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New Jersey Solar Renewable Energy Certificates
Flett Exchange 2011 New Jersey SRECs
| Settlement: $639.58 | Bid: $637.5 | Offer: $642 |
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Flett Exchange 2010 New Jersey SRECs
| Settlement: $675.06 | Bid: $674 | Offer: $0 |
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Flett Exchange 2009 New Jersey SRECs
| (Market Closed) | Bid: $0.00 | Offer: $0.00 |
2009 New Jersey SRECs Settlement History:
Flett Exchange 2008 New Jersey SRECs
| (Market Closed) | Bid: $0.00 | Offer: $0.00 |
2007-2009 New Jersey SREC Historical Pricing:
Flett Exchange 2007 New Jersey SRECs
| (Market Closed) | Bid: $0.00 | Offer: $0.00 |
2007-2009 New Jersey SREC Historical Pricing:
You are viewing historical pricing data for New Jersey Solar Renewable Energy Certificates.
This information is subject to delay. Settlement prices also listed daily on Reuters news service.
Solar Energy for New Jersey Business
September 2nd, 2010
Michael Flett, President and CEO, of Flett Exchange recently spoke at the “Solar Energy for New Jersey Business-Developing and Financing Your Own On-Site Solar Facility“ conference on Thursday, August 19th, 2010. The solar forum was hosted by the law firm Gibbons P.C. and CPA firm Eisner Amper LLP. More than 500 business owners, senior executives, and industry representatives attended the conference, which provided a comprehensive overview of solar development, regulatory compliance, and innovative financial structures. The clean energy economy is growing and thriving in the Garden State. New Jersey is the second most active state for solar power installations and the seventh for venture capital investments in clean energy projects. With millions of dollars available from private equity, venture capital funds, and Federal and State agencies, corporations have the incentive to enter this growing marketplace.
Some of the state’s leading authorities on solar energy discussed:
- The business case for solar projects
- Federal and State incentives
- Choosing between rooftop, ground mount, or carport structures
- Analyzing the risks, costs and benefits of solar energy projects
- Project development from financing and assembling a team through design, operation, and maintenance
Keynote Speaker:
- Upendra Chivukula, New Jersey State Assemblyman
Executive Panelists:
- Michael Flett, President and CEO, Flett Exchange LLC
- Rich Cleaveland, Partner, Amper, Politziner & Mattia
- Al Bucknam, CEO SunDurance Energy
- George Cruden, Director of Market Operations, Power & Communications Market Team, Clough Harbor Associates
- Doug Janacek, Co-Chair, Real Property & Environmental Department, Gibbons P.C.
- Valerie Montecalvo, President, Bayshore Recycling Corp.
- Steve Morgan, President and CEO, American Clean Energy, LLC, and past senior executive of First Energy Corporation including CEO and Chairman of Jersey Central Power & Light
- Anthony DiGiacinto, Amper, Politziner & Mattia
- Paula Durand, Senior Venture Officer, Clean Technology, New Jersey Economic Development Authority
- Kurt Fuoti, TD bank
- Ronald Reisman, Manager of Business Outreach, New Jersey Board of Public Utilities
- James Rice, CEO, Nautilus Solar Energy, LLC
- Govi Rao, President and Chief Executive Officer, Noveda Technologies, Inc.
Gibbons P.C. and Eisner Amper LLP look forward to identifying solar opportunities and working together with qualified corporations to enhance the evolution of the New Jersey solar marketplace.
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Public SREC Auction Results for Sparta Township, NJ
August 16th, 2010
Flett Exchange is pleased to announce the results of the Sparta Township Solar Renewable Energy Certificate (SREC) sale. 40 energy year 2010 New Jersey SRECs were sold at a clearing price of $679.00 on Flett Exchange Friday, August 13th 2010. The sale was conducted on Flett Exchange’s electronic marketplace under its Public SREC Auction and total market proceeds equaled $27,160.00 Registered buyers and the public could observe the bidding in real time by logging in to Flett Exchange.
