SREC Customers

New Jersey

An early national leader in solar energy, New Jersey’s SREC program is among the most aggressive in the country, with a renewable portfolio standard (RPS) that requires 4.1% of energy in New Jersey to come from solar resources. This goal has helped the 4th smallest state in the union have the 5th most solar capacity in the United States. Since the program was first adopted in 1999, SRECs have provided key financing for New Jersey homes and businesses across the Garden State.

Contract Options

We offer Sol Annuity, Sol Combo, Sol Upfront, and Sol Brokerage contracts in New Jersey. You can learn more about our contract options here. Contract options and pricing are subject to change monthly.

Solar installers interested in receiving up-to-date monthly pricing can subscribe to our Sol Circuit newsletter by visiting our contact us page.

To register a solar energy system for Sol Systems’ SREC services, visit our registration page. You can also contact our team with any questions. We’d be happy to help.

 

July 2017 Contract Options
Sol Annuity 3 3-year fixed rate $125/SREC
Sol Annuity 5 5-year fixed rate $100/SREC
Sol Combo 10 10-year fixed rate $120/SREC for 3 years
$25/SREC for 7 years
Sol Upfront 15 One time, lump sum based on system size $400/kWdc
Sol Brokerage Market rate (commission fee greater of $5 or 5%) Last sale: $235/SREC

New Jersey’s Renewable Portfolio Standard

  • New Jersey’s renewable portfolio standard (RPS) requires that 20.38% of the state’s electricity be sourced from renewable energy by 2021 and 4.1% must be sourced from solar energy by 2028.
  • The solar alternative compliance payment (SACP), the penalty fee levied on compliance buyers who do not meet the state’s solar targets, is currently set at $323 per megawatt hour (1000 kWh) and decreases each year until 2028, at which point it will be set to $239.
  • Systems in New Jersey are eligible to sell SRECs for 15 years.
  • SRECs up to three years old can be sold in the New Jersey market. Therefore, customers who have registered their system on their own or through an aggregator will still be able to sell their SRECs, provided they were minted in the last three years.
  • For more information on New Jersey’s RPS and SACP, including their yearly schedules, see their Clean Energy Program’s website.

Registration Guidelines

  • Customers must submit copy of the customer’s signed interconnection agreement, a signed contract, and a NJ certification number before we can register the system. Sol Systems does not charge a registration fee.
  • Registration with the New Jersey Clean Energy Program is done by residential system installers. Customers should provide Sol Systems with their New Jersey Certification number for GATS registration. The certification number will be in the following format: NJ-######-SUN-I where each “#” is a digit. To get started with registration, sign up with Sol Systems.
  • Upon receipt of all documentation, Sol Systems will register a customer’s solar energy system with the Generation Attribute Tracking System (GATS), the regulatory body that mints SRECs.
  • Sol Systems does not charge a registration fee.
  • Approval with GATS generally takes about 1 month.
  • Installers need to submit registration to the New Jersey Clean Energy Program within 14 business days of contract execution for installation. If registration is submitted to the state on time, all generation from interconnection onward is eligible for SRECs.
  • All systems in New Jersey are required to report generation from a dedicated revenue-grade solar meter. Customers can report their generation from the meter themselves or provide remote monitoring access to Sol Systems.
  • Only photovoltaic systems are eligible for SRECs in New Jersey. Solar thermal systems and other renewable facilities are not eligible.

Payment Timeline

Sol Systems makes payments to Sol Annuity, Sol Brokerage, and Sol Combo customers on a quarterly basis according to the following schedule.

Generation Quarter SREC Payment
Q1: January, February, and March May
Q2: April, May, and June August
Q3: July, August, and September November
Q4: October, November, and December February

For example, Sol Systems will issue payments to Sol Annuity or Sol Combo customers whose energy production passes a 1000 kWh threshold in Quarter 1 (January-March) on the last business day in May. Brokerage customers will also receive payment in May if Sol Systems is able to secure a competitive pricing ahead of the May payment cycle.

Sol Systems customers can receive their payment via paper check or direct deposit.

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