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SREC's Explained
SRECs (Solar Renewable Energy Credits) are the driving force behind the entire solar market. After your system has been installed, we will assist you in registering your system with an SREC tracking system.
The renewable portfolio standard (RPS) in place in New Jersey requires that the state produce a certain percentage of its energy by alternative means. Utility companies face substantial fines for failing to meet these standards. Keep in mind that utilities are restricted by law from making a profit. Therefore, these fines are paid for by the NJ power consumers. Power companies can meet RPS requirements by purchasing SRECs from people like you, who produce their own power.
For every 1,000 kWh of clean energy you produce, you earn one SREC. Through the SREC tracking system and a simple phone call to a broker you can sell your earned SRECs, one at a time or in bulk. Many customers choose to secure a low interest loan for the cost of their system and use SREC income to pay off the loan.
SREC earnings are substantial. For example, Garden State Solar’s first installation on our own building is a 10 kW DC system which produces 12 SREC’s each year. We last sold our SRECs in July 2010 for $678 each. In one year, that system has earned $8,136 in addition to what we have saved in electricity costs and what we have profited though net metering.