The $679.00 clearing price is 98% of the $693 Solar Alternative Compliance Payment (SACP). The SACP is the payment electric producers have to pay to the State of New Jersey if they do not produce a specified amount of electricity using solar energy or through the purchase of SRECs from facilities located in New Jersey. The auction was oversubscribed and there was strong participation by Load Serving Entities (LSE’s) trying to procure SRECs. This activity supports solar development in New Jersey and SREC revenue goes to entities that take risk in developing solar facilities.
New Jersey SREC Alert!
July 29th, 2010
The first New Jersey SRECs for the 2011 Energy Year (vintage) will be created by PJM-GATS on Friday, July 30, 2010. New Jersey SRECs are generated on an energy year basis which runs from June 1 to May 31. Values for 2010 vintage SRECs differ from the values of 2011 SRECs. Valuation differentials between specific vintage SRECs are attributable to two factors: 1) the penalty or Solar Alternative Compliance Payment (SACP) decreases 3% per year. 2) SRECs are now valid for RPS compliance for the year generated and the following 2 years. 2010 SRECs are currently good for 2 years and may be good for 3 if the New Jersey Board of Public Utilities (BPU) approves it. This will most likely make newer energy years worth slightly more due to the longer “bank ability”. Sellers will have to check which energy year SRECs they have before they sell them on Flett Exchange. Prices for the next 30 to 45 days for 2010 EY SRECs will remain $30 to $50 higher than the new 2011 SRECs created. After qualified buyers have finished buying 2010 vintage SRECs and start their compliance filing which is due at the end of September, the prices for 2010 SRECs will trend closer to the 2011 vintage value. It is estimated that the EY 2011 SRECs will start trading in the $620 to $640 range.
The Flett Exchange trading platform allows for the simultaneous listing of multiple SREC vintages. Our transparent and competitive trading platform ensures that our buyers and sellers achieve the market value for their SRECs at the most competitive rate in the industry. Our brokers are available to answer any questions that you have at 201-209-0234.
Public-Auction Results for ACUA SREC Sale
July 22nd, 2010
Flett Exchange is pleased to announce the results of the Atlantic County Utilities Authority (ACUA) Solar Renewable Energy Certificate (SREC) sale. 244 energy year 2010 New Jersey SRECs were sold at a clearing price of $683.00, which is a Flett Exchange contract high! The sale was conducted on Flett Exchange’s electronic marketplace under its Public-Auction SREC Market and total market proceeds equaled $166,652.00. Registered buyers and the public could observe the bidding in real time by logging in to Flett Exchange.
The $683 clearing price is 98.5% of the $693 Solar Alternative Compliance Payment (SACP). The SACP is the payment electric producers have to pay to the State of New Jersey if they do not produce a specified amount of electricity using solar energy or through the purchase of SRECs from facilities located in New Jersey. The auction was oversubscribed and there was strong participation by Load Serving Entities (LSE’s) trying to procure SRECs. This activity supports solar development in New Jersey and SREC revenue goes to entities that take risk in developing solar facilities.
More about the ACUA: “The Atlantic County Utilities Authority is responsible for enhancing the quality of life through the protection of waters and lands from pollution by providing responsible waste management services. The Authority is an environmental leader and will continue to use new technologies, innovations and employee ideas to provide the highest quality and most cost effective environmental services.”
The ACUA generated these Solar RECs from a solar facility located on their waste water treatment plant.
Click Here To View Our Upcoming Public Auction Schedule
Township of Verona SREC Public-Auction Results
June 28th, 2010
Flett Exchange is pleased to announce the results of the Township of Verona Solar Renewable Energy Certificate (SREC) public-auction. 79 Energy Year 2010 New Jersey SRECs were sold at a clearing price of $675.00. The sale was conducted on Flett Exchange’s online, transparent environmental exchange under its “Public-Auction SREC Market” and total market proceeds equaled $53,325.00. Qualified buyers and the public could observe the bidding in real time by logging in to Flett Exchange.
The $675.00 clearing price is 97.4% of the $693 Alternative Compliance Payment (ACP). The ACP is the payment electric producers have to pay to the State of New Jersey if they do not produce a specified amount of electricity using solar energy or through the purchase of SRECs from facilities located in New Jersey. This activity supports solar development in New Jersey and SREC revenue goes to entities that take risk in developing solar facilities.
