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NJ solar renewable energy credit prices extend lower to kick off July

Lackluster buying interest and ample supply worked to press on solar renewable energy credit prices in New Jersey again during the first week of July.

New Jersey energy year 2018 SRECs were priced at an index of $220.33/MWh, down more than $6.00 on the week. Garden State energy year 2019 SRECs came in at an average of $214.50/MWh during the week ended July 5, losing more than $5.00 week over week.

As of May 31, New Jersey had installed a total of about 2,500 MW of solar capacity, up from 2,473 MW at the end of April, according to figures from the New Jersey Office of Clean Energy.

New Jersey class I REC markets were slightly mixed during the week ended July 5. Class I vintage 2018 REC values posted an index at $7.49/MWh, up 1 cent, while class I vintage 2019 RECs came in at $8.02/MWh, down 1 cent.

In the neighboring Maryland market, tier I REC prices were slightly higher. Maryland vintage 2018 tier I RECs notched an index at $7.31/MWh, up 7 cents, while Maryland vintage 2019 tier I RECs values were seen at an average of $7.81/MWh, increasing 4 cents week over week.

Following the New Jersey markets, solar prices in Maryland stumbled in value during the first week of July. Maryland calendar-year 2018 SRECs came in at an index of $11.67/MWh, while calendar-year 2019 SRECs posted an average of $13.21/MWh. Prices eased 41 cents and 29 cents, respectively, on the week.

Maryland SREC prices started to ease in early May after vaulting higher at the end of April in the wake of a load auction, which may have induced a wave of hedge buying, sources said at the time.

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