Solar renewable energy credit markets in New Jersey were mixed during the week ended June 7.
Garden State SREC prices for energy year 2018 posted an index at $241.83/MWh, up 33 cents, while energy year 2019 SRECs posted an average of $239.58/MWh, down 50 cents on the week.
New Jersey solar prices were aimed in divergent direction despite ample supply. As of April 30, the state had installed a cumulative total of 2,473 MW of nameplate solar capacity, according to the latest figures from the New Jersey Office of Clean Energy.
Also in New Jersey, class I REC markets were firm to higher during the first week of June amid increased buying interest. Class I vintage 2018 and 2019 RECs in the state were priced at $7.56/MWh and $8.37/MWh, flat to 8 cents stronger, respectively, on the week.
At the end of May, New Jersey REC and SRECs for both solar and class I RECS climbed after Gov. Phil Murphy, a Democrat, signed A. 3723/S. 2314, a bill that, among other things, hikes the state's renewable portfolio standard.
The legislation requires 50% of the state's energy to come from class I renewables such as solar and wind by 2030. The state's earlier requirement was for 17.9% of its power to come from class I resources by 2021. In addition, the legislation moves up a goal to have 5.1% of the state's power come specifically from solar by 2021 instead of 4.1% by 2028.
In Ohio, in-state solar RECs for 2018 saw an index at $6.19/MWh, up 13 cents on the week.
Ohio solar prices had stalled at the end of May amid the assumption that Pennsylvania-sited systems certified in both Ohio and Pennsylvania are now expected to sell into Pennsylvania due to the recent increase in the state's SREC values.
In Pennsylvania, like the nearby New Jersey, SREC prices were mixed during the week ended June 7. Pennsylvania SRECs for reporting year 2018 saw an average at $14.92/MWh, down 8 cents from the week before. Pennsylvania SRECs for reporting year 2019 posted an index at $20.08/MWh, increasing 25 cents.
In early May, the Pennsylvania Public Utility Commission issued a final order regarding whether already-certified but out-of-state solar facilities would retain their certifications under the state's Alternative Energy Portfolio Standards.
At the end of 2017, Pennsylvania Gov. Tom Wolf signed into law H.B. 118 that allows only in-state solar projects to count toward its solar target and removes eligibility from out-of-state projects that interconnect to the same regional grid.
Previously, Pennsylvania 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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