Lawrence Township Public Schools SREC Public-Auction Results
June 10th, 2010
Flett Exchange is pleased to announce the results of the Lawrence Township Public Schools Solar Renewable Energy Certificate (SREC) public-auction. 238 Energy Year 2010 New Jersey SRECs were sold at a clearing price of $678.10. The sale was conducted on Flett Exchange’s online, transparent environmental exchange under its “Public-Auction SREC Market” and total market proceeds equaled $191,902.30. Qualified buyers and the public could observe the bidding in real time by logging in to Flett Exchange.
The $678.10 clearing price is 98.7% of the $693 Alternative Compliance Payment (ACP). The ACP is the payment electric producers have to pay to the State of New Jersey if they do not produce a specified amount of electricity using solar energy or through the purchase of SRECs from facilities located in New Jersey. This activity supports solar development in New Jersey and SREC revenue goes to entities that take risk in developing solar facilities.
Public Auction Results for North West Bergen Utilities Authority
May 27th, 2010
Flett Exchange is pleased to announce the results of the North West Bergen Utilities Authority Solar Renewable Energy Certificate (SREC) sale. 100 energy year 2010 New Jersey SRECs were sold at a clearing price of $678.25. The sale was conducted Flett Exchange’s electronic marketplace under its Public-Auction SREC Market and total market proceeds equaled $67,825. Registered buyers and the public could observe the bidding in real time by logging in to Flett Exchange.
The $678.25 clearing price is 97.8% of the $693 Solar Alternative Compliance Payment (SACP). The SACP is the payment electric producers have to pay to the State of New Jersey if they do not produce a specified amount of electricity using solar energy or through the purchase of SRECs from facilities located in New Jersey. This activity supports solar development in New Jersey and SREC revenue goes to entities that take risk in developing solar facilities.
New Jersey BPU Halts Solar Rebate Applications
May 24th, 2010
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The New Jersey Board of Public Utilities (NJBPU) stopped accepting applications for rebates under the Renewable Energy Incentive Program (REIP) for solar installations this month. The surge in April applications has outstripped all allocated funds. The REIP provides rebate checks for solar installations in New Jersey. These grants are available for home systems and small commercial systems that are 50kW and less. |
The flood of applications can be attributed to the reduction of state incentives and growing interest for installing solar. The reduction rumor began with the change of administrations as Republican Governor Chris Christie replaced former Democrat Governor John Corzine. Governor Christie inherited a budget deficit and is proactively cutting state spending in all segments of New Jersey Government. Shortly after his election the incentives for the REIP program were reduced from $1.75 per watt to $1.35 for residential installations and $1.00 per watt to $.80 cents for commercial installations. Installers across the Garden State quickly accelerated sales and were seen lining up at state offices to submit their applications for the second funding cycle.
At the last Renewable Energy Committee meeting in Trenton, New Jersey, the Office of Clean Energy asked for stakeholder suggestions on how to administer the third round of applications in September. Suggestions like entity caps are now being considered. The prospect of increasing funding was abruptly dismissed by NJBPU staff citing that adequate funds are currently not available at this time.
According to an article published by Associated Press/1010 WINS on May 12, 2010, BPU spokesman Greg Reinert said, “the BPU decided not to take any more applications until the next funding cycle begins Sept. 1.But all the eligible projects that were submitted will still get the rebates, he said, even if the amount surpasses the $6 million set aside for them. Money could be transferred from another fund, he said.” This information was not available at the Renewable Energy Committee meeting that day since many participants were complaining about waiting on line and missing the deadline. However, it appears this topic could be addressed in more detail at the next BPU board meeting on June 7, 2010 and there is approximately $8 million in CORE projects that could alleviate funding draw downs.
The discontinuing of REIP rebate checks could potentially hurt the future of residential and small business solar installations. In the past, the NJBPU has been vigilant for making solar democratic process; homeowners and small business were given incentives to keep them competitive with larger utility, government, and large corporate projects. This has created a more diverse and distributed mix of solar thus generating a macro benefit to all electricity users through less impact on the grid. Residents and small business in New Jersey were given a fair chance to participate in renewable energy projects through the REIP rebates.
