March 8, 2023

CSG Law Alert: NJ Board of Public Utilities Adjusts Value of Solar Renewable Energy Credits

On March 6, 2023, the NJ Board of Public Utilities (“BPU”) voted unanimously to adjust the value of the solar renewable energy credit (“SREC-II”) of the Administratively Determined Incentive portion of the Successor Solar Incentive Program.

The adjustments are as follows:

1. The net metered residential SREC-II was decreased from $90 to $85.
2. The SREC-II for net metered non-residential rooftop, carport, canopy, and floating solar was increased from $100 to $110 for small projects (under 1MW) and from $90 to $100 for large projects (1 to 5MW).  The value for public entity projects was increased from $120 to $130 for small projects and from $110 to $120 for large projects.
3. The SREC-II for ground-mount net metered non-residential projects increased from $85 to $90 for small projects (under 1MW) and from $80 to $85 for large projects (1 to 5MW). The value for public entity projects was increased from $105 to $110 for small projects and from $100 to $105 for large projects.
4. Notably, the BPU did not increase the value for the community solar SREC-II or the interim subsection (t) program (projects on landfills and brownfields).

The net metered residential, net metered non-residential and community solar segments each have a capacity limit of 150MW, and the interim subsection (t) segment has a capacity limit of 75MW.