April 6, 2020 EDIT: The BPU ordered the following earlier today:
- The registration portal for new projects to the SREC Registration Program will be closed on April 30, 2020.
- Only previously approved Subsection (t.) projects dated prior to October 29, 2019 will be exempt from the market closure on April 30th.
- Projects must have a PTO granted from an electric distribution company by April 30, 2020 to qualify for inclusion in the legacy SREC program. The post-construction (as built) certification package will be due 90 days after the PTO date (not 90 days after April 30th).
- The registration portal will be closed on the 91st day after April 30th (July 30th).
- All extensions granted by Board staff (either 1st or 2nd extensions) will expire on April 30th. Post-construction (as built) certification package due 90 days after April 30th.
On Tuesday, March 31st, the New Jersey Board of Public Utilities (BPU) announced that it forecasts that 5.1% of state electricity sales will be supplied by operational solar projects around or before May 2020. It is therefore expected that the current SREC program (“Legacy Program”) could close to new applications as soon as April 30th.
In order to qualify for the current SREC Program, solar projects 1) need to obtain a Permission to Operate (PTO) by the SREC program closure date (estimated April 30th) and 2) submit their final-as-built application within 90 days from receiving PTO.
Solar systems that receive PTO after the SREC market closure date will be eligible for the new Transition Incentive program (“TREC Program”). Many details regarding the 15-year, fixed-price TREC Program structure have been finalized, including a flat pricing schedule of $152.00 per SREC. However, many important details surrounding the implementation and administration of the TREC Program Administrator have not been finalized yet. As a result, it is expected that TREC approvals and payments will not be made for several months after the program opens.
SRECTrade will continue to monitor the Legacy Program’s closure and the development of both the TREC Program and the eventual Successor Incentive program.