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Implementation of the Solar RPS in New Jersey

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Title: Implementation of the Solar RPS in New Jersey


1
Implementation of the Solar RPS in New Jersey
Clean Power Markets
  • ABA Renewable Energy Panel
  • November 16, 2005
  • Jan Pepper

2
NJ Class I and Class II
  • Class I
  • solar, wind, geothermal, wave, tidal, landfill
    gas, fuel cells, sustainable biomass
  • Class II
  • Hydro, resource recovery facilities

3
NJ RPS Requirements
Reporting Year Solar Electric Generation (SRECs) Class I Renewable Energy Class II Renewable Energy Total Renewable Energy
6/04 - 5/05 0.01 0.74 2.5 3.25
6/05 - 5/06 0.017 0.983 2.5 3.5
6/06 - 5/07 0.0393 2.037 2.5 4.5763
6/07 - 5/08 0.0817 2.294 2.5 5.057
5/08 - 6/09 0.16 3.84 2.5 6.5
4
Compliance with Solar Component
  • New Jerseys renewables portfolio standard (RPS)
    requires electricity suppliers to use solar
    energy to generate a certain percentage of their
    power. Solar Renewable Energy Certificates
    (S-RECs) represent the renewable attributes of
    solar generation, bundled in minimum
    denominations of 1 megawatt-hour (MWh) of
    production. New Jerseys S-REC program provides a
    means for solar certificates to be created and
    verified, and allows electric suppliers to buy
    these certificates in order to meet their solar
    RPS requirements. All electric suppliers must use
    the S-REC program to demonstrate compliance with
    the RPS. New Jerseys on-line marketplace for
    trading S-RECs, launched June 25, 2004, is the
    first such operation in the world.  
  • http//www.dsireusa.org/library/includes/maphomeow
    ner.cfm?StateNJCurrentPageId1

5
Solar RECs
  • To qualify for issuance of a solar REC, solar
    electric generation shall be produced by a
    generating facility that is interconnected with
    an electric distribution system that supplies New
    Jersey.
  • Solar Alternative Compliance Payment 300/MWh
    (30 cents/kWh) - sets maximum value for SRECs
  • CPM designed, built, and administers SREC
    registry, tracking, bulletin board for NJ BPU

6
S-REC Process
PV System
Monthly Production
Create S-RECs (www.njcep.com/srec)
S-REC Account Owners Solar Facility Owners,
Aggregators, LSEs. Brokers
  • Sell RECs
  • Buy RECs
  • Retire RECs (to meet RPS)
  • Transfer RECs

7
Program Highlights
  • electronic accounts accessible from secure
    website
  • signed attestations from owners
  • upload meter / inverter readings/ automated data
    loggers OR use engineering estimates
  • unique serialized SRECs issued monthly
  • bulletin board facilitates trading
  • escrow period provides small owners with control
    over payment

8
Program Verification
  • A critical component of a successful program is a
    proper verification process to assure credible
    RECs
  • This is critical to maintain the integrity of the
    program and the integrity of the SREC market
  • A signed attestation is required before SRECs are
    issued
  • CPM audits facilities to check that
  • Facilities are actually operating
  • Reported meter readings are accurate
  • Estimated production and actual production is
    within a reasonable margin of error

9
How many account holders are there in SREC
program?
Type Number Percent of total
LSE 32 3.9
Broker 25 3.1
Solar facility 555 68.3
Aggregator 39 4.8
Other 162 19.9
TOTAL 813 100
As of Nov 8, 2005
10
How many solar facilities are there in SREC
program?
Type Number Installed Capacity (DC kW)
Active 611 6991
Eligible, but not yet participating 239 2119
Total 850 9111
11
How many SRECs were issued last year?
Reporting Year (June - May) of SRECs Issued of SRECs Traded of SRECs Retired
2005 3422 8998 3329
Reporting Year runs from June 1 to May 31, with a
true-up period until August 31
12
What do SRECs sell for?
13
Background Info on CPM
  • Clean Power Markets Experience
  • Build and operate Wisconsin RRC Program to track
    all renewables for RPS compliance and issue RECs
  • Build and operate NJ SREC Program to track
    behind-the-meter systems for Class I RPS
    compliance and issue SRECs
  • Build and operate tracking program for
    Connecticut Clean Energy Fund to manage RECs and
    report on program revenues
  • Contact Jan Pepper (650) 949-5719
  • www.cleanpowermarkets.com
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