Solar and nonsolar renewable energy credit prices at markets around the U.S. saw a varied week leading into the middle of March.
New Jersey solar REC markets climbed in value during the week ended March 16 amid increased demand. New Jersey energy year 2018 SRECs were reported at $226.83/MWh, gaining $5 on the week. New Jersey energy year 2019 SRECs jumped $6 in value to an average at $228.67/MWh.
New Jersey class I REC prices continued to work higher as well due to strong buying interest. Vintage 2018 class I RECs climbed 4 cents to an index at $5.63/MWh, while vintage 2019 class I RECs rose 23 cents to an average at $6.16/MWh
In the neighboring Maryland market, vintage 2018 tier I RECs came in at $5.42/MWh, flat to the week prior. In the week ended March 16, Maryland vintage 2019 tier I RECs posted an index at $5.79/MWh, up 7 cents on the week.
Maryland solar markets ran mixed during the week under review. SRECs for 2018 notched an average at $14.58/MWh, up 8 cents, while SRECs for 2019 came in at $15.63/MWh, losing 75 cents.
On March 14, the Maryland House Economic Matters subcommittee voted against the Clean Energy Jobs Act of 2018, a bill that would have increased the state's Renewable Portfolio Standard. The bill, which looked to increase the state's RPS requirement to 50% by 2030 and hike the solar carve-out mandate to 14.5% by 2028, was withdrawn before a full vote by the committee.
Maryland's solar requirement is 2.5% by 2020, with a total RPS requirement of 25% by 2020.
In Pennsylvania, SREC prices advanced, with the 2018 market priced at $12.38/MWh, increasing 88 cents. Pennsylvania SRECs for 2019 saw an index at $14.88/MWh, rising $1.46 from a week earlier.
Pennsylvania tier I REC prices for 2018 came in at a weekly average at $5.56/MWh, up 2 cents, while tier I prices for 2019 posted an index at $5.78/MWh, easing 3 cents from the week before.
Stakeholders are working through the details of a plan aimed at achieving Pennsylvania Gov. Tom Wolf's goal of getting 10% of the state's generation from in-state solar by 2030. The state's current alternative energy portfolio standard requires 18% of the state's energy sales to come from renewables by 2021, but only 0.5% is mandated to come from solar.
The Pennsylvania Department of Environmental Protection and PennFuture, an independent advocate for clean energy, are taking comments on a draft of the plan, with a final version expected for public comment in June. The discussion, which will result in a menu of policy choices, has included a range of options to meet the goal, from carbon pricing to raises or carve-outs added to the state's solar target.
In November 2017, Wolf signed into law a bill aimed at lifting the state's SREC prices by tying the credits to solar sources located in Pennsylvania. H.B. 118 allows only solar projects in the state to count toward its solar target and removes eligibility from out-of-state projects that interconnect to the same regional grid. Previously, legislation allowed SRECs to be generated by a source anywhere within the PJM Interconnection region, which led to ample supply and sluggish prices.

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