Solicitation Results and Available Capacity for Solar Loans

Solicitation Results and Capacity

View current available capacity, as well as past solicitation results and average weighted SREC floor bid prices.

Solicitation Results & Available Capacity

Updated as of: June 2019

Please note, in June 2019 PSE&G Solar Loan has closed SL III Program in light of current market transition activities. There are many changes occurring to the State of New Jersey’s Solar Renewable Energy Credit (SREC) program that could have an impact on the PSE&G Solar Loan Program. On May 23, 2018, Governor Phil Murphy signed the Clean Energy Act, (P.L.2018, c.17) which directed the New Jersey Board of Public Utilities (BPU) to:

"adopt rules and regulations to close the SREC program to new applications upon the attainment of 5.1 percent of the kilowatt-hours sold in the State by each electric power supplier and each basic generation provider from solar electric power generators connected to the distribution system. The board shall continue to consider any application filed before the date of enactment of P.L.2018, c.17. The board shall provide for an orderly and transparent mechanism that will result in the closing of the existing SREC program on a date certain but no later than June 1, 2021."

In short, the BPU will close the state’s SREC program when the 5.1 percent kilowatt-hour transition point is reached or by June 1, 2021 (whichever occurs first).  This means, as a general rule, in order to qualify for SRECs suitable for repaying a Solar Loan, your solar project must commence commercial operation prior to the attainment of the 5.1 percent kilowatt-hour transition point (as determined by the BPU).   For your information, the BPU currently estimates that the 5.1 percent threshold could be reached in March 2021.  Be advised, however, that the BPU estimate is not conclusive and the 5.1 percent threshold could be met before or after the Board’s currently estimated date.

Solicitation 28 was our final solicitations and final results are posted below. PSE&G has notified all successful participants of their conditional acceptance subject to a further review of additional criteria such as credit, interconnection and engineering review.

Solicitation #28

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large NonResidential Segment (> 150kW ≤ 2MW)* 0 714 2 714 2 $175
Small Non-Residential Segment (≤ 150kW) 0 696 8 546 7 $212
Residential Segment 0 216 18 20 2 $222
Res-Aggregated Segment 0 0 0 0 0 N/A
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 N/A

The following tables contain the results for solicitations #1 through #27: 

Solicitation #27

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large NonResidential Segment (> 150kW ≤ 2MW)* 0 499 *499  $170 
Small Non-Residential Segment (≤ 150kW) 9,263 652 5 353 3 $220
Residential Segment 4,789 331 31 310 29 $232
Res-Aggregated Segment 0 0 0 0 0 N/A
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 N/A

*Solicitation resulted in an over subscription in the Large Non-Residential Segment. Per the Board Order, all successful applicants are being placed on a pending list.  

Solicitation #26

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large NonResidential Segment (> 150kW ≤ 2MW)* 6,266 13,595 15 *13,029 14 $179
Small Non-Residential Segment (≤ 150kW) 9,571 909 11 732 9 $217
Residential Segment 5,127 439 38 225 19 $233
Res-Aggregated Segment 0 0 0 0 0 N/A
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 N/A

*Solicitation resulted in an over subscription in the Large Non-Residential Segment.  Per the Board Order, all successful applicants are being placed on a pending list. 

Solicitation #25

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large NonResidential Segment (> 150kW ≤ 2MW)* 8,960 11,536 14 6,634 3 $184
Small Non-Residential Segment (≤ 150kW) 9,946 444 5 375 3 $215
Residential Segment 5,261 349 32 134 12 $233
Res-Aggregated Segment 0 0 0 0 0 N/A
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 N/A

Solicitation #24

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large NonResidential Segment (> 150kW ≤ 2MW)* 7,960 8,539 13 3,415 3 $200
Small Non-Residential Segment (≤ 150kW) 9,566 193 2 0 0 N/A
Residential Segment 5,230 220 19 0 0 N/A
Res-Aggregated Segment 0 0 0 0 0 N/A
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 N/A

Solicitation #23

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large NonResidential Segment (> 150kW ≤ 2MW)* 9,962 11,669 14 4,847 4 $201
Small Non-Residential Segment (≤ 150kW) 10,077 832 17 724 16 $263
Residential Segment 5,420 283 26 283 26 $273
Res-Aggregated Segment 0 0 0 0 0 N/A
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 N/A

Solicitation #22

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large NonResidential Segment (> 150kW ≤ 2MW)* 22,715 17,191 10 15,579 7 $197
Small Non-Residential Segment (≤ 150kW) 10,029 141 4 98 2 $252
Residential Segment 5,617 309 28 242 23 $274
Res-Aggregated Segment 0 0 0 0 0 N/A
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 N/A

