10 Year Fixed SREC Price Expiration

Solar Loan Customers:

Congratulations, your solar loan has been paid off!

Now that it is paid off, your utility will turn over the rights to you to sell your SRECs and keep the money yourself. Solar arrays in New Jersey earn SRECs for 15 years. Now that your contract is complete, you have the remaining years to accrue and sell SRECs on the open marketplace.

Before you do anything regarding the RECs, please be aware you need a revenue grade meter to track your production. If the utility has taken your previous meter at the conclusion of your contract, you will lose out on generation until a new one is installed.

In order to continue receiving payments for your Solar Credits, there are a few steps that need to be completed. All solar owners need to have their own GATS account. GATS is the company that is run by the state that certifies the energy you produce through your panels, and then awards you with credits for every 1,000 kwh that you produce.

This is where Flett Exchange comes in. We offer two services for owners of solar in New Jersey to sell their SRECs. Here they are:

Do-it-yourself SREC service:

This service is for those who want to create and manage their own GATS account (this is where you enter meter readings each month, mint SRECs and transfer them to buyers). Flett Exchange is used by thousands of solar owners to sell their SRECs. Similar to a stock exchange, companies compete for your SRECs so you know you get the market price.

When you sell on Flett Exchange you must transfer your SRECs on GATs to Flett Exchange. Flett Exchange pays you the same day. The fee is only $2.50 per SREC sold for homeowners.

Larger commercial arrays pay from $0 to $2.50 per SREC (You can reach out directly to us to determine your rate). With the do-it-yourself service you can sell your SRECs to anyone –not just Flett Exchange.
Sign up by clicking here.

Flett REC-Manager SREC service:

This is our full-service SREC management program. We will handle your GATS account, enter your meter readings each month, mint your SRECs, and sell them in a block with all of our other customers. (This results in a slightly higher price because you are bundled in with thousands of other RECs).

We pay you in the middle of each month via check or ACH as long as you generate enough energy to create an SREC.
Sign up by clicking here.

    Here are the steps for setting up a Do-it-yourself Account

  1. Apply for a Flett Exchange Do-it-yourself account at: https://www.flettexchange.com/self-registration
  2. Create a GATS account
  3. Submit the Schedule A to GATS that was sent to you from your solar loan provider. This allows your provider to transfer the GATS account over to you.
  4. Enter your meter readings from your inverter to your GATs account
  5. After 7 days your GATS account will “mint” SRECs
  6. To sell on Flett Exchange you just transfer the SRECs from your GATS account to the “Flett Exchange, LLC” account in GATS. (our software will process your trade and send a confirmation email)
  7. Flett Exchange will remit payment to you via check or ACH within 3 business days.

    Here are the steps for setting up a Rec Manager Account:

  1. Apply for the Flett REC-Manager account at: https://www.flettexchange.com/register
  2. You will receive a Schedule A from us immediately online. Fill it out and hit submit. We take care of all GATS procedures for you. This will transfer your GATS account from your solar loan provider to Flett Exchange, LLC. (DO NOT FILL OUT THE SCHEDULE A THAT YOUR SOLAR LOAN PROVIDER SENT YOU! DO NOT APPLY FOR A GATS ACCOUNT EITHER!)
  3. Our staff will reach out to you to set up a meter reading. Once a month – we will enter meter readings on your behalf. GATS “mints” your SRECs monthly. We will sell them and remit payment in the middle of each month that you generate an SREC.
Below is an example of a completed contract notice from a solar loan provider (PS&G). Your notice may look similar, as well as the steps you may need to take. In this example we added the steps and comments in BOLD that a PSE&G customer would need to follow to sign up for the Do-it-Yourself or REC-Manager services by Flett Exchange:
Your Solar Loan: Offboarding

Congratulations on paying off your Solar Loan with Public Service Electric and Gas Company (“PSE&G”). We appreciate your participation in this important renewable energy program.

PSE&G no longer needs to read your inverter meter, and therefore will no longer be creating SRECs on your behalf. As a result, we will be transferring ownership and responsibility for the inverter meter to you.

If you are going to use the Flett REC-Manager full-service, Flett Exchange will supply a pre-filled Schedule A for you to sign and we will submit it to GATS. You do not have to register with GATS. To do this apply for the Flett REC manager service here:

Apply for Flett Rec Manager Service.

