NJ's Brilliant Solar Renewable Energy Certificates (SRECs)

There are many reasons to switch to solar-powered energy, such as TREC incentives. Solar renewable energy certificates in New Jersey are when a utility company is required to source a certain amount of energy that they generate and sell from solar or wind power resources.

Did you know that NJ is the third most ambitious state that offers renewable portfolio standards? In 2021, NJ had a goal of generating 5.1% of its energy from sustainable sources, and the next milestone comes in 2031 when at least 50% of power will be from renewable sources like solar.

If these goals aren't met, TRECs will be purchased from homeowners. Are you curious to learn more about solar in NJ? You can contact one of our solar experts right now at (732) 889-7872.

New Jersey TREC credits are given to homeowners by utility companies when targets of Renewable Energy Portfolios are not reached. As previously mentioned, states like NJ with RPS programs must source a certain amount of energy from sustainable resources by an allotted time or purchase MWh from homeowners. Here's an example of of a solar customer can earn overtime through TREC:

• $200 x 6 TRECs = $1,200/year
• $1,200 x 10 years = $12,000 in 10 years

The above figures were sourced from here. The SREC program is a way to incentivize people to switch from fossil fuel energy to solar-generated power. You can wind up making thousands of dollars off the program!

Solar renewable energy credits in NJ are measured by the General Attribute Tracking System (GATS). You'll earn a single TREC for every MWh of electricity generated after the first 10 to 15 years after installation. 

According to Solar.com, "When utility companies do not meet the state's RPS, they must pay a Solar Alternative Compliance Payment (SACP), a penalty price that they must pay per SREC."

Electricity rates in New Jersey hang out around 15.78¢/kWh, 32.83%, which is higher than the national average. However, solar can significantly lower your energy bills, and SREC incentives sweeten the deal.

At Go Solar New Jersey, our sustainable energy specialists are here to help guide you through the process of switching to a green power source. We understand the undertaking can be confusing and overwhelming, which is why we've done all the work and research for you.

Our goal is to help you power your NJ home with renewable energy and get some lucrative incentives along the way, which includes SRECs. We know where you need to register and the documentation required to begin receiving your credits.

If you'd like to learn more about renewable solar energy certificates in New Jersey, we invite you to browse our blog as it hosts a wealth of information covering the subject.