Renewable energy credit prices saw another week of sideways trading action at major market centers across the country. Solar credit values held firm in Washington, D.C., eased in Pennsylvania and climbed in New Jersey.
In the liquid Garden State market, following weakness the week before, SREC prices in the state rebounded. New Jersey energy year 2019 SREC prices notched an index at $229.75/MWh, rising more than $1 week over week. New Jersey energy year 2020 SRECs gained $1.00, coming in at an average of $230.25/MWh.
Following gains the week prior and with general volatility since the beginning of the year, reporting year 2019 Pennsylvania SRECs came in at $37.17/MWh, down 66 cents from a week earlier. Pennsylvania reporting year 2020 SRECs saw an index at $49.75/MWh during the week under review, easing 17 cents on the week.
In January, Pennsylvania SREC values rocketed about 200% higher due to interest sparked by a potential increase in demand amid worries of tightening supply across the state.
At the end of 2017, Pennsylvania Gov. Tom Wolf signed into law H.B. 118, which closed the border for solar projects, limiting new solar supply to in-state facilities. A possible increase in the solar requirements in Pennsylvania later this year supported SREC prices in the Keystone State.
Previously, Pennsylvania allowed SRECs to be generated by a source anywhere within the PJM Interconnection region, which led to an overabundance of supply and sluggish prices.
D.C. SRECs for 2019 were priced at $395.00/MWh, while values for 2020 ran at $397.50/MWh, both flat to the week prior.
In recent weeks, increased buying interest drove price gains in D.C. following sluggishness in February. The passage of legislation that hikes the district's renewable portfolio standard to 100% by 2032 and the solar carve-out to 10% by 2041 worked to boost D.C. solar market prices in early March. The bill also moves forward the solar requirement by two years in D.C.