To: The New Jersey State House, The New Jersey State Senate, and Governor Phil Murphy
A call to stabilize the SREC market.
The current state of the SREC market is hurting New Jersey residents who bought into the vision of a cleaner and more sustainable environment by investing their dollars in New Jersey's Green future and killing jobs in one of the few bright sectors in the New Jersey's economy. While we all knew the SREC market was based on supply and demand, we expected an orderly and well managed market. A combination of low rates of return in the overall economy combined with New Jersey's excellent solar program and a lack of transparentcy has lead to New Jersey's Renewable Portfolio goals being exceeded which is a good thing but the number of SRECs required needs to be increased to keep up with the installed capacity so the market returns a reasonable rate of return. We call on the Legislature to advance the Renewable Portfolio Standard's number of SRECs required by at least 2 years to absorb the excess supply and to put in place controls so the market does not become over-supplied in the future.
Why is this important?
The Solar renewable Energy market has been severely hurt by over-production of Solar Electricity in NJ. NJ residents that invested in NJ's future are being hurt and workers who are employed in the solar industry are being laid off due to the lack of response from the NJ Legislature. They need to take action quickly to protect residents investment and workers jobs in the solar industry.