From NJ’s Star-Ledger Business News comes this welcome announcement:

Solar energy credits in New Jersey jumped to as much as $675 a megawatt-hour for 2009, more than double the 2008 price, as delays in new rooftop installations and an increase in utility penalties create a shortage.

Last year, New Jersey’s nation-leading solar rebate program (Clean Energy) ran plumb out of money, which it got from surcharges on consumer electric bills. In a risky move, the state chose to transition to an experimental SREC (solar renewable energy credit) trading program as its main solar incentive. This sort of approach has more potential value for the owner of a solar energy system, but doesn’t help with the up-front price tag as a traditional rebate does. With the market rate for each bundled megawatt (one SREC) double what it was just a few weeks ago, I’m sure solar owners are breathing a big sigh of relief. The rest of the country is keeping an eye on Jersey’s program–it’s a lower-cost effort from the state, compared with handing out rebates, and if it can be managed properly, it may be the type of approach taken by newcomers to the solar incentive scene. Or perhaps the type of approach adopted by other states whose rebates are in trouble, like Florida and Maryland.

Curious about how this fits in to the larger solar picture? Take a look at Adam’s post on the perhaps troubling tendency of state legislatures, of late, to downsize their solar incentives, and visit GetSolar.com’s interactive map for summaries of the solar incentives available nation-wide.