New Jersey solar could see help from energy agency
New Jersey, the second-largest state for solar power behind only sunny California, took a major blow to its renewable electricity hopes when state legislators refused to take action to support the price of solar renewable energy certificates.
These credits, which can be sold by homeowners to help pay the costs of a solar installation or simply earn more on their investment, have fallen dramatically in price in recent years, losing roughly two-thirds of their value in the past few months, according to SRECTrade.
However, the solar industry has found a possibility for help from the Office of Clean Energy, which is responsible for monitoring whether utility companies are meeting their green energy requirements.
The agency could consider ramping up the amount of electricity that must come from solar power systems, as well as pushing for more grant programs from utilities to help residents pay for the up-front costs.
Platts reports that legislative action is unlikely to come for several months, so help from the OCE could prove crucial for the state's solar industry.