On october 29 2018 the new jersey board of public utilities clarified the language above as follows.
New jersey solar renewable energy credits.
Businesses should take advantage of the free benchmarking services provided by new jersey s clean energy program to discover where there are opportunities to save on energy before installing solar.
Board of public utilities clean energy program.
After your system has been installed we will assist you in registering your system with an srec tracking system.
New jersey s clean energy program is a statewide program that offers financial incentives programs and services for new jersey residents business owners and local governments to help them save energy money and the environment.
A quick background of solar incentives in new jersey.
This requires a set portion of this renewable electricity to come.
Save money while saving the planet.
Improved comfort and safety lower energy bills less renewable capacity needed and lower upfront cost to install renewable energy.
New jersey has always been one of the best states for solar.
To meet the rps electric companies can buy solar credits from home solar systems.
Higher than average electricity rates and strong solar incentives have helped thousands of new jerseyans achieve quick payback periods on their solar investments.
Many states have an rps but new jersey is among the few that also has a solar carve out.
2 new jersey sets a renewable portfolio standard rps requiring companies that provide electricity to get a portion of its energy from renewable sources like solar power.
Whether it s for your home or your business new jersey s clean energy program makes using renewable energy technologies affordable practical and just plain smart.
New jersey s board of public utilities and its clean energy program njcep promote increased energy efficiency and the use of clean renewable sources of energy energy efficiency is the easiest most cost effective way to reduce energy use and hence reduce criteria pollutant emissions and greenhouse gases.
New jersey has a renewable portfolio standard rps that requires electric utility companies within the state to source 50 percent of its electricity from renewable technologies by 2030.
These trecs can then be sold on a market to utilities to help them meet the new jersey renewable portfolio standard rps.
Electricity suppliers the primary purchasers of srecs are required to pay a solar alternative compliance payment sacp if they do not meet the requirements of new jersey s solar rps.
The renewable portfolio standard rps in place in new jersey requires that the state produce a certain percentage of its energy by alternative means.
Transition renewable energy certificates trecs when you install your solar energy system it produces more than just electricity for every megawatt hour mwh of solar power your panels also generate one trec.
Solar renewable energy credits or srecs can help home solar system owners earn a return on solar.
Srecs solar renewable energy credits are the driving force behind the entire solar market.
Above all the state s renewable portfolio standard and associated solar renewable energy certificate srec market have.
