its developmental incentives and refine them accordingly,” said Bookbinder. “However, New Jersey has demonstrated that bipartisanship and policy initiative are possible even with political gridlock in Washington D.C.”
