N.J. Admin. Code § 14:8-11.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 14:8-11.3 - Successor Solar Incentive Program structure

(a) The Successor Solar Incentive Program shall provide an incentive to solar generation facilities deemed eligible pursuant to this subchapter. The SuSI Program incentive shall be paid to SuSI-eligible solar facilities having received a New Jersey State Certification Number pursuant to N.J.A.C. 14:8-11.5in the form of NJ SREC-IIs that are created by PJM-EIS GATS for each megawatt-hour generated, metered, and reported to PJM-EIS GATS.

(b) All NJ SREC-IIs shall be jointly procured by the EDCs to satisfy compliance obligations pursuant to the Renewable Portfolio Standards at (c) below. The EDCs shall jointly procure an NJ SREC-II Administrator, in consultation with Board staff. The NJ SREC-II Administrator will be responsible for administering the procurement, allocation, and retirement of SREC-IIs.

(c) The SuSI requirement is a carve-out of the Class I RPS requirement. Each NJ SREC-II shall be allocated to, and retired on behalf of, New Jersey's TPS/BGS providers based on their respective market shares of retail sales. Each NJ SREC-II retired shall reduce the Class I requirement by one REC as set forth at N.J.A.C. 14:8-2.3(d), (r), and (s).

(d) The owner of a SuSI-eligible facility may assign ownership of a facility's NJ SREC-IIs to a third party if, and when, one of the following occurs:

1. Sale of the facility;

2. Bankruptcy of the owner of the SuSI-eligible facility; or

3. The owner of the SuSI-eligible facility enters into a contract assigning ownership to a third party.

N.J. Admin. Code § 14:8-11.3