New Jersey's SREC market is the largest in the nation. In July 2012, the state passed legislation to pull forward the RPS requirements from the 2014 energy year to account for the substantial amount of solar capacity installed in the state. In May 2018, the state increased the RPS requirements again.
For a period of time before January 2011, NJ systems were eligible to apply to the DC SREC market; today, NJ-sited systems are only eligible for participation in the NJ SREC market.
The NJ Office of Clean Energy issues clients a state certification after the system is officially interconnected with the utility. Once the state certification is provided, clients may complete their SRECTrade.com application, and SRECTrade can complete the registration of the facility in the PJM-GATS tracking registry. NJ is the only SREC state in which the client and/or installation company is responsible for obtaining the state SREC certification. In other states, SRECTrade can complete the certification process for its clients.
Markets for NJ Systems
Eligible System Locations
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5.1% of the state's electricity usage in 2023 and declining thereafter.
Effective November 30, 2012, all solar facilities are required to have a revenue grade meter and must report meter readings in order to produce SRECs.
Solar facilities are certified in the NJ SREC market with 15 years of eligibility, beginning with their date of interconnection.
The Solar Alternative Compliance Payment (SACP) is the penalty price that electricity suppliers must pay per SREC if they fail to file the required number of SRECs by the end of each compliance period.
SRECs from energy generated during or after July 2012 are eligible for 5 years; that is, they can be used for compliance obligations in the energy year in which they are generated and the following 4 reporting years. SRECs from energy generated before July 2012 were eligible for 3 years; that is, in the energy year in which they were generated and the following 2 reporting years.
NJ SREC market requirements as currently set by state legislation:
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