New Jersey Board of Public Utilities Clarifies TREC Eligibility
On January 8, 2020, the New Jersey Board of Public Utilities (“BPU”) issued an order (“Order”) clarifying eligibility for the Solar Transition Incentive Program (the “TREC Program”). The TREC Program will be available to all solar projects that have submitted complete SREC Registration (“SRP”) Applications after October 29, 2018 that have yet to commence operations but otherwise remain in good standing in the SRP pipeline at the time the BPU determines that 5.1% of all electricity sold in New Jersey comes from solar generation (the “5.1% Milestone”).
The original order establishing the TREC Program seemed to indicate any project that had not been accepted into the SRP queue by the time the BPU announces the achievement of the 5.1% Milestone would not be eligible for the TREC Program. The Order clarifies that projects may apply for participation in the TREC Program after the 5.1% Milestone has been achieved until such time as the Board has established a registration process for the long term Successor Program currently being developed.
The Order is great news for solar developers and will provide solar developers with a meaningful transition program until the BPU establishes a new long term solar incentive program.