During the week ended Dec. 5, over-the-counter prices for solar renewable energy credits in Maryland advanced once again due to a flurry of buying interest.
Maryland reporting year 2019 SRECs posted an index at $79.33/MWh, up 33 cents, while reporting year 2020 SRECs were priced at an average of $79.25/MWh, rising more than $1.50 from the week prior.
Maryland SREC prices are climbing again after stumbling briefly this summer. Solar markets in Maryland had surged into the $70s/MWh at the end of May amid expectations that legislation to hike the state's renewable portfolio standard, which would increase demand, would be passed.
In the nearby New Jersey market, SREC prices were mixed during the week under review. Garden State energy year 2019 SRECs saw an index at $234.58/MWh, increasing 83 cents, while energy year 2020 SREC prices came in at $232.42/MWh, losing more than $3.00 week over week.
New Jersey SRECs had been rising in recent weeks due to concerns over tightening supply, but primarily due to a flurry of buying ahead of the state's Dec. 1 deadline for 2019 compliance reports.
New Jersey class I REC prices were firm during the first week of December. Vintage 2020 class I RECs were eyed again at $8.63/MWh, drawing support from the recent signing of legislation by the governor that boosts New Jersey's offshore wind goal to 7,500 MW by 2035, up from a previous target of 3,500 MW by 2030. The higher goal is expected to aid the state in reaching 100% clean energy by 2050.
Meantime, Maryland tier I REC prices gained 8 cents during the week ended Dec. 5, also posting an average at $8.63/MWh.