TRENTON — Gov. Chris Christie signed a bill into law today to stabilize prices in the state’s solar subsidy market.
In the last few years New Jersey built more solar projects than any state except California, which produced a glut of solar subsidy credits, called SRECs, driving down prices.
The bill signed into law today will dramatically increase the number of solar credits that New Jersey’s electric utilities must buy, which legislators hope will increase prices for the credits to keep the industry healthy.
“It appears as though we’re so overbuilt that if nothing was done legislatively, you would not have to do any solar development in the next three to four years,” said Jamie Hahn, co-founder of Solis Partners, which develops, designs, and constructs large solar power systems. “If you have a market that goes dormant for three to four years, you’re also going to have significant job loss as well.”