Three leading utilities in the state of New Jersey, U.S., have begun seeking proposals for 80 MW of solar PV projects in order to secure Solar Renewable Energy Certificates (SRECs).
Atlantic City Electric (ACE), Jersey Central Power & Light (JCP&L) and Rockland Electric Company (RECO) are expected to secure the SRECs by signing 10-year power purchase agreements (PPAs) with solar developers working in the state to bolster its solar PV portfolio.
The three-year SREC acquisition program is certified by the New Jersey Board of Public Utilities (BPU) Office of Clean Energy, and has been introduced to encourage utilities and business to adopt greener energy practices. One SREC represents the solar energy attributes of 1 MWh of generation.
Accordingly, ACE is seeking 23 MW of SRECs; JCP&L has sought proposals for 52 MW, and RECO is in the market for 4.5 MW of SRECs. Projects that are eligible for SRECs include net-metered installations up to 2 MW in size, as well as grid-connected PV projects that are located on properly closed landfills, brownfield sites or areas of "historic fill".
New Jerseys BPU launched an inaugural SREC program a few years back, which saw 316 new solar PV projects completed and adding 56 MW of solar capacity to the state. This current SREC program is the second of its kind in the state.