How Solar Works In New Jersey
What exactly is an SREC?
The original SREC program was created by the New Jersey Board of Public Utilities (BPU) in 2004 as part of the state's Renewable Portfolio Standard (RPS). The RPS requires that a certain percentage of the state's electricity come from renewable sources.
The SREC2 program was designed to help achieve this goal by providing financial incentives for the production of solar energy. The program provides a flat rate for 15 years at a rate $89 for every 1,000 kw of power produced by a solar panel system. With the average system in NJ producing 9,967 kw a year, that's more than $12,000 over the life of the system!
How Are Solar Credits Collected?
Under the SREC2 program, solar energy system owners earn one credit for every 1,000 kilowatt-hours (kWh) of electricity that their system produces. These SREC2 credits can then be sold on the open market to utilities and other companies that need to meet their RPS obligations.
How Much Are They Worth?
The value of SRECs is locked in at $89 per SREC2. You can collect the SREC credits every month. Most homeowners easily sell the credits using the state regulated GATS online portal system.
It's Never Been A Better Time to Invest in Solar
Power your building with the sun's energy, experience energy independence and save money on utilities with solar panel solutions!
TAX BREAKS
Homeowners can receive federal tax credits which can lower your federal income tax.
EARTH FRIENDLY
Solar lowers your carbon footprint by replacing systems emitting toxic greenhouse gasses.
CUT UTILITY COSTS
Create your own energy and pay less over time than other traditional electrical sources.
This site is NOT a state or federal entity. ©2024 State Renewable Energy, LLC. All Rights Reserved.