Here's a "guest blog" by somebody who contributes a lot to this blog -- Mr. Anonymous!
It was actually forwarded as a comment but it's useful information for anybody who is going solar in the Garden State and deserves it's own post.
Take it away, Mr. A...
SRECs are generated beginning the day of interconnection approval. A little 'gotcha' to be aware of: The reporting cycle for SRECs runs June 1 to May 31st of the following year. You are eligible to generate SRECs for 15 years, so if your system is being built on May 1st, whatever you do, wait until after May 31st to get the interconnection approval because you miss out on a whole year's worth of SRECs if you come online before May 31st. If you come online with interconnection just after May 31st, you can generate SRECs for another year (technically year 16) of the system. The last thing you want is for your system to produce a single SREC in May and have that count as one year wasted.
Read more here: