New Jersey will offer a flat 15-year price for its Transition Renewable Energy Certificates, the program designed to carry the state from its successful legacy incentive program to its next, more moderate scheme.
In an order issued on Monday, the state’s Board of Public Utilities set the fixed price at $152 per TREC, which a project earns after generating 1 megawatt-hour.
Regulators had also weighed a lower price for the first three years of the program, before kicking the price up for the remaining 12 years. The solar industry favored the consistent price option, citing greater price certainty as the state works toward a goal of 100 percent clean energy.
