New Jersey SREC Market
New Jersey has the most robust SREC market in the nation. In 2009 the state eclipsed the 100 MW mark for solar capacity installed. The large supply of solar generators in the state is eclipsed by an even greater demand for solar. In the 2010 energy year, the state of New Jersey will likely need over 200 MW of installed capacity to meet the state requirement.
Pricing:
SREC Auction - Auction closing prices history
NJ Long Term Forwards Contracts - Information on long term contracts for NJ SRECs
NJ Prepaid SREC Forwards - Information on prepaid contracts for NJ SRECs
Other States in which New Jersey facilities are eligible:
NJ facilities only eligible in NJ.
States eligible for NJ Market: Only NJ
Eligibility Period: Installations can generate NJ SRECs for a maximum of 15 years
Energy Year: June 1 to May 31
Tracking Platform: GATS
SREC Useful Life: 2 years - a 2010 SREC can be counted towards either the 2010 or 2011 Renewable Portfolio Standards
Solar Requirement: Reaching 5,316,000 SRECs in 2026
SACP: Declining 2.5% per year for at least the next eight years. The BPU will be required to determine the SACP in future years and possible consider increases in the SACP.
Meter Readings: Facilities less than 10kW may use estimated generation based on the PV Watts calculator. All other facilitities must report monthly meter readings.
Eligibility Begins: Upon date of interconnection.
| Energy Year |
Former RPS Solar Requirement |
Old RPS Requirement (SRECs) |
New RPS Requirement (SRECs) |
SACP |
| 2008-09 |
0.16% |
|
|
$711 |
| 2009-10 |
0.22% |
193,000 |
|
$693 |
| 2010-11 |
0.30% |
270,000 |
306,000 |
$675 |
| 2011-12 |
0.39% |
354,000 |
442,000 |
$658 |
| 2012-13 |
0.49% |
453,000 |
596,000 |
$641 |
| 2013-14 |
0.62% |
574,000 |
772,000 |
$625 |
| 2014-15 |
0.76% |
718,000 |
965,000 |
$609 |
| 2015-16 |
0.93% |
884,000 |
1,150,000 |
$594 |
| 2016-17 |
1.12% |
1,081,000 |
1,357,000 |
$579* |
| 2017-18 |
1.33% |
1,308,000 |
1,591,000 |
$565* |
| 2018-19 |
1.57% |
1,566,000 |
1,858,000 |
$551* |
| 2019-20 |
1.84% |
1856,000 |
2,164,000 |
$537* |
| 2020-21 |
2.12% |
2,176,000 |
2,518,000 |
$524* |
| 2021-22 |
|
|
2,928,000 |
|
| 2022-23 |
|
|
3,433,000 |
|
| 2023-24 |
|
|
3,989,000 |
|
| 2024-25 |
|
|
4,610,000 |
|
| 2025-26 |
|
|
5,316,000 |
|
| |
|
|
|
*Projected |
Useful Links:
New Jersey Client Forms - All the forms necessary to sign up for SRECTrade's EasyREC service
New to Solar? - Getting Started - The nuts and bolts of getting started generating and selling SRECs
New Jersey Blog - Starting point for useful information regarding the New Jersey SREC market
2010 NJ SREC pricing - How the NJ auction has been faring relative to the SACP
Registering for the NJ SREC Program - Application details from the New Jersey Office of Clean Energy
Going Solar Blog - Useful blog written from the perspective of a new solar owner in New Jersey
DSIRE: New Jersey RPS - Details on the Renewable Portfolio Standard
The image below shows a comparison of New Jersey SRECs by vintage. The 2010 SRECs are in green and have been trading at 95% of the 2010 SACP (in blue). The SACP was $711 in 2009 and is now $693 for 2010. The orange line charts how 2009 SRECs have sold relative to the 2009 SACP.
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