Benefits

New Jersey Solar $$$ or SuSIs (aka Solar Renewable Energy Credits - SRECs)

Solar Renewable Energy Credit (SREC) (SuSI)

New Jersey's SuSI program, standing for Solar Successor Incentive, replaces the previous SREC market with a more streamlined approach. Under this new program, solar homeowners are awarded one SREC-II for every 1,000 kilowatt-hours (kWh) of solar energy their system produces. Each SREC-II earns the homeowner $85 and remains valid for 15 years, offering a potential lifetime earning of around $6,700 for an average 6 kW system.

In essence, the SuSI program operates similarly to traditional Solar Renewable Energy Credit (SREC) programs. Solar panel systems generate electricity as usual, and for every 1,000 kWh produced, homeowners receive an SREC-II certificate, representing the environmental value of their solar electricity. These certificates, or SREC-IIs, can be sold independently, providing additional income alongside earnings from the utility's net metering program.

What distinguishes the SuSI program is how it determines the value of SREC-II certificates. The program comprises two sub-programs: the Administratively Determined Incentive (ADI) and the Competitive Solar Incentive (CSI). Residential and small non-residential net-meteredWide systems, community solar projects, and certain solar projects receive predetermined incentives under the ADI program. Meanwhile, large commercial and grid supply solar projects participate in the CSI program, where incentive values are determined through a competitive process.

For residential net-metered solar panel systems, each SREC-II generated earns homeowners $85. Other solar system types eligible for the ADI sub-program receive incentive values outlined by the program. This revised program aims to simplify the process while still providing financial incentives, potentially expanding the solar industry within New Jersey.