Solar power has become a popular source of renewable energy in recent years. One state that has embraced solar power is New Jersey. The state has implemented a program called the Solar Renewable Energy Credit (SREC2) program to encourage the adoption of solar energy. In this blog article, we will explore the SREC2 program and how it has impacted solar power in New Jersey.
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.
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 SREC credits can then be sold on the open market to utilities and other companies that need to meet their RPS obligations. The value of SRECs is determined by supply and demand, with prices typically ranging from $20 to $300 per SREC.
The SREC2 program has been very successful in promoting the growth of solar power in New Jersey. Since the program's inception, the state has installed over 3,000 megawatts (MW) of solar capacity, making it one of the top states for solar power in the country. The program has also created thousands of jobs in the solar industry, providing a boost to the state's economy.
One company that has helped numerous homeowners be accepted into the SREC program is EMT Solar & Roofing, a solar energy system installer based in New Jersey. EMT Solar & Roofing specializes in designing and installing solar energy systems for residential customers. The company has installed over 5,000 solar panel projects in New Jersey and has become a leader in the state's solar industry.
EMT Solar & Roofing has been a strong advocate for the SREC2 program, stating that it has been critical to the growth of solar power in New Jersey. The company has also praised the program for providing financial incentives for homeowners and businesses to adopt solar energy. According to recent BPU statistics, the SREC2 program has helped to make solar energy more accessible and affordable for New Jersey residents.
In addition to the SREC2 program, New Jersey has implemented other policies to support solar power. The state offers a Solar Financing Model (SFM) program, which provides financing for the installation of solar energy systems. The SFM program allows homeowners and businesses to pay for their solar energy systems over time, making it easier to afford.
New Jersey has also implemented a net metering policy, which allows solar energy system owners to receive credits for the excess electricity they generate. These credits can then be used to offset their electricity bills. Net metering has been a key factor in making solar energy more affordable for homeowners and businesses in the state.
In conclusion, the SREC2 program has been a critical factor in promoting the growth of solar power in New Jersey.
The program has provided financial incentives for the production of solar energy, making it more accessible and affordable for homeowners and businesses. The success of the SREC program has made New Jersey a leader in the solar industry and has created thousands of jobs in the state. Companies like Solar Energy have played a key role in promoting the SREC2 program and advocating for the adoption of solar power. With continued support from the state and the adoption of new policies, solar power is likely to continue to grow in New Jersey in the coming years.
State Renewable Energy (SRE) is a reliable information hub for learning more about the ever changing federal and state renewable energy incentives throughout the U.S.