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NJ solar renewable energy credit prices climb

Renewable energy credit prices saw another week of seesaw trading across the U.S.

In New Jersey, solar REC prices advanced in value during the week ended March 30 amid active buying. New Jersey energy year 2018 SRECs posted an average at $230.33/MWh, while 2019 prices came in at an index of $230.17/MWh, increasing more than $3.00 and almost $2.00 on the week, respectively.

SREC prices in the Garden State climbed at the end of March despite an ample supply of solar capacity in the state. As of Feb. 28, New Jersey had installed a total of 2,422.8 MW of nameplate solar capacity, according to the New Jersey Office of Clean Energy.

In New Jersey, there is legislation on the table that would bring changes to the state's SREC market. Among other things, S. 2314/A. 3723 would accelerate the state's renewable portfolio standard, or RPS, to have 5.1% of electric sales come from solar in 2021. Current law requires that solar form about 4.1% of sales by 2028. Also under the new legislation, the annual solar target would step down each year through 2031 instead of steadily rising as it has in the past.

Within six months of going into effect, the bills would require regulators to adopt rules to close the New Jersey SREC program to new applicants after the state achieves the 5.1% solar target.

In the latest SREC auction held by Atlantic City Electric Co., Jersey Central Power & Light Co., Public Service Electric and Gas Co. and Rockland Electric Co., 50,402 SRECs sold at $233.00/MWh each. Additionally, 3,574 SRECs sold at $230.00/MWh a piece.

After recent weakness, New Jersey class I REC prices were firm to lower during the week under review. New Jersey vintage 2018 class I RECs were eyed again at $5.58/MWh, with vintage 2019 class I RECs assessed at $5.96/MWh, down 2 cents from the week prior.

Pennsylvania tier I REC prices ran higher to end March. During the week ended March 30, vintage 2018 tier I RECs were up 3 cents in value to an index at $5.56/MWh. Pennsylvania vintage 2019 tier I RECs notched an average at $5.91/MWh, increasing 7 cents week over week.

In Maryland, the vintage 2018 REC market was priced at an average at $5.42/MWh, rising 3 cents. Maryland vintage 2019 tier I RECs notched an average at $5.76/MWh, easing 3 cents from the week prior.

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