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Implementation of the Solar RPS in New Jersey

Clean Power Markets. Implementation of the Solar RPS in New Jersey. ABA Renewable Energy Panel November 16, 2005 Jan Pepper. NJ Class I and Class II. Class I: solar, wind, geothermal, wave, tidal, landfill gas, fuel cells, sustainable biomass Class II: Hydro, resource recovery facilities.

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Implementation of the Solar RPS in New Jersey

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  1. Clean Power Markets Implementation of the Solar RPS in New Jersey ABA Renewable Energy Panel November 16, 2005 Jan Pepper

  2. NJ Class I and Class II • Class I: • solar, wind, geothermal, wave, tidal, landfill gas, fuel cells, sustainable biomass • Class II: • Hydro, resource recovery facilities

  3. NJ RPS Requirements

  4. Compliance with Solar Component • New Jersey’s renewables portfolio standard (RPS) requires electricity suppliers to use solar energy to generate a certain percentage of their power. Solar Renewable Energy Certificates (S-RECs) represent the renewable attributes of solar generation, bundled in minimum denominations of 1 megawatt-hour (MWh) of production. New Jersey’s S-REC program provides a means for solar certificates to be created and verified, and allows electric suppliers to buy these certificates in order to meet their solar RPS requirements. All electric suppliers must use the S-REC program to demonstrate compliance with the RPS. New Jersey’s on-line marketplace for trading S-RECs, launched June 25, 2004, is the first such operation in the world. • http://www.dsireusa.org/library/includes/maphomeowner.cfm?State=NJ&CurrentPageId=1

  5. Solar RECs • To qualify for issuance of a solar REC, solar electric generation shall be produced by a generating facility that is interconnected with an electric distribution system that supplies New Jersey. • Solar Alternative Compliance Payment = $300/MWh (30 cents/kWh) - sets maximum value for SRECs • CPM designed, built, and administers SREC registry, tracking, & bulletin board for NJ BPU

  6. S-REC Process PV System Monthly Production Create S-RECs (www.njcep.com/srec) S-REC Account Owners: Solar Facility Owners, Aggregators, LSEs. Brokers • Sell RECs • Buy RECs • Retire RECs (to meet RPS) • Transfer RECs

  7. Program Highlights • electronic accounts accessible from secure website • signed attestations from owners • upload meter / inverter readings/ automated data loggers OR use engineering estimates • unique serialized SRECs issued monthly • bulletin board facilitates trading • escrow period provides small owners with control over payment

  8. Program Verification • A critical component of a successful program is a proper verification process to assure credible RECs • This is critical to maintain the integrity of the program and the integrity of the SREC market • A signed attestation is required before SRECs are issued • CPM audits facilities to check that • Facilities are actually operating • Reported meter readings are accurate • Estimated production and actual production is within a reasonable margin of error

  9. How many account holders are there in SREC program? As of Nov 8, 2005

  10. How many solar facilities are there in SREC program?

  11. How many SRECs were issued last year? Reporting Year runs from June 1 to May 31, with a true-up period until August 31

  12. What do SRECs sell for?

  13. Background Info on CPM • Clean Power Markets Experience • Build and operate Wisconsin RRC Program to track all renewables for RPS compliance and issue RECs • Build and operate NJ SREC Program to track behind-the-meter systems for Class I RPS compliance and issue SRECs • Build and operate tracking program for Connecticut Clean Energy Fund to manage RECs and report on program revenues • Contact: Jan Pepper (650) 949-5719 • www.cleanpowermarkets.com

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