Historically, New Jersey has been one of the top places for solar installations in the US. We can attribute this mostly because of the success of the SREC program. The New Jersey Solar Renewable Energy Certificates program pays solar system owners for every megawatt hour of solar energy that their system produces. In 2018, New Jersey Governor, Phil Murphy, signed the Clean Energy Act to help push New Jersey toward becoming a full clean energy economy. This Act made 5 key changes to the state’s clean energy policy, such as; increasing New Jersey’s RPS, boosting the state’s solar carve out, instituting energy efficiency programs, starting an energy storage initiative, and lastly requiring the state to create a community solar and remote net metering framework.
As all of these changes seem to be positive and innovative towards the clean energy economy we’ve been working hard towards, these changes also hid a small, but still significant part of the signed Act. This new policy requires that the SREC program to be closed when 5.1% of the total amount of energy sold in New Jersey comes from solar power, or by June 2021 – whichever comes first. On Tuesday, March 31st, the New Jersey Board of Public Utilities announced that it forecasts that the 5.1% of state electricity sales could come around or before May of this year. It is therefore expected that the current SREC program could close to new applications as soon as April 30th. However, TRECS will be introduced in June although many important details surrounding the implementation and administration of the TREC Program Administrator have not been finalized yet. We recommend that you call us here at Revo today to get into this program before it’s too late.