Posted on April 3, 2024

Solar installed in New Jersey prior to 2017 generate SRECs for 15 years. After that time they generate Class 1 RECs. SRECs are worth $200 or more. Class 1 RECs trade for $30 today and go only as high as $50.

 

It is confusing as to when your system is going to convert from SRECs to Class 1 RECs. Here is what you need to do to figure this out.

1. Look up your online date for your solar facility on GATS. This is listed under the facility and it is also on each SREC as “Vintage (month and year of commercial operation): Part 4 - Vintage Vintage (month and year of commercial operation): 07/2008
2. New Jersey law says that a solar array generates SRECs for 15 full energy years. This means that you get SRECs for up to 15 years and eleven months, depending on what month your array went online.
3. Energy years start in June and end in May.

 

Here is a Key:

 

If your array went online from July 2007 and up to and including June 2008 the last SREC you will mint is May 2023. Your first Class 1 REC will be your June 2023 generation.

 

If your array went online from July 2008 and up to and including June 2009 the last SREC you will mint is May 2024. Your first Class 1 REC will be your June 2024 generation.

 

If your array went online from July 2009 and up to and including June 2010 the last SREC you will mint is May 2025. Your first Class 1 REC will be your June 2025 generation.

 

And so on…

 

When you produce Class 1 RECs you sell them the same way on Flett Exchange. You can either check the price on the Flett Exchange website https://www.flettexchange.com/ and transfer them on GATS to Flett Exchange, LLC or you can list them for sale on the Flett Exchange trading platform and transfer them on GATs to Flett Exchange,LLC. when you are filled. 

 

Since Class 1 RECs are lower priced we suggest to wait 6 months to a year to sell them in bulk. Class 1 RECs are only good for 3 energy years so do not wait too long or they will go worthless. SRECs are good for up to 5 energy years. 

 

It is very important to enter your meter readings within 30 days after your system gets converted to a class 1 facility. If you do not put in your meter readings within 30 days all of the months that you deserve to earn SRECs will be created as Class 1 recs. You may lose thousands of dollars!!!

 

GATS will send you an email that says the following:

 

“Your solar electric generation facility's NJ SREC eligibility period will reach the end of its qualification life within Energy Year ("EY") 2021 which ends on May 31, 202X. All generation should be entered prior to the last business day in June. Facility eligibility will be changed from Solar (SREC) to Class I (REC) on July 1, 202X. “

 

Flett Exchange is the largest exchange for New Jersey Solar Class 1 RECs. Many energy companies compete to purchase SRECs and Class 1 RECs on our exchange which ensures you get the going market price. 

 

TAGS:
New JerseySRECResearchSolarNJ Class 1