Just an update on New Jersey’s Solar Energy Renewable Credit pricing. There has been a slight climb from $110 to $125 per SREC over the past two weeks. This rise in price is simply because the year as it relates to SRECs will end May 31. Prices will move up as that date approaches as it is a supply/demand issue, and utility companies that are short on renewable energy required quotas will either have to pay a fine or purchase SRECs to fill the void. It is less costly to pay for the needed renewable energy credits (SRECs) from others than pay the fines for coming in under what is required federally.
Recently, PSEG is working toward and gaining approvals to place massive solar fields on landfills. These plus parking lot canopies and rooftops are just the sorts of places (certainly not on prime historic farmland) to put these massive monstrosities, yet doing so, though it is a very green approach, will drive the SREC pricing down even lower. Once the SRECs’ year ends in May, renewable energy credits will once again drop like a rock in June.
It has been noted in the local news that Mercer County College’s 45-acre industrial sized solar field might switch on power possibly as early as October. MCCC will likely never reach the $135 SREC selling price needed to simply break even, so Mercer County tax payers will surely be left holding the bag financially for the $29 million bonds. In addition, West Windsor Township and local residents will have the sun glare, bright stadium light pollution, and drainage problems related to this massive solar field in our lovely greenbelt neighborhood for the next 25 years.
This project is far from green — it’ll be in the red!
Teresa Lourenco
