How The Government Created A Solar 'Gold Rush' In New Jersey

Renewable Energy Credits (RECs) are certificates issued by the government to a power company, which produces green energy.

Similar to commodities, these credits can be traded and sold on the open market, providing an incentive for companies get into green power production.

With the rise of renewable power, some states have come up with different regulations about how businesses can offset their non-renewable energy consumption with the purchase of RECs.

As a result of various incentives, New Jersey has dethroned California as the king of solar in various categories. New Jersey is currently leading the installation of new solar panels, and is the top commercial solar energy producer.

This Solar Gold Rush in the state is creating a bubble in the solar market, says energy expert Gabe Phillips, CEO of GP Renewables & Trading.

Watch the video below to find out more about RECs and the U.S. green energy market.

Produced by Robert Libetti & Kamelia Angelova

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