4.6 SRECs — Solar Renewable Energy Credits (select states)

New Jersey, Maryland, Massachusetts, Washington D.C., Illinois, and Pennsylvania still operate SREC (Solar Renewable Energy Credit) markets. Every 1,000 kWh produced generates 1 SREC, which sells for anywhere between $20 and $300 depending on the state. In NJ and MA, this can be a meaningful additional return.

California has no SREC program — California's subsidy structure is baked into the NEM / NBT billing rules instead.