Q: What’s a solar renewable energy certificate - II (SREC-II)? 

The On Wednesday, July 28th, the New Jersey Board of Public Utilities (BPU) unanimously approved the highly anticipated Successor Solar Incentive Program (“SuSI Program”). The SuSI Program will support the development of 3,750 megawatts (MW) of new solar generation by 2026, effectively doubling the state’s current solar capacity and driving solar to become approximately 10 percent of the state’s total electricity supply.

The New Jersey Transition Incentive (TI) Program will close at midnight on Friday, August 27th. TREC applications will be accepted until that date and will be provided with a 5-business day window to correct minor deficiencies, if required, after their review.

The SuSI program works just like NJ’s previous SREC and TREC programs: the incentive program is production-based, and you earn certificates–dubbed SREC-IIs–for every 1,000 kWh your solar panel system generates for 15 years. But unlike with the original SREC program, the value of a SREC-II is fixed and depends on the type of installation and the size of the system you install – similar to a TREC.

As a homeowner installing a residential system, you will earn $85 for each SREC-II your system generates.