The solar renewable energy certificates (SRECs) offered in New Jersey remain one of the key reasons the state is a national leader in residential solar power and has more than 100,000 solar installations across the state. The incentives offer solar system owners a generous credit of a little over $200, on average, for the power photovoltaic solar energy systems produce, but the program will stop accepting new applications soon.
It’s been a popular way to help pay down the cost of a solar system in the state for years and is offered in addition to net-metering. Though the SREC program was extended last year, its terms were changed and a sunset for the program was set. This article will explain the NJ SREC program, what SRECs are and how much solar system owners can get from them to pay off their solar system and start earning hundreds if not thousands of dollars from them.