“New Jersey is serious about solar energy--that is our message to the financial community,” Chivukula said, noting that besides solar, offshore wind and hydroelectric are a substantial part of the equation. “New Jersey’s extensive legislative effort to encourage and support solar/renewable energy clearly demonstrates that we are serious about it. We aren’t perfect, and there are many issues to be addressed, but our goal is to make New Jersey a leader in this technology.”

Renewable energy projects are popular in New Jersey, confirmed Steve Kisker of Wolff & Samson, leading off a “How and Where to Begin” panel. “If you are not involved, you should be,” he said, before providing a detailed overview of the state’s statutory and regulatory framework for structuring a solar energy project. Available programs include Solar Renewable Energy Credits and the Solar Energy Advancement & Fair Competition Act. The latter, in his view, “separates New Jersey from all other states.”

Jeffrey Milanaik of Heller Industrial Parks Inc., and current NAIOP New Jersey chapter president, described a journey that began as part of his company's customer-centric approach and a company-wide effort to reduce costs, and evolved into HIP Solar LLC. Noting that 40% of his company's buildings are on-line with solar, saving between 60% and 70% on energy costs, “the rate of return for Heller as an investor is a major upside.”

Brad Campbell of Swan Creek Energy, a former New Jersey DEP commissioner, emphasized the opportunity that solar/renewable energy creates for providers and users alike. “It is a very competitive market right now, and the scale of benefits revolves around how big the project is,” he said.

We should also be looking at the bigger picture--not just the revenue stream, but also the energy efficiency, according to Cambell, who noted that “a solar project is a vehicle for a more comprehensive energy program.”

Discussing the various options to go solar, ranging from power purchase agreements, to a lease in lieu of power, to direct ownership, “the tax benefits are substantial and important,” said George Livanos of Sax Macy Fromm, leading off a panel titled “Executing and Funding a Plan.” For those considering solar, he noted, “all parties need to review the benefits and look at this as part of a complete business model.”

Art Kuyumchian of Sunco Industrial described the three simplest financing options: straight cash (“the fastest option”), institutional financing (“the banks want longer-term contracts”) and power purchase agreements. “But there are a myriad of options, and there is always something new,” he said. “The devil is in the details, however, and those considering solar should watch out for teaser rates offered by some providers.”

Michael Hornsby, PSE&G's product manager for renewable energy, discussed the PSE&G Solar Loan and the Solar 4 All programs. The former is an 81-megawatt program with $250 million available for loans. The latter is set to invest $515 million over the next two to three years, including pole-attached neighborhood solar and installations on PSE&G-owned and third-party sites.

On the subject of "Critical Considerations" as the focus of the third panel, Jack Fersko of Farer Fersko addressed insurance issues related to solar/renewable. He encouraged potential users to examine the key issues within the context of insurance for green development projects, study insurance product offerings, and specifically “examine coverage for solar development” and all of its potential nuances. According to Fersko, some of the questions that need to be asked are: under a traditional commercial general liability policy, is failure to meet green certification grounds for coverage? And under a professional errors and omissions policy, do risks associated with green development fall outside the scope of ordinary negligence?

Concluding the final panel, energy tax consultant Charlie Goulding of Energy Tax Savers Inc. discussed such issues as the nuances and regulations of selling power back to the grid. Structural consultant Dave Doran of Allied Building Products addressed roof and other structural concerns and considerations relating to installing solar. “A lot has already been done in terms of solar and other renewable energy sources in New Jersey,” Crespi concluded, “and there is still a lot to do.”