AEPower Brokers, Inc. NJ SREC Pooled Sale Agreement V1.0
By filling out and submitting the NJ SREC Agreement Confirmation form on our this website located at www.aepowersystems.com/SREC_confirmation you are verifying your “the system owner” intent to sell all of the SRECs and any other NJ recognized environmental attributes associated with the solar electric systems located at the location specified. This pooled or plan includes an UNCAPPED MAXIMUM SREC PAYOUT based on the average sale price AE Power Broker’s receives for all SRECs sold for all customers under this agreement.
Calculation of payment:
Each bi-annual customer SREC payment will be calculated based on the number of complete SRECs transferred to AE Power Broker, Inc. from The Seller during the prior six month period. The SREC payment price will be the average price AE Power Brokers, Inc. receives from its buyers during that same SREC year minus a 10% handling charge. This payment will fluctuate with SREC market conditions but it is not capped in any way.
Customer responsibilities and terms of payment:
SREC meter readings should be submitted to AEPower Brokers monthly based on the terms and conditions of the NJ SREC Program. AEPower Brokers issues checks to our customers twice every SREC year (the NJ SREC year runs from June 1st – May 1st). SREC meter readings not reported to AEPower Brokers by January 5th and/or June 5th and the associated SRECs they represent may not be counted towards the system owners payments for that half of the SREC year. AEPower Brokers, Inc. is relying on each system owner to verify that the SREC meter readings that they provide are correct and accurate representations of their solar system generation as per the rules and requirements of the NJ Solar SREC program.
Payments from AE Power Brokers to the System Owner will be made on a semi-annual basis, on or about the last day of the months of February and August for the previous partial year’s SREC total. The exact date of payment will rely on the GATS (Generation Attribute Tracking System) ability to transfer the contracted SRECs AE Power Brokers resellers “holding account” and then subsequently transferring these SRECs into to the final buyers.
If the solar system is sold before the end of the previously delineated term, the new owner will assume all rights and responsibilities outlined within this agreement.
Program and contract guidelines:
The New Jersey Solar Renewable Energy Credit (SREC) program’s rules and regulations are governed solely by the New Jersey Board of PublicUtility Commission and the New Jersey Clean Energy Program. These program rules and regulations may change and will govern the final determination of how many SRECs each system owner is entitled to in any time period and in turn how many SRECs AE Power Brokers will be able to buy from that system owner at any time. A thorough outline of these rules and regulations can be found at www.njcep.com/srec.
AE Power Brokers maintains the right to transfer this agreement over to a third party at any time as long as the sellers benefit remains in tact. In case of early termination on the part of the system owner there will be a onetime charge to that owner equal to $100 per SREC estimated to be due according to original agreement terms. This agreement and all of its terms and conditions will renew annually unless cancelled in via email to email@example.com prior to April 15th preceding the SREC year for which the customer is cancelling (ex. April 14th 2018 – June 2018 – May 2019 SREC year) .