NJ Spotlight reports that for the first time, the price owners of solar systems get for the electricity their units produced traded for less than $100 in New Jersey.
The number is considered to be a significant drop, considering the solar renewable energy certificates brought $655 on the spot market at this point last year.
Industry experts blame the steep decline on an oversupply of the certificates because so many developers have rushed to take advantage of lucrative state and federal incentives to install the technology.
Industry officials now say they are concerned the market will dry up.
NJ Spotlight reports there is no clear consensus on what direction the state should take to address the issue.