The New Jersey Clean Energy Act of 2018 directed the New Jersey Board of Public Utilities (NJBPU) to adopt rules and regulations to “close the SREC Registration Program (SRP) to new registrations once 5.1% of the kilowatt-hours sold in the State are generated by solar electric power connected to the distribution system” (known as the 5.1% Milestone). This SRP was closed to new registrations in New Jersey's original SREC market on April 30th, 2020. Transition Renewable Energy Certificates, or TRECs (pronounced /tee-reks/), were the product of the successor program established by NJBPU in December 2019 and are subject to a fixed price of $91.20 per TREC sold.
System owners cannot choose which payment program to participate in. Eligibility is determined by the State Certification Number awarded to the solar facility by the New Jersey Clean Energy Program (NJCEP). Any facilities issued a TREC-eligible State Certification Number will continue to receive TREC payments for the duration of this 15-year program.
For more information about the NJ Transition Incentive Program, please consult these FAQs.
