May 1, 2020
As the solar community has anticipated for the last eighteen months, the SREC program has come to an end. The SREC was a hugely successful incentive program that created thousands of jobs in New Jersey. The SREC program was an innovative concept, and the state remains a pillar in the North East solar market. As the New Jersey Solar Transition begins, the BPU has distributed the message below to all stakeholders:
“Solar projects seeking eligibility for Solar Renewable Energy Certificates (SRECs) must: 1) receive Permission to Operate (PTO) by April 30, 2020, and 2) submit a complete post-construction certification within 90 days of obtaining PTO. Projects with a complete SREC Registration Program (SRP) registration must meet both these criteria in order to be eligible to receive SRECs, unless they are approved for a waiver as described below. If they do not meet both these criteria, and they do not receive a waiver, they will be eligible to transfer into the Transition Incentive Program.
Waiver request: Pursuant to the Board’s 4/27/2020 Order, projects that are mechanically complete by April 30, 2020 (today), and that would have received the final inspections necessary to reach PTO prior to April 30, 2020 but for the COVID-19 State of Emergency, may apply for a waiver of the April 30 PTO requirement for purposes of SREC eligibility. Projects will be able to apply for this waiver through the SRP portal starting on May 1, 2020; the documentation required to apply for the waiver is listed in the Board Order. A Checklist with document requirements and instructions on how to request a waiver for relief will be available on the NJCEP website on May 1, 2020.
For additional information, please see:
The recent SRP Closure Board Orders dated March 27, 2020, April 6, 2020, and April 27, 2020
The Solar Transition Frequently Asked Questions page
The recording and slides of NJBPU’s April 28 webinar Navigating New Jersey’s Solar Transition
Please submit all questions to solar.transitions@bpu.nj.gov.”
YSG Solar is working with commercial and industrial companies across the state of New Jersey to take advantage of the new TREC program for their property. Send us an email, or call the office at 212.389.9215 to learn how it could work for you.
YSG Solar is a project development vehicle responsible for commoditizing energy infrastructure projects. We work with long-term owners and operators to provide clean energy assets with stable, predictable cash flows. YSG's market focus is distributed generation and utility-scale projects located within North America.