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On May 7, 2021, the New Jersey Board of Public Utilities (BPU) issued a Staff Memo updating recommendations to its April 7, 2021 Straw Proposal, which sets forth the BPU Staff’s detailed proposal regarding the design and implementation of an economic incentive program (i.e., Successor Program) to replace New Jersey’s longstanding Solar Renewable Energy Certificate (SREC) and Transition Incentive (TREC) programs.
The Clean Energy Act of 2018 requires the BPU to replace the SREC program once 5.1% of the total energy sold in New Jersey is being produced by solar electric generation systems, a milestone that was achieved on April 30, 2020. At that time, the BPU closed the SREC program to new entrants and established a TREC program to maintain incentives until the BPU developed a Successor Program. The Straw Proposal is intended to replace the TREC program. BPU states that “[t]he final step in the evolution of N ....

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