Solar Renewable Energy Certificates (SRECs) are now coming to the aid of the New Jersey solar market. Over the past five New Jersey has weaned itself off of an incentive based program and SRECs have evolved into reliable income stream. If this transition had not been achieved, solar investors would be at the mercy of rebates and the market would virtually shut down. Instead, the market is busier than ever. Mid scale projects in the 200kW-500kW range are leading the way for NJ solar development. Solar investors use the SREC revenue to pay down the cost of the system. In a market in which regulatory risk is just as high as supply/demand risk, investors feel more confident in a market based SREC program instead of relying on politicians who could discontinue a program at any time.
The buoyant price of New Jersey SRECs is an attractive incentive to solar investors.
Daily settlement prices on the Flett Exchange spot SREC exchange have been consistently 95% to 97% of the Solar Alternative Compliance Payment (SACP) for the second half of 2010.
Public-Auction Results for Town of Morristown SREC Sale
May 20th, 2010
Flett Exchange is pleased to announce the results of the Town of Morristown Solar Renewable Energy Certificate (SREC) sale. 190 energy year 2010 New Jersey SRECs were sold at a clearing price of $676.25. The sale was conducted Flett Exchange’s electronic marketplace under its Public-Auction SREC Market and total market proceeds equaled $128,487.50. Registered buyers and the public could observe the bidding in real time by logging in to Flett Exchange.
The $676.25 clearing price is 97.5% of the $693 Alternative Compliance Payment (ACP). The ACP is the payment electric producers have to pay to the State of New Jersey if they do not produce a specified amount of electricity using solar energy or through the purchase of SRECs from facilities located in New Jersey. This activity supports solar development in New Jersey and SREC revenue goes to entities that take risk in developing solar facilities.
The Town of Morristown generated these Solar RECs from a solar facility located on their waste water treatment plant.
Click Here To View Our Upcoming Public Auction Schedule
SREC Specifications
A Solar Renewable Energy Certificate (SREC) is tradable certificate that represents all the clean energy benefits of electricity generated from a solar electric system. An SREC can be sold or traded separately from the power. It is issued once a solar facility has generated 1000kWh (1MWh), through either estimated or actual metered production.
The New Jersey Solar Renewable Energy Certificate Program provides a means for SRECs to be created and verified on your behalf. It also facilitates the sale of SRECs to electric suppliers that are required to invest in solar energy under New Jersey's Renewable Portfolio Standards (RPS). The RPS requires electricity suppliers to get a minimum of 0.0393% of the electricity they sell in 2007 from solar energy systems located in New Jersey. This requirement increases each year, so that a total of 90MW (108,000 SRECs) of solar electricity will be required by 2009. That's enough electricity to power approximately 8,000 homes. All New Jersey electric suppliers are required to use the SREC Program to show compliance (see Compliance Market) with this part of the State's renewable portfolio standard.
Market Specifications:
Market Types:
Compliance - The compliance market is where SRECs are traded to meet the RPS requirements in the state. If a utility company does not purchase enough SRECs, they will pay a Solar Alternative Compliance Payment (SACP), currently set at $300 for vintage 2008 NJ SRECs. The SACP for 2009 is $711, 2010 is $693, 2011 is $675, 2012 is $658, 2013 is $641, 2014 is $625, 2015 is $609 and 2016 is $594. (see http://www.njcleanenergy.com/files/file/9-12-07-8E.pdf for more details).
Voluntary - The voluntary market is where SRECs are traded to companies who have interest in purchasing clean power. Since they are not subject to an SACP payment, they can offer you whatever they would like so they can purchase the SREC.
SREC Vintage:
2009 SREC vintage = 1 year. 2010 and later SRECs vintage = 3 years. The end of the true-up period for the current reporting year is on August 31. Any SRECs generated from solar production between June 1 and May 31 are valid in that particular reporting year. Load-serving entities in New Jersey that have an obligation to purchase Solar RECs to meet the renewable portfolio standard have until August 31 to purchase and retire sufficient SRECs to meet their obligation. After that time, the SRECs will not be valid for that reporting year for meeting the New Jersey renewable portfolio standard. However, they will be placed in a "reserve" account and owners may be able to sell them in the voluntary green power choice program in New Jersey or outside the state. Starting with the 2010 NJ SRECs the life is extended from 1 to 2 years. Utilities can use 2010 SRECS to satisfy 2011 requirements.
