The Garden State's strong solar incentives have transformed New Jersey into the undisputed solar photovoltaic champion of the Northeast. New Jersey currently boasts over 500MW of installed solar photovoltaics, second only to the much more populous California.
New Jersey has an aggressive Renewable Portfolio Standard (RPS) that requires, among other things, an increasing amount of the electricity consumed in the state each year must come from solar. Electricity providers demonstrate compliance with the RPS by purchasing Solar Renewable Energy Credits (SRECs).
A SREC represents the environmental attributes derived from each megawatt hour (MWh) of electricity produced by a solar photovoltaic system:
1 SREC = 1 MWh = 1,000 kWh of solar production.
New Jersey SRECs are traded in an open market and prices are driven by the underlying supply and demand dynamics.
New Jersey remains a leader in the U.S. for large-scale commercial solar projects. Recent volatility in the SREC market highlights the need for solar system owners to enter into long-term SREC monetization arrangements.
Contact EnterSolar to learn how the New Jersey Incentives can benefit your business.