PJM Region Passes 1-Gigawatt of Solar Power
On May 15, the PJM Interconnection passed the one gigawatt (GW) milestone for solar power installed in the region. One GW, or one billion watts, of electricity can power up to one million homes. Passing this milestone is reflective of the continuing maturation of the solar industry.
PJM Interconnection ensures the reliability of the electric power system serving 60 million people in all or parts of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and the District of Columbia.
In the PJM Interconnection region, solar power capacity more than doubled in each of the last two years and continues to grow (see map below for current solar capacity by county). A portion of the one GW of solar power is “behind-the-meter,” meaning that it is not offered into the PJM wholesale market. However, “behind-the-meter” solar is tracked by the PJM Environmental Information Services registry and thus counts toward the one GW milestone.
A number of incentives have contributed to the increasing prevalence of solar systems. A notable incentive, the solar renewable energy credit (SREC), allows businesses and residences that generate at least one megawatt-hour of power from solar energy to capture credit for the megawatt-hour as a SREC. SRECs can be traded or sold to satisfy state-specific renewable portfolio standards that exist in 11 of the 13 PJM states and the District of Columbia. Sol Systems currently offers three types of SREC agreements to help residences and businesses with solar systems capitalize on the SREC incentive: Sol Annuity, Sol Brokerage, and Sol Upfront. Please email email@example.com or contact your solar installer for more specific pricing.
About Sol Market
SolMarket is a transaction-driven ecosystem for the solar industry that catalyzes investment in solar energy by transforming how solar projects are financed. SolMarket provides investors and developers with the tools they need to efficiently originate, evaluate, finance, and construct renewable energy projects. SolMarket has over $1.9 billion in committed partnership funds seeking qualified solar projects and hundreds of users from the solar community. SolMarket is a wholly owned subsidiary of Sol Systems, the country’s oldest and largest SREC aggregator. For more information, please visit www.solmarket.com.