New Jersey SREC Market
New Jersey's SREC market is the largest in nation. In July 2012, the state passed new legislation to increase the RPS requirements beginning in the 2014 energy year to account for the substantial amount of solar capacity installed in the state.
Pricing:
SREC Auction - Auction closing prices history
News:
New Jersey Blog - Starting point for useful information regarding the New Jersey SREC market
Other States in which New Jersey facilities are eligible:
None
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: 5 years - under legislation passed in July 2012 an SREC generated after July 23, 2012 can be used in the year in which it is generated and the following 4 compliance periods. Generation before July 23, 2012 is eligible for 3 years, the year in which it is generated and the following 2 compliance periods.
Solar Requirement: 4.10% of the state's electricity usage by 2028
SACP: Under legislation passed in July 2012 a revised SACP schedule was put in place as outlined below.
Meter Readings: Beginning November 30, 2012 all solar facilities will be required to have a revenue grade meter and report readings on a monthly basis.
Eligibility Begins: Upon date of interconnection.
|
Energy Year |
New RPS % Solar Requirement |
Projected SRECs Required (MWh) |
Old RPS Requirement (SRECs) |
New SACP (July 2012)
|
|
2009 |
|
|
|
$711 |
|
2010 |
|
|
|
$693 |
|
2011 |
|
|
306,000 |
$675 |
|
2012 |
|
|
442,000 |
$658 |
|
2013 |
|
|
596,000 |
$641 |
|
2014 |
2.05% |
1,633,394 |
772,000 |
$339 |
|
2015 |
2.45% |
1,981,386 |
965,000 |
$331 |
|
2016 |
2.75% |
2,257,365 |
1,150,000 |
$323 |
|
2017 |
3.00% |
2,499,519 |
1,357,000 |
$315 |
|
2018 |
3.20% |
2,706,146 |
1,591,000 |
$308 |
|
2019 |
3.29% |
2,823,990 |
1,858,000 |
$300 |
|
2020 |
3.38% |
2,944,760 |
2,164,000 |
$293 |
|
2021 |
3.47% |
3,068,519 |
2,518,000 |
$286 |
|
2022 |
3.56% |
3,195,327 |
2,928,000 |
$279 |
|
2023 |
3.65% |
3,325,250 |
3,433,000 |
$272 |
|
2024 |
3.74% |
3,458,351 |
3,989,000 |
$266 |
|
2025 |
3.83% |
3,594,697 |
4,610,000 |
$260 |
|
2026 |
3.92% |
3,734,355 |
5,316,000 |
$253 |
|
2027 |
4.01% |
3,877,394 |
- |
$250 |
|
2028 |
4.10% |
4,023,884 |
- |
$239 |
|
|
|
|
|
|
Source: EIA Report "Retail Sales of Electricity by State by Provider" updated 10/1/12. Projected SRECs Required utilizes the most recent EIA electricity data applying an average 1.5% growth rate per forecast year. RPS Solar Requirement is multiplied by forecast total electricity sales to arrive at Projected SRECs Required. Projected Capacity Required is based on a factor of 1,200 MWh generated per MW of installed capacity per year. Projected Capacity Required assumes the amount of capacity needed to be operational all year to meet that year's RPS requirements with only current vintage SRECs.
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
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
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