Payment Eligibility

To be eligible for payments a system owner must meet the following requirements:

The registration process will begin after a system has been interconnected, and the solar owner has signed a REC contract. This process generally takes between 3 - 5 months. Payments will start in the quarter, proceeding with registration approval and the first REC delivery.


Quarterly Schedule

Payments will be issued on a quarterly basis. Payments are issued within 45 days after the end of each procurement period.

Example: A system that has received all registration approvals on March 29th and delivered the first REC on April 6 will receive its first payment by August 15th, which will include any eligible generation that is minted into SRECs and delivered to the NJ Program prior to June 30.

REC Delivery

REC delivery is the timing of when a REC has been delivered to or "procured" by the NJ Program. It is important to make the distinction between "REC delivery" and the "dates of generation."

Breaking down the process:

Energy Generation: Generation can occur at any time. Likely, your system has been producing generation since it was interconnected. 

Accumulation of RECs: RECs are created or minted when the generation data is entered into a tracking system such as PJM-GATS. It takes approximately seven business days for GATS to issue certificates (SRECS) once a meter reading has been entered. The certificates will be assigned a vintage based on when the actual generation occurred. Once an SREC is minted, it takes around 10-20 days to be delivered to the NJ Program.

Quarterly Accounting: At the end of each quarter, the accumulated SRECs delivered to the Program are counted and verified. These verified SRECs are then eligible for payment.

The crucial distinction here is that the SRECs are counted during the quarter in which they are delivered, rather than when the energy was generated. This system allows for a more comprehensive tracking and verification process, ensuring the accuracy of payments.




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