WorldWater & Power (OTC BB:WWAT.OB) has signed a residential contract for $223,000 to install a solar electric generation and distribution system for a home in Cranbury in Middlesex County. Nearly 60% of the cost of the project will be refunded to the owner through Customer On-Site Renewable Energy (CORE) rebates administered by the New Jersey Clean Energy Program.
The new residential system will utilize a ground-mounted array of more than 140 solar modules. It is designed to meet virtually all of the current electric usage charges for the residence and to take advantage of net metering, an option that provides a credit for excess energy produced by the solar system. Surplus kilowatt hours are “stored” by the utility until needed by the homeowner, and are “netted,” or paid back, on an annual basis.
Seven residential installations, four in New Jersey and three in California, were completed by WorldWater & Power and its subsidiary, Quantum Energy Group, in the fourth quarter of 2005. Of the newly installed systems on private homes in New Jersey, three are in Mercer County — in Lawrence Township, Princeton Township, and Hamilton and one is in Sea Isle City in Cape May County.
The average cost for the installations is just over $47,000, but more than 65% of the cost will be refunded to the owners by the New Jersey Clean Energy Program, according to Quentin T. Kelly, Chairman and CEO of WorldWater & Power.
“New Jersey has one of the highest, most active rebate programs for residential and commercial purchasers of solar electric systems in the nation,” said Mr. Kelly. “New Jersey homeowners are beginning to realize the extent to which the generous rebates in this state make the systems affordable, and the substantial energy savings help the systems essentially pay for themselves. With rising utility rates, switching to renewable energy makes a great deal of sense.”
Each of the four New Jersey residential installations utilizes photovoltaic panels in a fixed roof-mounted array. Total system output ranges from approximately 4.8 kilowatts (kW) to 8.2 kW. The systems are designed to generate an average of more than 8,500 kilowatt-hours (kWh) annually and are expected to meet virtually all of the current electric usage charges for the residences.
The three residential systems most recently completed by Quantum Energy Group in California are all roof-mounted systems — a 2.8 kW system in Penn Valley, a 4 kW system in Sacramento, and a 6kW system in Marysville.
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