New Jersey continues to lead the nation in solar market growth, thanks to lower costs, solar grants, tax credits, and state incentives. By 2030, approximately 50% of New Jersey's electricity is expected to come from clean renewable energy sources, with solar energy increasing from 7% in 2020 to 34% of New Jersey’s electricity by 2050.1
Renewable Energy Certificates (RECS)
The environmental attributes of solar energy are monetized through marketable units called Renewable Energy Certificates (RECs) - with a single REC created with each MWh of electricity generated.
In New Jersey, RECs are valued currently in what is referred to as the Successor Solar Incentive (SuSI) program, with a fixed 15 year-long value depending on the project type and size (see table below). For example, businesses that install a large net metered solar system on their rooftop or carport receive $90 per MWh, while a large net metered ground mounted solar system only receives $80 per MWh.