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July 19, 2011: ANNOUNCEMENT: BPU Approves the Results of Round 7
At its meeting on July 14, 2011, The New Jersey Board of Public Utilities (“Board” or “BPU”) approved the results of the seventh solicitation under the SREC-Based Financing Program for ACE, JCP&L, and RECO. The seventh solicitation was held for a statewide planned quantity of 11,189.224 kW, divided as follows: 5,450.839 kW for JCP&L, 3,462.680 kW for ACE, and 2,275.705 kW for RECO. Bids were due on June 10, 2011.
The Board has released an Order memorializing its decision and officially announcing the results presented below. The Board Order will be posted on the Documents page of the web site when it becomes available: http://www.njedcsolar.com/documents.cfm.
Information regarding the Seventh Solicitation is as follows:
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Results for the first and smallest segment for Projects less than or equal to 50 kW are as follows:
- The average NPV for the recommended awards is $2,683.08 (corresponding to an average SREC price of $379.43 for a ten-year contract); and
- The lowest NPV for the recommended awards is $2,247.62 (corresponding to an average SREC price of $317.85 for a ten-year contract);
Results for the second segment for Projects greater than 50 kW but less than or equal to 500 kW large are as follows:
- The average NPV for the recommended awards is $2,145.12 (corresponding to an average SREC price of $303.36 for a ten-year contract); and
- The lowest NPV for the recommended awards is $1,759.43 (corresponding to an average SREC price of $248.81 for a ten-year contract);
Results for the last segment for Projects greater than 500 kW but less than or equal to 2 MW are as follows:
- The average NPV for the recommended awards is $1,982.60 (corresponding to an average SREC price of $280.37 for a ten-year contract); and
- The lowest NPV for the recommended awards is $1,773.50 (corresponding to an average SREC price of $250.80 for a ten-year contract);