Thanks to KasunBG's tip, I found the solution in the "suggested" link, update the following file (replace 7.x with your Netbeans version) :
C:\Program Files\NetBeans 7.x\etc\netbeans.conf
Change the following line to point it where your java installation is :
netbeans_jdkhome="C:\Program Files\Java\jdk1.7xxxxx"
You may need Administrator privileges to edit netbeans.conf