Specifications:
- Units:
- 1 Certificate(s)
- Facility Type:
- Solar
- Commission:
- Buyer: $5.00 per certificate
- Seller: $2.50 per certificate
Transfers:
Transfers of New Jersey SREC:
Buyers and sellers of SRECs on Flett Exchange still transfer their certificates on the PJM-EIS.com(GATS) Website. When a SREC is traded on the Flett Exchange Platform the buyer sends their payment to Flett Exchange, LLC. The seller is notified when the funds are available. The seller then logs in to the GATS(Generation Attributes Tracking System) and transfers the SREC to the buyers account. When the buyer confirms that the SRECS are transferred the funds are released to the sellers account at Flett Exchange.
Money Transfer:
All participants in the SREC market on Flett Exchange have an account in their name. Buyers deposit funds for their SREC purchases with Flett Exchange, LLC. After a deal is completed on the Flett Exchange platform the seller transfers the SRECS to Flett Exchange account within the PJM-EIS.com (GATS) website. Flett Exchange will then simultaneously transfer the SRECS to the buyers account on the PJM-EIS.com (GATS) website and transfer the appropriate funds from the buyers escrow account at Flett Exchange to the sellers escrow account at Flett Exchange. The Seller can then request a check for the funds.
Agreement:
Buyers and sellers agree to abide by the Flett Exchange User Agreement for Unregulated Forward Contracts. Buyers and sellers must log into the Flett Exchange platform with their user name and password and click the "I AGREE" tab for the user agreement.All buyers of NJSRECs must be aware of the nature of the Certificates. Certificates retire and are worthless at the end of the True-up period. Buyers of Certificates may loose some or all of the value of the Certificate.
This is not a solicitation to buy or sell SRECS. Contact your accountant before buying or selling SRECS.
Flett Exchange charges a commission of $2.50 cents per SREC for customers who execute on the Flett Exchange Internet Trading Platform. A $5.00 per SREC commission will be charged for phone brokered trades, a $5.00 to $10.00 commission will be charged to Buyers who would like Flett Exchange to take title to the SRECS and bundle them before transferring them.
Settlement Price
Flett Exchange publishes a daily settlement price for the New Jersey SREC market. It is the price which represents the market value of SRECs based on our competitive marketplace. Significance is placed on the average traded prices along with current bids and offers at the end of the trading day. This is the most accurate price of SRECs anywhere. All market activity is governed by our market rules and monitored by our compliance staff to ensure accuracy and fairness.Flett Exchange Settlement Procedure:
THE FOLLOWING FACTORS DETERMINE THE "SETTLEMENT PRICE" ON OUR MARKETS:- The weighted average price of all trades done on the Flett Exchange Trading Platform in the 24 hour trading session. The session is between 3pm on the preceding day and 2:59:59 pm on the day in which settlement is being determined.
- If there are no trades done during the session in question then the following will determine settlement:
- The settlement will be the same as the previous session IF the previous session settlement is greater than the bid or less than the offer posted during the last 5 minutes of the session.
- If there are no trades and the bid is greater than the previous session's settlement then the settlement will be the bid price.
- If there are no trades and the offer is less than the previous sessions settlement, then the settlement will be the offer price.
- Submissions of bids and offers to be considered for settlement: bids and offers will only be considered for settlement purposes if they are entered onto the Flett Exchange trading platform 5 minutes prior to the end of the trading session (prior to: 2:55pm). Unfilled bids and offers entered prior to the last 5 min of trading take precedence over the volume weighted average of the day. The settlement price will be the price of the unfilled bid if the volume weighted average is below the bid; the settlement price will be the price of the unfilled offer if the volume weighted average price is higher than the offer.
Disclaimer:
The end result of the previous "settlement procedure" is a result of proprietary information that is property of Flett Exchange, LLC. The end result is defined as the "Flett Exchange, LLC settlement price or index" This "Flett Exchange, LLC settlement price or index" is for numerous Flett Exchange markets. Under no circumstance is anyone or entity allowed to refer to the "Flett Exchange, LLC settlement price or Index" without permission of Flett Exchange, LLC.©2010 Flett Exchange, LLC.
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