SREC stands for Solar Renewable Energy Credit
The SREC market got created to provide an incentive for people and business to go solar. Solar allows you to generate your own power so you don’t have to buy the power you self-generate. There are multiple incentives to go solar, read more about solar incentives here: https://www.ipsunsolar.com/solar-incentives/
Other places and other countries call SRECS differently. They say “solar certificate” or “green certificate” or other terms. They all provide a value to the solar panel owner for the electricity generated.
Read in more detail about “What the heck is an SREC” here: https://blog.ipsunsolar.com/what-the-heck-is-an-srec