Monday, June 18, 2012

SREC Legislation on the Way in Jersey?

article by Rebecca Forand of The Gloucester County Times (as reported on NJ.COM):

From Rebecca's article:

"Not long ago, solar energy was a booming market in New Jersey, as the state became second only to California in the United States for solar production. Municipalities, schools and private home owners were all jumping on the bandwagon and installing solar panels on their roofs, public property and empty fields.

A significant drop in the price of Solar Renewable Energy Credits, or SRECs, currently has the solar industry in a holding pattern. But legislation sponsored by State Senate President Steve Sweeney (D-West Deptford) and Senator Bob Smith (D-Middlesex) aims to give it a boost.

Currently SRECs — which are earned by solar systems and must be purchased by utility companies, making solar arrays a revenue generator for their owners — are selling at $135. Just last year their value was more than $690.

Senate bill S1925 — also called 'the solar rescue bill' —  would require utility companies to purchase more each year than are currently needed by law, increasing the demand and therefore increasing the value of the credits."

1 comment:

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