The New Jersey Board of Public Utilities announced that all Solar Renewable Energy Certificate or SREC applications submitted after Oct. 29 will have a lifespan of 10 years, clarifying legislation enacted in May. The language of the legislation says that the 10-year term applies only to certain proposals seeking to connect to the distribution system. The state’s solar program is financed through SRECs which are tradable commodities generated by solar projects for the energy they generate and then sold to electricity suppliers. The law phases out the SREC program by 2021 and calls for a new or modified framework to support solar development. New Jersey’s solar industry has completed 90,000 solar projects over the past 18 years, reaching over 2.4 gigawatts of installed solar generating capacity.