New Jersey SREC Market in 2024

Turn your solar investment into extra cash with Currents, the fastest-growing SREC aggregator. Sign up today to effortlessly generate and sell your SRECs, maximizing your solar panel's financial benefits with our hassle-free platform.

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Transition from SREC to ADI: A New Era in Solar Incentives

New Jersey initially utilized the Solar Renewable Energy Certificate (SREC) system to reward solar energy producers. This was followed by the Transition Renewable Energy Certificate (TREC) program, and now, the state has introduced the Administratively Determined Incentive (ADI) Program under the Successor Solar Incentive (SuSI) framework.

The dates and prices for Behind-The-Meter (BTM) generators for SREC, SREC-II, and TREC in New Jersey are structured as follows:

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SREC (Solar Renewable Energy Certificate)

• System Connection Date: Before October 29, 2018
• Price: Historically ranged between $200 to $300 per SREC, depending on market conditions.
• Length of Availability: Typically available for 15 years from the system connection date.

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SREC-II (Successor Solar Incentive Program)

• System Connection Date: October 29, 2018, to April 30, 2020
• Price: Similar to original SRECs, prices were market-based but aimed for more stability, typically around $200 per SREC-II.
• Length of Availability: Typically available for 15 years from the system connection date.

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TREC (Transition Renewable Energy Certificate)

• System Connection Date: May 1, 2020, to the present
• Price: Fixed at $152 per TREC depending on the type of install*, which provides financial predictability compared to the SREC programs.
• Length of Availability: The TREC program offers a stable incentive structure that lasts for 15 years.

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Introduction of the ADI Program

The Administratively Determined Incentive (ADI) Program sets specific incentive levels for eligible solar facilities, offering a more structured and predictable approach to solar incentives.

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ADI Program Incentive Values:

• Net-Metered Residential: All sizes receive $85 per SREC-II.
• Small Net-Metered Non-Residential (Rooftop, Carport, Canopy, Floating Solar): Projects smaller than 1 MW receive $110 per SREC-II.
• Large Net-Metered Non-Residential (Rooftop, Carport, Canopy, Floating Solar): Projects 1 MW to 5 MW receive $100 per SREC-II.
• Community Solar (Low-to-Moderate Income, LMI): Projects up to 5 MW receive $90 per SREC-II.

Program Details:

• System Connection Date: Applicable to new projects registered from March 13, 2023, onwards.
• Length of Availability: Typically available for 15 years from the system connection date.
• Eligibility: Open to net-metered residential projects, non-residential projects up to 5 MW, and community solar projects.
• Capacity Blocks: ADI Program capacity blocks are allocated for each market segment and filled on a first-come, first-served basis until fully subscribed.

Advantages of ADI over Previous Programs:

• Stability: Fixed prices offer long-term financial certainty, unlike the fluctuating SREC market.
• Longer Duration: Similar to TRECs, ADI incentives are available for 15 years.
• Predictable ROI: Enhanced return on investment for solar installations, making solar more accessible and attractive.

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How to get signed up for SRECs in New Jersey

If you have a new solar facility in New Jersey, Currents can help you register your system and start earning NJ SRECs today.

We'll start by gathering all your information related to your system, and apply through the ADI Program page.

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Sources:

• ‍NJ Clean Energy
• ‍Currents | Home Energy That Pays Back
• ‍Green Sun Energy Services‍