Bergen County Executive Jim Tedesco received approval from the Bergen County Board of Chosen Freeholders for the sale of 1,362 solar renewable energy credits (SRECs).
With prevailing market forces valuing one SREC between $240-280, Bergen County expects to earn more than $300,000 through the sale of these SRECs.
Under the New Jersey’s Clean Energy Program, one SREC is earned for every 1,000 watts of electricity generated through solar installation projects.
The SRECs being sold were generated by two county-owned solar installations which have been in operation since 2012. This is the first sale of Bergen County’s earned SRECs since the solar installations began operation.
Familiar with SRECs due to his career with PSE&G, County Executive Tedesco asked for the total revenue generated through SREC sale by the previous administration.
Tedesco directed the Divisions of Treasury and Purchasing to determine how many SRECs the County had earned and plan for the sale of accumulated credits.
Bergen County will continue to earn SRECs generated by these two solar installations through the year 2027.
The two solar installations referenced are located at the Bergen County Law and Public Safety Building in Mahwah and the Bergen County Community Service Building in Paramus. These installations were funded through grants from PSE&G at no cost to the taxpayer.
Click here to sign up for Daily Voice's free daily emails and news alerts.