The Entech Group Inc., in NJ is encouraged by the recent policy changes included in the newly revised New Jersey Energy Master Plan that could revive solar power usage in NJ. New legislation currently being considered could increase the value of Solar Renewable Energy Certificate (SREC’s) so that businesses and homeowners could realize a greater return on their solar investment in a shorter period of time.
Just this past June, New Jersey’s installed solar capacity was more than 380 MW generated from over 10,000 solar arrays statewide. New Jersey was second in the nation in both installed solar capacity and number of installations; only California had more.
Since then, however, the installation of NJ solar power systems has plummeted when the price of SREC’s, fell by more than half. SREC stands for Solar Renewable Energy Certificate and is a tradable certificate that represents all the Clean Energy benefits of electricity produced from a solar electric system.
The NJ Senate and Assembly are now considering two new legislations that envision the electric utilities expanding existing programs that help promote solar through long-term contracts with businesses and homeowners
These two new options could increase the price of Solar Renewable Energy Certificates, which have swamped the market since the crash in prices.
Entech is optimistic about the benefits the new legislation could bring to the solar industry. Representatives from Entech said, “Everyone should understand that solar energy is a long term investment, but an increase in the price of SRECS could help certificate owners realize their return much faster, and make the certificates much more valuable.
A decision is expected in the next few weeks.
To learn more about the benefits of solar power in NJ, visit The Entech Group, Inc. online at http://www.entechgroupinc.com/solar-energy-services/