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 5.1% 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.
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.
|October 2019 Contract Options|
|Sol Annuity 3||3-year fixed rate||$180/SREC|
|Sol Annuity 5||5-year fixed rate||$125/SREC|
|Sol Upfront 10||One time, lump sum based on system size||$600/kWdc|
|Sol Brokerage||Market rate (commission fee greater of $5 or 5%)||Current price: $230/SREC|
New Jersey’s Renewable Portfolio Standard
- New Jersey’s renewable portfolio standard (RPS) requires that 50% of the state’s electricity be sourced from renewable energy by 2030 and 5.1% must be sourced from solar energy by 2021.
- The solar alternative compliance payment (SACP), the penalty fee levied on compliance buyers who do not meet the state’s solar targets, is reviewed each year by the NJ Board of Public Utilities and set higher than the estimated market cost of an SREC. The SACP ceiling for the current energy year is set at $268 per megawatt-hour (1000 kWh).
- Systems in New Jersey are eligible to sell SRECs for 10 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.
- 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.
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.