New Jersey, United States [RenewableEnergyWorld.com] Jersey Central Power & Light’s (JCP&L) proposal to help increase the pace of solar energy project development in the state has been approved by the New Jersey Board of Public Utilities (NJBPU). The JCP&L program will establish long-term agreements to purchase and sell Solar Renewable Energy Certificates (SRECs) to provide a stable basis for financing solar generation projects in the company’s service area.
JCP&L expects the plan to support the phase-in of approximately 42 megawatts of solar generating capacity over the next three years to meet Renewable Portfolio Standards through 2012. JCP&L will seek proposals for SREC purchase agreements with terms of 10 to 15 years and will solicit proposals through a series of Requests For Proposals (RFPs).
The utility will work through an independent RFP manager to perform solicitations. SRECs purchased through the contracts will then be sold to energy suppliers through an auction process, and revenues from the sales will be used to offset program costs.
Only projects that have been approved by the New Jersey Office of Clean Energy (OCE) as being qualified to receive credit for SREC generation will be eligible to participate. 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 OCE.