Prices for solar renewable energy credits (SRECs) in New Jersey have begun to bounce back from an all-time low price of $60, seen in October, to reach $80, according to the latest research from brokerage and consulting firm Flett Exchange.
In the report, the company states that the battered New Jersey REC market may have finally reached bottom. Selling volume ‘decreased dramatically’ when prices reached $60, PV installation rates have also declined (to 16 MW in October), Flett Exchange says, and most new investment in solar projects is not practical with SRECs below the $90 threshold.
‘Many solar owners have opted to sit it out this fall and wait and see what prices will do,’ the company adds. ‘Our trading screen indicates that selling interest will pick up again at $95, and there should be resistance at that level and higher.’