Flett Exchange is pleased to announce the results of the Sparta Township Solar Renewable Energy Certificate (SREC) sale. 40 energy year 2010 New Jersey SRECs were sold at a clearing price of $679.00 on Flett Exchange Friday, August 13th 2010. The sale was conducted on Flett Exchange’s electronic marketplace under its Public SREC Auction and total market proceeds equaled $27,160.00 Registered buyers and the public could observe the bidding in real time by logging in to Flett Exchange.
The $679.00 clearing price is 98% of the $693 Solar Alternative Compliance Payment (SACP). The SACP is the payment electric producers have to pay to the State of New Jersey if they do not produce a specified amount of electricity using solar energy or through the purchase of SRECs from facilities located in New Jersey. The auction was oversubscribed and there was strong participation by Load Serving Entities (LSE’s) trying to procure SRECs. This activity supports solar development in New Jersey and SREC revenue goes to entities that take risk in developing solar facilities.