New Jersey SREC » Specifications
Click Here to View Official New Jersey RPS Information on DSIREUSA.org
SREC State Eligibility: New Jersey
New Jersey is a closed market.
Out-of-state solar facilities cannot sell their SRECs into the NJ market.
Eligibility Period: New Jersey SRECs can be generated for a maximum of 15 years
Eligibility Inception: Upon date of interconnection
Energy Year: June 1 - May 31
Tracking System: PJM-GATS
SREC Lifespan:
3 years: A 2011 SREC can be counted towards 2011, 2012, or 2013 New Jersey Renewable Portfolio Standard (RPS)
Solar Alternative Compliance Payment (SACP):
New Jersey's SACP declines 2.5% from 2010-2016. A SACP for energy years 2017-2025 still needs to be voted on by the Board of Public Utilities (BPU)
Meter Readings:
Solar facilities less than 10kW use estimated generation based upon the PV Watts calculator www.pvwatt.org and larger solar facilities report their monthly meter readings
Solar Requirement: 5,316 GWhr by energy year 2026
Regulation or Legislation: A.B. 3520 (effective 2010)
| Energy Year | Former RPS Solar (%) Requirement | Old RPS (SREC) Requirement | New RPS (SREC) Requirement | SACP |
| 2008-2009 | 0.16% | $711 | ||
| 2009-2010 | 0.22% | 193,000 | $693 | |
| 2010-2011 | 0.30% | 270,000 | 306,000 | $675 |
| 2011-2012 | 0.39% | 354,000 | 442,000 | $658 |
| 2012-2013 | 0.49% | 453,000 | 596,000 | $641 |
| 2013-2014 | 0.62% | 574,000 | 772,000 | $625 |
| 2014-2015 | 0.76% | 718,000 | 965,000 | $609 |
| 2015-2016 | 0.93% | 884,000 | 1,150,000 | $594 |
| 2016-2017 | 1.12% | 1,081,000 | 1,357,000 | $475* |
| 2017-2018 | 1.33% | 1,308,000 | 1,591,000 | $463* |
| 2018-2019 | 1.57% | 1,566,000 | 1,858,000 | $451* |
| 2019-2020 | 1.84% | 1,856,000 | 2,164,000 | $440* |
| 2020-2021 | 2.12% | 2,176,000 | 2,518,000 | $429* |
| 2021-2022 | 2,928,000 | $418* | ||
| 2022-2023 | 3,433,000 | $418* | ||
| 2023-2024 | 3,989,000 | $407* | ||
| 2024-2025 | 4,610,000 | $397* | ||
| 2025-2026 | 5,316,000 | $387* | ||
| 2026-2027 | $377* |
*Projected
New Jersey installations can apply for state certification at www.njcleanenergy.com
Contact Information:
New Jersey's Clean Energy Program
c/o Conservation Services Group
75 Lincoln Highway, Suite 100
Iselin, New Jersey 08830
Phone: 866-NJSMART (866-657-6278)
Transfers:
Buyers and sellers of SRECs on Flett Exchange will transfer their certificates on the PJM-GATS Website. When an SREC is traded on the Flett Exchange Platform the buyer sends their payment to Flett Exchange, LLC within 3 business days. The seller immediately transfers the SRECs to "Flett Exchange LLC" on the PJM-GATS platform. Upon receiving the funds from the buyer Flett Exchange makes the funds available to the seller via check and transfers the SRECs to the buyers PJM-GATS account.
Individual and Small Corporate Sellers:
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-GATS website. Flett Exchange will then simultaneously transfer the SRECS to the buyers account on the PJM-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.
Flett Exchange customizes buy orders for electric generators required to fulfill RPS requirements. Flett Exchange charges buyers a $5 commission per SREC and acts as a direct representative for electric generators. Once the bulk order is filled Flett Exchange will transfer SRECs to the buyer in one completed contract.
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 transfers on Flett Exchange are bilateral in nature and Flett Exchange Does Not Guarantee performance of either party.
Seller shall promptly notify Purchaser of any change in circumstance, which causes the foregoing representation and warranty to no longer be true, including providing a copy of any notice received from the governing entity or otherwise indicating or determining that the Transferred SRECs are no longer RPS-eligible (Non-Eligible SRECs). Purchaser shall not be obligated to pay for Non-Eligible SRECs, and Seller shall be responsible to reimburse Purchaser for any payments made to Seller for Non-Eligible SRECs.
All buyers of SRECs 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 lose 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.
Risk Disclaimer:
Flett Exchange, LLC discloses that there risks associated with the buying and selling of spot and long-term Solar Renewable Energy Certificates (SRECs). SRECs can fluctuate in price, be volatile in nature and there is no guarantee that SREC prices will appreciate or decline over time. SRECs are sensitive to economic, political, legislative, regulatory and other unforeseen factors and can experience periods of illiquidity.
Flett Exchange, LLC is an environmental exchange, brokerage and consulting firm. Flett Exchange, LLC facilitates the transaction and monetization of spot and long-term SREC contracts. Under no circumstances can Flett Exchange, LLC be held responsible for the actions, expectations or decisions of participating parties. All parties act on their own accord, cost and expense. All parties agree not to hold Flett Exchange or its officers, employees, subsidiaries or affiliates responsible for any wrongdoings. All parties forgo their right to claims, demands, disputes, controversies, complaints, suits, actions, proceedings and past, present or future allegations against Flett Exchange, LLC.
©2011 Flett Exchange, LLC.