Solicitation #21

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large NonResidential Segment (> 150kW ≤ 2MW)* 15,149 2,074 3 1,038 2 $203
Small Non-Residential Segment (≤ 150kW) 9,889 230 4 162 3 $265
Residential Segment 6,099 576 56 528 51 $273
Res-Aggregated Segment 0 0 0 0 0  N/A
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 N/A

Solicitation #20

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large NonResidential Segment (> 150kW ≤ 2MW)* 9,907 0 0 0 0 N/A
Small Non-Residential Segment (≤ 150kW) 9,130 59 3 59 3 $275
Residential Segment 6,456 580 54 479 44 $272
Res-Aggregated Segment 0 0 0 0 2 N/A
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 N/A

Solicitation #19

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large NonResidential Segment (> 150kW ≤ 2MW)* 16,771 20,150 13 8,023 6 $186
Small Non-Residential Segment (≤ 150kW) 9,670 674 16 603 15 $250
Residential Segment 6,607 402 37 196 18 $273
Res-Aggregated Segment 0 195 2 140 2 $271
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 $0

Solicitation #18

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large NonResidential Segment (> 150kW ≤ 2MW)* 16,658 12,197 8 8,037 4 $203
Small Non-Residential Segment (≤ 150kW) 9,786 456 11 256 5 $252
Residential Segment 6,801 298 29 234 22 $283
Res-Aggregated Segment 3,121 45 1 45 1 $265
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 $0

Solicitation #17

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large NonResidential Segment (> 150kW ≤ 2MW)* 13,671 2,276 4 2,113 3 $200
Small Non-Residential Segment (≤ 150kW) 10,673 1,107 14 993 13 $231
Residential Segment 7,022 317 30 259 24 $280
Res-Aggregated Segment 3,131 11 1 11 2 $275
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 $0

The following tables contain the results for solicitations #1 through #16:

Solicitation #16

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large Non-Residential Segment (> 150kW ≤ 2MW)* 10,114 8,965 11 5,866 8 $201
Small Non-Residential Segment (≤ 150kW) 11,434 773 16 773 16 $248
Residential Segment 7,175 209 19 187 16 $285
Res-Aggregated Segment 3,229 98 1 98 1 $275
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 N/A

Solicitation #15

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large Non-Residential Segment (> 150kW ≤ 2MW)* 8,312 8,226 4 7,212 3 $216
Small Non-Residential Segment (≤ 150kW) 11,509 293 4 116 2 $266
Residential Segment 7,444 392 42 297 32 $283
Res-Aggregated Segment 3,377 181 1 148 1 $275
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 N/A

Solicitation #14

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large Non-Residential Segment (> 150kW ≤ 2MW)* 7,047 6,091 7 6,091 7 $219
Small Non-Residential Segment (≤ 150kW) 11,096 408 6 408 6 $257
Residential Segment 7,458 179 18 29 3 $290
Res-Aggregated Segment 3,330 88 1 0 0 N/A
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 N/A

Solicitation #13

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large Non-Residential Segment (> 150kW ≤ 2MW)* 15,302 18,541 22 18,541 22 $206
Small Non-Residential Segment (≤ 150kW) 10,146 137 2 89 1 $250
Residential Segment 7,655 245 28 238 22 $293
Res-Aggregated Segment 6,618 48 1 48 1 $275
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 N/A

Solicitation #12

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large Non-Residential Segment (> 150kW ≤ 2MW)* 5,815 833 2 833 2 $235
Small Non-Residential Segment (≤ 150kW) 9,947 8 1 0 0 N/A
Residential Segment 7,662 75 8 75 8 $293
Res-Aggregated Segment 6,614 75 1 75 1 $275
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 N/A

Solicitation #11

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large Non-Residential Segment (> 150kW ≤ 2MW)* 20,844 25,298 11 23,834 10 $223
Small Non-Residential Segment (≤ 150kW) 9,672 947 15 852 14 $253
Residential Segment 6,931 208 22 208 22 $294
Res-Aggregated Segment 5,803 117 2 93 2 $275
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 N/A

Solicitation #10

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large Non-Residential Segment (> 150kW ≤ 2MW)* 21,720 6,373 5 6,373 5 $235
Small Non-Residential Segment (≤ 150kW) 8,638 20 1 20 1 $220
Residential Segment 6,285 324 31 289 27 $290
Res-Aggregated Segment 4,958 138 1 138 1 $275
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 N/A

Solicitation #9:

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large Non-Residential Segment (> 150kW ≤ 2MW)* 21,241 6,727 11 4,189 6 $224
Small Non-Residential Segment (≤ 150kW) 7,749 386 7 145 3 $233
Residential Segment 5,463 302 29 152 16 $295
Res-Aggregated Segment 4,161 103 2 19 1 $275
Landfill & Brownfield Segment (≤ 5MW) 0 936 1 0 0 N/A

