State regulators on Friday approved two proposals that officials hope will give a boost to New Jersey's solar market.
The state Board of Public Utilities approved plans by Jersey Central Power & Light and Atlantic City Electric. Both projects are meant to help improve the ability to finance solar power projects in the state.
"It will help us build solar energy capacity, improve air quality and continue New Jersey's fight against global warming," BPU President Jeanne M. Fox said in a statement.
JCP&L will enter into agreements to buy Solar Renewable Energy Certificates, which can be used to finance a system.
A so-called SREC, which represents the value of clean energy produced by a solar electricity system, is equal to one megawatt-hour of power generated by a home's or business' solar power. JCP&L, the utility that distributes electricity to most of Monmouth and Ocean counties, would buy the SRECs from project developers and installers who would sell solar electric systems — or finance them — to homeowners or businesses. The utility would, in turn, sell the certificates to energy suppliers.
The company would not enter into agreements with individual homeowners.
Like JCP&L, Atlantic City Electric also would enter into long-term agreements to buy SRECs from customers who invest in systems for homes and businesses.
Regulators have been emphasizing the use of SRECs to finance solar systems, moving away from large rebates to help pay for a portion of a project. At one point, rebates could provide up to 70 percent of a project's cost.
Gov. Jon S. Corzine's energy master plan calls for an expansion of renewable energy in New Jersey. It estimates that by 2020, about 3 percent of electricity used in the state will come from solar power.
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