So how much money can you make selling electricity back to the grid? Since rates vary with the market value of electricity, there’s no set dollar figure that you can expect to take home. However, many home producers make around $3,000 per year from a combination of REC sales and governmental clean energy incentives.
How much are SRECs selling for in NJ?
One SREC is earned for every megawatt-hour of solar energy produced. NJ SRECs are selling for around $230. The NJ SREC program closed in April 2020, so new solar systems will be eligible for the TREC program.
How long can you sell SRECs in NJ?
Systems in New Jersey are eligible to sell SRECs for 10 years. SRECs up to three years old can be sold in the New Jersey market. Therefore, customers who have registered their system on their own or through an aggregator will still be able to sell their SRECs, provided they were minted in the last three years.
How do I sell my SRECs in NJ?
Work with an aggregator or broker to either purchase the RECs directly, or to assist the REC owner in finding a buyer. Use an auction or exchange platform to sell RECs. The GATS Bulletin Board is a free option available to all GATS subscribers, while other avenues may have applicable fees and conditions.
How long will SRECs last?
3 years
SRECs expire after 3 years, so while you may want to hold on to them and try to get a better price later, you can’t wait too long. How are SRECs different from electricity? The electricity you use or sell back to your utility company is different from SRECs.
Are there solar energy incentives in New Jersey?
Believe it or not, solar renewable energy certificates are among some of the best solar incentives in New Jersey. At 15.78 ¢/kWh, electricity rates are 32.83% higher than the national average which makes the Garden State one of the top viable states in the nation for homeowners to go solar.
Do you have to sell solar panels to sell SREC?
It should be noted that for homeowners considering solar in states that have active SREC markets, you are only eligible to sell SRECs if you own your solar panels.
What is the Solar Alternative Compliance Payment in NJ?
The solar alternative compliance payment (SACP), the penalty fee levied on compliance buyers who do not meet the state’s solar targets, is reviewed each year by the NJ Board of Public Utilities and set higher than the estimated market cost of an SREC. The SACP ceiling for the current energy year is set at $268 per megawatt-hour (1000 kWh).
Who are the buyers of SRECs in New Jersey?
As we mentioned above, utility companies are the buyers of SRECs. 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. If you’re a homeowner in New Jersey, you’re in luck.