If you plan on using a Flett Exchange Do-it-Yourself account, Register for your Do-it-Yourself Flett Exchange account here:

Register for your Do-it-Yourself Flett Exhange Account

NOTE: Only follow the instructions in yellow if you are going to manage your own GATS account and use the Do-it-yourself Flett Exchange service.

We encourage you to establish an account with PJM GATS as soon as possible, so that we may transfer your SREC account to you. You may be eligible for additional years of SRECs, but you must first establish an account.

To create an account and learn about obtaining SRECs, visit http://www.pjm-eis.com and click on the “GATS Sign In” button located in the upper-left portion of the screen. Select “Not a Member? Register Here” to set up a new GATS account. Be sure to select “Generator” as the type of GATS account you are creating.

You will need to submit a Schedule A document to PJM GATS in order to initiate the transfer of your SREC account. The Schedule A can be found in the documents section on the PJM GATS website.

Additional information can be found on the PJM GATS website under “Getting Started”.

If you have any questions, please email SolarLoan@PSEG.com. Thank you for the opportunity to serve you.

FAQs for Paid-Off Solar Loans

Please refer to the information below for answers to frequently-asked questions regarding your paid-off solar loan.

Once your solar loan is satisfied, your provider will no longer manage the SREC account for your system. You will need to establish your own account in the PJM Generation Attribute Tracking System (GATS) http://www.pjm-eis.com, and create and sell your own SRECs. You will need to contact your solar loan provider with your new GATS number so that we can register your account to receive SRECs.
(If you want Flett REC-Manager service do not open an account at GATS. Flett Exchange will do this for you. All you need to do is apply for a Flett REC Manager account here: https://www.flettexchange.com/register)

  1. Go to http://www.pjm-eis.com/. Create your new Solar System account by clicking on “Not a Member? Register Here” on the upper-left side of the page under “GATS Sign In.” (Important: On the online form, under “New Account Information”, be sure to enter “Generator” as your Account Type.)
  2. PJM GATS will notify you by email once your account is approved. Please note: You will not need to register a new generator.
  3. Once your account has been approved and Schedule A Form submitted, PJM GATS will contact your solar loan provider regarding the transfer request for your Generator account.
  4. If you have satisfied the obligations to your solar loan, your provider will confirm the transfer of your Generator account.

The meter remains in place. If you decide to replace the inverter meter currently on your property, your solar loan provider will work with your installer to remove the old meter in order to minimize the time the system will need to be offline.

(If you choose Flett REC Manager we will work with you to read your meter each month.)

To transfer your account, submit your Schedule A Form to PJM GATS. The form can be found at http://www.pjm-eis.com/.

  • (Do not do this step if you want a Flett REC Manager full service account. We will do the GATS registration for you. We will send a Schedule A to you that you will fill out and return to us. You can apply for a Flett REC-Manager account here: https://www.flettexchange.com/register)
  • (Do this step if you want to manage your own GATS account and sell with the Flett Exchange Do-it-yourself account which you can register for here: https://www.flettexchange.com/self-registration)

Please refer to the PJM GATS website for instructions on how to enter generation data to create SRECs here: https://www.pjm-eis.com/getting-started/rec-creation.aspx

(If you want a Flett REC Manager full service account we will enter your meter readings and sell your SRECs automatically. Apply for a Flett REC-Manager account here: https://www.flettexchange.com/register-pseg)

Please refer to the PJM GATS website for a tutorial on how to sell your SRECs here: https://www.pjm-eis.com/getting-started/how-do-I-sell-recs.aspx .

Flett Exchange SREC marketplace is where solar owners get the market price for their SRECs. Over 10,000 homeowners with solar in New Jersey use Flett Exchange to sell their SRECs. Energy companies compete for your SRECs which ensures that you receive the going market price. If you are going to sell your own SRECs register for a Do-it-Yourself account at Flett Exchange here: https://www.flettexchange.com/self-registration.

Since the solar loan has been paid off, we no longer guarantee the floor price as stated on the Solar Loan Agreement. The price of SRECs will be determined by market value.

As of 2015 the Call Option was terminated and will no longer be exercised.

Direct any questions about GATS SREC creation to: gatsadmin@pjm-eis.com or 877-750-4287.
Questions about SREC selling by the Do-it-yourself option or the Flett REC-Manager contact: info@flettexchange.com or call us in the office at 201-209-0234.

Apply for Flett Do-it-yourself at: https://www.flettexchange.com/self-registration
Apply for Flett REC-Manager at: https://www.flettexchange.com/register-pseg