FAQs

Answers to your Frequently Asked Questions ("FAQs") are posted on this page. To ask a question, please use our automated form. FAQs will be posted every Wednesday. FAQs will be posted daily during the week prior to the deadline for submitting Pricing Proposals and Qualification Materials.”

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  • FAQ-219:
    ase confirm that the SREC Purchase and Sale Agreement dated January 29, 2010 remains in effect to be used for this current ro

    The SREC Purchase and Sale Agreement currently posted to the Web site and dated January 29, 2010 is the document in effect for the current round of bids.



    06/02/2011 in Requirements for Proposals

  • FAQ-218:
    Are Utility affiliates allowed to participate in the program?

    Yes, an affiliate of an EDC that is not regulated by the Board is allowed to participate in the SREC-Based Financing Program for that EDC. For ACE and JCP&L, such an affiliate would be subject to the same developer cap as other participants, namely 20% of the planned quantities across all solicitations for an RPS Reporting Year. For RECO, an affiliate of the EDC is subject to a developer cap of 50% of the planned quantities across all solicitations for an RPS Year.



    06/02/2011 in Requirements for Proposals

  • FAQ-217:
    Is there a limit on how much one company can submit offers towards this program?

    For ACE and JCP&L (but not for RECO), there is a limit on the combined awards associated with any one Developer, or any combination of affiliated Developers under the same majority ownership. This limit applies to all solicitations in a given RPS Reporting Year and is set at 20% of the planned quantities for that RPS Reporting Year.



    06/02/2011 in General

  • FAQ-216:
    Under the SREC PSA, can the Owner of the Project assign the revenues to a third party as repayment for a loan?

    Please see Section I (the letter i) of the General Terms and Conditions (Appendix A to the SREC PSA). This section specifically allows for assignment for financing purposes without prior consent from the EDC.



    05/26/2011 in Purchase and Sale Agreement

  • FAQ-215:
    Paragraph 8B of the PSA states that in the event that Seller’s Project produces SRECs in excess of the Annual SREC Generation Capacity, the Buyer shall have the option, but not the obligation, to purchase up to the total of such excess SRECs at 95% of the Purchase Price. When will this option be exercised?

    This is not specified explicitly in the SREC PSA. However, the SREC PSA does specify that the Contract Year consists of each period of twelve consecutive months following the Commencement Date (Section 5). The EDC will evaluate its option rights based on the Project’s output within a given Contract Year. Hence, when an SREC is created in a Contract Year that exceeds the Annual SREC Generation Capacity (an “Excess SREC”), the EDC will determine whether to exercise the option for all or a portion of the Excess SRECs by the date that payment would be due for any such SRECs purchased, which is 20 Business Days after the end of the Calendar Quarter in which they are created. The EDC will determine when the Annual SREC Generation Capacity has been reached in a Contract Year and, by the 20th Business Day after the end of the Calendar Quarter in which the Excess SRECs are created, will either (i) pay the Seller an amount equal to 95% of the contract price for any Excess SRECs purchased, or (ii) return to the Seller any Excess SRECs not purchased.



    05/26/2011 in General

  • FAQ-214:
    Do the EDCs, through the SREC-Based Financing Program purchase SRECs from customers who have existing solar Projects?

    The SREC-Based Financing Program ("Program") is a program by which an Electric Distribution Company ("EDC"), namely ACE, JCP&L, or RECO, contracts to purchase solar Renewable Energy Certificates ("SRECs") from new solar projects. The EDCs do not purchase SRECs from customers who have existing projects that are operating and producing SRECs. A customer who applies to the Program must in fact commit not to interconnect the Project in advance of the Board decision on whether to make an award to the Project under the Program.



    05/26/2011 in General

  • FAQ-213:
    Is a change in location permissible under the terms of the SREC PSA?

    A change in location of the Project (to a different address and to a different customer account) is not permissible under the terms of the SREC PSA. The SREC PSA specifies in "Background, Section D" that the purchaser has agreed to purchase and the seller agreed to sell SRECs "generated by the Seller's Project". The Seller's Project is as specified in Appendix B. Appendix B is a "Description of Seller's Project, Specification of Location of Seller's Project and Details Regarding the Size, Type, Manufacturer, and Related Details Regarding the Qualified Solar Photovoltaic Generating Unit." This precludes moving the location of the Project or changing the details that are specified in Appendix B once the SREC PSA is signed. The Agreement to buy SRECs is tied to the Seller's Project as described in Appendix B and does not apply if the Seller's Project is no longer as described in Appendix B. Please note further that the information to complete Appendix B is provided as part of the Qualification Materials submitted with the Proposal; when bids are evaluated, the EDCs ensure that there are no circuit issues and the location of the project is feasible as planned. This assumes that the project location will remain the same through the term of the SREC PSA.



    05/26/2011 in Purchase and Sale Agreement

  • FAQ-212:
    Is the SREC-Based Financing Program a voluntary alternative to selling SRECs on the open market?

    Participation in the SREC-Based Financing Program is voluntary. You may build a solar facility and sell SRECs in the open market if you desire.

    05/26/2011 in Purchase and Sale Agreement

  • FAQ-211:
    If a bid is accepted and the SREC PSA is signed, are the prices fixed for the life of the contract?

    Yes.



    05/26/2011 in General

  • FAQ-210:
    I have a NJCEP number from a previous solicitation. Can I use the same NJCEP number in this solicitation?

    There is a single NJCEP number that corresponds to any given Project. If you obtained an NJCEP number for a given Project previously and you want to submit a Proposal for that Project in this current solicitation with bids due June 10, 2011, then you should use the previously issued NJCEP number for that Project. If you obtained an NJCEP number for a given Project previously and you want to submit a Proposal for another Project in this current solicitation with bids due June 10, 2011, then you must obtain a new NJCEP number for that other Project.



    05/26/2011 in General

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