Solar and nonsolar renewable energy credit prices in both New Jersey and Pennsylvania advanced in value during the last full week of May amid increased buying interest.
New Jersey SREC prices for energy year 2018 posted an index at $242.33/MWh, while energy year 2019 SRECs notched an average at $240.50/MWh, up 33 cents and $2.83, respectively, on the week.
At the New Jersey class I REC markets during the week ended May 25, prices also ticked higher. New Jersey vintage 2018 class I RECs came in at $7.50/MWh, as vintage 2019 class I RECs posted an index at $8.26/MWh, increasing 95 cents and $1.38, respectively, week over week.
REC prices for both solar and nonsolar markets in New Jersey advanced at the end of May after Gov. Phil Murphy, a Democrat, signed A. 3723/S. 2314, a bill that expands renewable energy supplies, and also signed an executive order requiring revisions to the state's energy plan by June 1, 2019.
The legislation requires 50% of the state's energy by 2030 to come from renewables considered class I, which includes resources such as solar and wind. The state's earlier requirement was for 17.9% of its power by 2021 to come from class I resources.
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. The governor's goals to have 2,000 MW of storage by 2030 and 3,500 MW of offshore wind are codified in A. 3723.
In the nearby Pennsylvania market, SREC prices were also stronger to end the month, moving in tandem with the gains in the New Jersey market. Pennsylvania SRECs for reporting year 2018 were priced at an index of $15.00/MWh, up 8 cents, with SRECs for reporting year 2019 assessed at $19.83/MWh, increasing 7 cents.
Also in the state, vintage 2018 tier I RECs were quoted at $6.98/MWh, gaining 29 cents, while vintage 2019 tier I RECs came in at $7.25/MWh, rising 22 cents from the week prior.

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