Solicitation #8

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large Non-Residential Segment (> 150kW ≤ 2MW)* 18,291 1,968 5 1,250 3 $226
Small Non-Residential Segment (≤ 150kW) 7,255 382 7 382 7 $251
Residential Segment 4,686 180 18 138 14 $289
Res-Aggregated Segment 3,261 0 0 0 0 N/A
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 N/A

Solicitation #7:

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large Non-Residential Segment (> 150kW ≤ 2MW)* 20,891 3,452 5 2,858 4 $204
Small Non-Residential Segment (≤ 150kW) 6,940 1,011 10 557 6 $257
Residential Segment 3,811 170 18 170 18 $296
Res-Aggregated Segment 5,237 42 1 42 1 $275
Landfill & Brownfield Segment (≤ 5MW) 1,104 7,937 4 7,937 4 $206

Solicitation #6:

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large Non-Residential Segment (> 150kW ≤ 2MW)* 22,182 5,915 8 5,281 5 $238
Small Non-Residential Segment (≤ 150kW) 7,010 950 11 950 11 $259
Residential Segment 3,182 292 29 271 26 $278
Res-Aggregated Segment 4,337 0 0 0 0 N/A
Landfill & Brownfield Segment (≤ 5MW) 1,104 0 0 0 0 N/A

Solicitation #5:

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large Non-Residential Segment (> 150kW ≤ 2MW)* 18,904 797 2 797 2 $195
Small Non-Residential Segment (≤ 150kW) 6,184 53 1 53 1 $245
Residential Segment 2,488 254 22 220 18 $276
Res-Aggregated Segment 3,437 0 0 0 0 N/A
Landfill & Brownfield Segment (≤ 5MW) 1,104 0 0 0 0 N/A

Solicitation #4:

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large Non-Residential Segment (> 150kW ≤ 2MW)* 13,590 881 3 592 2 $195
Small Non-Residential Segment (≤ 150kW) 5,655 400 4 347 3 $230
Residential Segment 1,850 326 29 294 26 $274
Res-Aggregated Segment 2,537 0 0 0 0 $214
Landfill & Brownfield Segment (≤ 5MW) 1,104 0 0 0 0 N/A

Solicitation #3:

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large Non-Residential Segment (> 150kW ≤ 2MW)* 9,995 8,838 10 5,042 6 $209
Small Non-Residential Segment (≤ 150kW) 5,036 600 6 335 4 $256
Residential Segment 1,284 473 46 394 41 $275
Res-Aggregated Segment 1,650 14 1 14 1 $214
Landfill & Brownfield Segment (≤ 5MW) 0 0 0 0 0 N/A

Solicitation #2:

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large Non-Residential Segment (> 150kW ≤ 2MW)* 10,277 6,277 10 6,277 10 $205
Small Non-Residential Segment (≤ 150kW) 3,513 0 0 0 0 N/A
Residential Segment 663 285 30 227 23 $262
Res-Aggregated Segment 800 0 0 0 0 N/A
Landfill & Brownfield Segment (≤ 5MW) 5,000 9,091 4 5,894 2 $188

Solicitation #1:

Program Segment

Available Capacity kW (dc)

Capacity Received kW (dc)

Applications Received

Capacity Accepted kW (dc)

Applications Accepted

Weighted Average SREC Floor Bid Price

Large Non-Residential Segment (> 150kW ≤ 2MW)* 12,092 8,105 12 7,880 11 $177
Small Non-Residential Segment (≤ 150kW) 2,628 438 7 429 6 $235
Residential Segment 300 157 20 136 18 $258
Res-Aggregated Segment 300 0 0 0 0 N/A
Landfill & Brownfield Segment (≤ 5MW) 5,000 9,093 4 0 0 N/A

The most recent extension of the Solar Loan Program allows PSE&G to provide financing for 97.5 megawatts-dc of solar capacity in our electric service territory. Capacity will be allocated per the below schedule subject to market demand. The residential and small non-residential segments are set-asides. Any unused capacity from the residential aggregated segment from the fourth solicitation will be added to the fifth solicitation. All other underutilized capacity may be reallocated to other oversubscribed segments for that same solicitation.

Solicitation

PSE&G Solar Program Segments

 

% of Total

 

MW

#1

#2

#3

#4 - #12

#13 - #18

Residential

10.00%

9.75

0.30

0.50

0.85

0.90

TBD

Residential - Aggregated

10.00%

9.75

0.30

0.50

0.85

0.90

TBD

Small Non-Residential (≤ 150kW)

13.48%

13.14

2.63

1.31

1.31

0.88

TBD

Large Non-Residential (> 150kW ≤ 2MW)*

61.39%

59.86

11.97

5.99

5.99

3.99

TBD

Landfill-Brownfield

5.13%

5

5

0

0

0

TBD

TOTAL

97.5

20.2

8.3

9

6.67

TBD