New Jersey utilities Atlantic City Electric (ACE), Jersey Central Power & Light (JCP&L) and Rockland Electric Co. (RECO) are seeking proposals for projects that will produce Solar Renewable Energy Certificates (SRECs).
One SREC represents the solar renewable energy attributes of one megawatt-hour of generation from a solar generating facility that has been certified by the New Jersey Board of Public Utilities (BPU) Office of Clean Energy. The utilities are expected to secure SRECs produced by the projects using 10-year purchase agreements, said FirstEnergy (NYSE: FE), the parent of JCP&L, in an April 20 statement.
Throughout the three-year SREC acquisition program, the utilities are seeking to obtain nearly 80 megawatts (MW) of SRECs – 23 MW for ACE; 52 MW for JCP&L; and 4.5 MW for RECO. Eligible projects include net metered projects up to two MW in size, and grid supply projects certified as being located on properly closed landfills, brownfields or areas of historic fill.
This is the second phase of an SREC-based financing program designed to support solar energy in New Jersey through the purchase of SRECs. The previous program featured the completion of 316 new projects accounting for more than 56 MW of solar capacity.
The solicitation manager for the SREC program is Navigant. For additional information about the SREC proposal process visit www.njsolarprogram.com.