Do you own solar on your roof? Are you thinking of going solar? Then you need to know about forthcoming changes to New Jersey’s Solar Renewable Energy Credit (SREC) program. This may directly impact the incentives and payments you get for your solar energy.
The New Jersey Board of Public Utilities (BPU) is accepting public comment through February 22 on a straw proposal to replace the current Solar Renewable Energy Certificate (SREC) Program. Under the current system, owners of solar arrays can obtain monetary credits for the electricity produced by their systems. Legislation passed in 2018 require the BPU to end the current SREC program once New Jersey attains 5.1% of electric sales provided by solar installations. That level could be reached as soon as mid-2019.
The BPU’s draft plan would divide SRECs into three categories:
- Legacy SRECs created by projects that filed an SRP Registration and entered operation prior to the time when the 5.1% threshold is reached;
- Pipeline SRECs created by projects that filed an SRP Registration, but which have not begun operation prior to the attainment of the 5.1% threshold;
- The SREC Successor Program for projects that filed an SRP Registration after the 5.1% threshold is reached.
Solar advocates are working to ensure that solar homeowners will still receive fair compensation for benefits provided by their solar systems under the new program. We are also fighting so that the state’s solar market will continue to grow during the transition between the two programs. It’s also important that the new system be made available to participants in community solar projects. This is especially crucial for projects that will serve low and moderate-income customers.
The public can email comments on BPU’s straw proposal to [email protected] in PDF or Microsoft Word format. Written comments can also be mailed to: Aida Camacho-Welch, Secretary, New Jersey Board of Public Utilities, Post Office Box 350, Trenton, New Jersey, 08625. All comments must be received before 5 p.m. on Friday, February 22.