Solar Renewable Energy Certificate (SREC) Registration Program
| Program Type | Production Incentive |
|---|---|
| Technologies | Solar Panels (Photovoltaics |
| Amount | Varies depending on market value; Approximately $490/MWh in April 2009, but trades up to $680/MWh have been reported. |
| Required Documentation | Documentation must be submitted within 120 days of purchasing the system |
| Official Web Site | www.njcep.com/srec |
The SREC Registration Program creates a marketplace that enables producers of solar electric power to be compensated for the power they produce.
Under NJ law, electric utilities who serve retail customers must produce 22.5% of their electricity from renewable sources. Utilities who do not produce sufficiently from renewable sources are allowed to purchase Solar Renewable Energy Certificates to offset their non-renewable production and reach their mandate.
Owners of private solar electric systems register with the SREC program, enabling them to sell certificates to utilities seeking offsets. The program tracks the amount of electricity produced, issues certificates and records sales of certificates from producers to purchasers.
Since the program is a marketplace, the amount paid for a certificate varies by supply and demand. Suppliers are given a certificate for each megawatt hour produced.
