Pub. 18 2019-2020 Issue 2

N E W J E R S E Y C O A L I T I O N O F A U T O M O T I V E R E T A I L E R S I S S U E N O . 3 , 2 0 1 9 14 new jersey auto retailer Turn Your Roof or Parking Lot into a Solar Profit Center BY RYAN FERRERO If you’ve considered a solar energy system for your dealership in the past and it didn’t pencil out, it may be time to look again. New Jersey is at a true tipping point – with lower cost solar panels, local energy rebates and federal tax credits* all working together to make solar an extremely attrac- tive value proposition for auto dealers in the Garden State. Solar energy systems are cropping up on auto dealership roof- tops and parking lots across New Jersey and the U.S. – drasti- cally reducing energy expenses and turning, what used to be a fixed cost, into a profit center. Dealerships use, on average, 18% more electricity than a typical office building – with lighting being one of the high- est costs. These untapped energy cost savings can improve a dealership’s bottom line by the equivalent of two or three more vehicles sold per month. As a former dealer principal in Colorado, I know how chal- lenging the day to day operations in a typical dealership can be and how many things impact the bottom line. Thanks to technological advances and declining prices for solar equipment, the cost to install solar systems has fallen 53 % over NJ Utilities and Incentives NJ State Specifics: • Utility Companies: NJ is serviced by four utility providers. Rate structures will vary. Having copies of your individual utility bills are required to verify your rates. • Solar Renewable Energy Certificate (SREC): 1 SREC earned for every 1,000 kWhs of solar generation. the last five years. Depending on its design, the energy pro- duced on a rooftop or parking lot system can offset up to 100% of a dealership’s electricity costs, creating margins that weren’t previously available. This is real money that can be reinvested in the business or used to pay off debt or saved for a rainy day. NJ Utilities and Incentives NJ State Specifics: • Utility Companies: NJ is serviced by four utility providers. Rate structures will vary. Having copies of your individual utility bills are required to verify your rates. • Solar Renewable Energy Certificate (SREC): 1 SREC earned for every 1,000 kWhs of solar generation. Jersey Central Power & Light PSE&G Atlantic City Electric