SREC Solar Renewable Energy Certificates
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(SRECs) Solar Renewable Energy Certificates

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Solar Renewable Energy Certificates

What is an SREC?

SREC, (or Solar REC), stands for Solar Renewable Energy Certificate. An SREC is a tradable certificate that represents all the clean energy benefits of electricity generated from your solar electric system. SREC's will be issued to you regularly as your solar panels generate each 1000 kiloWatt hours (see our solar term glossary). In rough numbers, a 5 kW system will usually earn you almost 6 SREC Credits each year.

What is the New Jersey SREC Program?

New Jersey's Clean Energy Program will be transitioning its SREC trading platform from Clean Power Markets to PJM-EIS-GATS.   Learn about this transition.

SREC stands for Solar Renewable Energy Certificate and is a tradable certificate that represents all the clean energy benefits of electricity generated from a solar electric system. Each time a solar electric system generates 1000kWh (1MWh) of electricity, an SREC is issued which can then be sold or traded separately from the power. This makes it easy for individuals and businesses to finance and invest in clean, emission free solar power.

The New Jersey SREC Registration Program provides a means for SRECs to be created and verified on your behalf.  The New Jersey Board of Public Utilities has designated an SREC Administrator who tracks production from individual generators, issues SRECs, and records the sale (or other transfer of ownership) of SRECs from generators to other account holders.A market for SRECS is driven primarily by New Jersey's electricity suppliers who are required to purchase SRECs annually under New Jersey's Renewable Portfolio Standard (RPS).  This requirment increases each year, so that SRECs from the equivalent of a total of 90MW of solar generation capacity will be required by 2009.  That's enough electricity to power approximately 8,000 homes!

All solar system owners in New Jersey with grid-connected generators can participate in New Jersey's SREC Program.  If you plan to manage you own SREC account, you must first register for an SREC account.  If you have an arrangement with someone else to manage your SREC account (for example your solar installer, or an SREC aggregator or broker) that person will establish an account for you.  Once your account is established, SRECs will be deposited into your account based on estimated or actual monthly energy production, and the account holder will be able to transfer ownership of SRECs to other account holders when SRECs are sold.

Rule on 2 year SREC life is in effect for energy generated on or after June 1, 2009.  (click here to learn more).

For questions about the SREC Program please contact:


GATS Administrator
Phone: 610-666-2245


Clean Power Markets, Inc.
SREC Program Administrator
Phone: 201-612-3221

How Do I Sell an SREC?
An SREC is sold separately from the electric power the system generates. One way to sell is on an on-line broker, such as Flett Exchange or directly posted on the NJ Clean Energy Web site.

How Much Money is a New Jersey SREC Worth?
The market price of an SREC is determined by supply and demand for SRECs. A number of factors including the cost of a Solar Alternative Compliance Payment (SACP) that utility companies (PSEG, JCPL etc.) are required to pay if they do not buy enough SRECs. The SACP price effectively establishes a price ceiling for an SREC. In early energy year 2009, SRECs are selling for as high as $650 each.

Who is eligible to earn New Jersey SRECs?
All grid connected solar system owners in New Jersey can set up an internet electronic account for the sale and trade of SRECs on the NJCEP website.

What portion of my electricity is eligible for the program?
Each kWh produced by your solar electric system  earns you a fraction of an SREC credit. It does not matter if you use the electricity yourself, or sell it back to the utility company. Every watt that is metered (or is verified through another approved method of estimation) is eligible to earn SRECs.

How are SREC's generated and sold?
Once you have registered and established an account on the SREC website, SRECs will be generated each month and deposited in your account.

How long should I keep my SRECs?
We recommend that you sell your SRECs as you generate them. Solar RECs do not increase in value - they are expected to decrease in value at a predictable rate.

On September 12, 2007 the Board approved the following increase in the SACP and established an 8 year rolling SACP Schedule. The schedule reflects a 3% annual decrease to account for an expected decrease in the cost of solar systems going forward and improved project economics:

Approved 8 Year SACP (Price Cap) Schedule

Energy Year SACP (SREC ceiling price)
2009 $711
2010 $693
2011 $675
2012 $658
2013 $641
2014 $625
2015 $609
2016 $594

A balance has been struck which protects ratepayers in which solar projects can be financed based on the expectation that these SACP levels will not be modified by a future Board. The Board believes the above SACP schedule achieves such a balance, setting a ceiling for SRECs. (source NJCEP)

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