Archive for January, 2016

Illinois Supplemental PV Procurement Program – Application for March Solicitation

Posted January 29th, 2016 by SRECTrade.

SRECTrade’s application is currently open for Illinois solar facilities wishing to participate in the March 2016 round of the Illinois Supplemental PV Procurement Program. SRECTrade’s application for this program will close on Friday, February 19, 2016. This post is meant to serve as a friendly reminder that all systems interested in participating in this program must submit their application and “bid assurance”/collateral through our website by Friday, February 19. In order for an application to be considered “submitted” by the application deadline, the application must be complete and correct, with valid “bid assurance”/collateral, and must include all required documentation signed by the facility owner and applicant, as applicable.

To register a system with SRECTrade, please log in or create your SRECTrade account via the links on the SRECTrade home page. Once logged in to your SRECTrade account, you or your installer can “Register a New Facility” to begin the SRECTrade application. Once you provide the Proof of Energized Date and Certificate of Completion for your system, SRECTrade will obtain the Illinois and PJM-GATS registry certifications for your system. After your system is fully certified, SRECTrade will facilitate the reporting of your solar production and the brokerage of your SRECs upon their issuance. If you are successful in winning a contract under the Illinois Supplemental PV Procurement Program, SRECTrade will facilitate the management of your contract for the duration of that contract.

For additional information about the market in the State of Illinois, please visit our Illinois Markets page. If you have any questions about the application process or about the Illinois Supplemental PV Procurement Program, please contact our Client Services Team via email at clientservices@srectrade.com or via phone at (877) 466-4606 ext 1.

Massachusetts SREC-II Update: January 2016

Posted January 19th, 2016 by SRECTrade.

Last Friday, SRECs generated in Q3 of 2015 were issued to all qualified asset owners in the Massachusetts SREC-I and SREC-II programs. The additional liquidity brought to the market helped refocus attention on the MA SREC program after the beginning of the year was dominated by action in the New Jersey market. Given the renewed attention to the Massachusetts markets we have adjusted our capacity models to reflect the most current supply and demand figures.

Our most recent MA SREC-II capacity presentation can be found here.

As compared to our last MA Capacity Update, the Trailing Six Month (TSM) average build rate is only marginally higher at 18.7 MW/mo as compared to the Trailing Twelve Month (TTM) 17.8 MW/mo. The greatest contrast is between the three months ending in September 2015 and December 2015, with asset developers installing twice as much SREC-II eligible capacity over the summer as what was installed in the fall.

Using these updated numbers we can begin to predict the degree of over or under supply in the upcoming year. Due to the methodology employed by the MA DOER we already know what the 2016 compliance requirement will be.  We can also use the most recent year to date build (YTD) rate, 17.9 MW/month, as our base-case assumption for future 2016 build. What is important to add to this analysis, however, is the 120 MW carve out that the MA DOER announced in their most recent bulletin. Of the total 946.2 MW of SREC-II eligible capacity (1,600 MW of total covered capacity less the 658.3MW covered by SREC-I) we know that 575.1 MW have already been qualified for SREC-II. This leaves 371.1MW still available for new construction, however we now know that since we have passed the 60% threshold of total SREC eligible capacity, 120MW of that remainder will be reserved for projects less than 25KW. This leaves just 251.1MW for larger scale projects under the current program.

Holding our most recent YTD build rate (17.9 MW/mo) constant and using the previously set 2016 compliance obligation, we see the MA SREC-II market finishing 2015 oversupplied by 78,957 SRECs and 2016 oversupplied by 226,537. These figures are equivalent to 64.4% and 69.2% oversupplied, respectively. Slide 8 of our MA SREC-II presentation also illustrates potential upper and lower bounds for 2016 build rates, set at 75% and 150% of 2015 YTD average monthly build. Across all scenarios we project that the market will finish 2016 oversupplied, somewhere between a range of 56.7% to 81.7%

As always, this analysis is informational only in purpose in order to help explain the implications of recently reported MA SREC-II eligible build rates. We will continue to watch the markets closely and stay on top of new MA capacity data as it is updated by the Massachusetts DOER.

 

Disclaimer. This document, data, and/or any of its components (collectively, the “Materials”) are for informational purposes only. The Materials are not intended as investment, tax, legal, or financial advice, or as an offer or solicitation for the purpose or sale of any financial instrument. SRECTrade, Inc. does not warranty or guarantee the market data or other information included herein, as to its completeness, accuracy, or fitness for a particular purpose, express or implied, and such market data and information are subject to change without notice. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Any comments or statements made herein do not necessarily reflect those of SRECTrade, Inc. SRECTrade, Inc. may have issued, and may in the future issue, other communications, data, or reports that are inconsistent with, and reach different conclusions from, the information presented herein.

Copyright. This document is protected by copyright laws and contains material proprietary toSRECTrade, Inc. This document, data, and/or any of its components (collectively, the “Materials”) may not be reproduced, republished, distributed, transmitted, displayed, broadcasted or otherwise disseminated or exploited in any manner without the express prior written permission ofSRECTrade, Inc. The receipt or possession of the Materials does not convey any rights to reproduce, disclose, or distribute its contents, or to manufacture, use, or sell anything that it may describe, in whole or in part. If consent to use the Materials is granted, reference and sourcing must be attributed to the Materials and to SRECTrade, Inc. If you have questions about the use or reproduction of the Materials, please contact SRECTrade, Inc.

 

January 13, 2016 Illinois Supplemental PV Procurement Program (Round 3) – Introduction Webinar Slides and Recording Available

Posted January 14th, 2016 by SRECTrade.

On January 13, 2016, SRECTrade hosted a webinar for the third round of the Illinois Supplemental PV Procurement Program. The webinar covered the following:

  • Overview of the IL SREC program
  • June 2015 procurement results (Round 1)
  • November 2015 procurement results (Round 2)
  • Summary of the registration and bid process
  • Procurement timeline
  • Q&A

The application window is currently open and closes in mid February, the exact closing date is pending IPA notice. To finalize your registration please login or create an account on SRECTrade.

For access to the slides please click here: SRECTrade IL Procurement Webinar. For a video recording of the webinar, click the image below.

This document and recording is protected by copyright laws and contains material proprietary to SRECTrade, Inc. It or any components may not be reproduced, republished, distributed, transmitted, displayed, broadcast or otherwise exploited in any manner without the express prior written permission of SRECTrade, Inc. The receipt or possession of this document does not convey any rights to reproduce, disclose, or distribute its contents, or to manufacture, use, or sell anything that it may describe, in whole or in part. If consent to use these materials is granted, a link to the current version of this document on the SRECTrade website must be included for reference.

MA DOER Announces Solar Carve-Out II Small Generator Set-Aside

Posted January 12th, 2016 by SRECTrade.

Nearly two years after its launch in April 2014, the MA Solar Carve Out-II (SREC-II) program is steadily approaching the 1600 MW capacity cap. As successor to the SREC-I program, the SREC-II program has provided market-based incentives to support solar photovoltaic (PV) development in the Commonwealth of Massachusetts. The SREC-II program was designed to support 946.2 MW of installed capacity (1600 MW less the final 653.8 MW capacity installed under the SREC-I program). The Massachusetts Department of Energy Resources (DOER) included provisions in the SREC-II program to establish set-asides for Small Generation Units when sixty percent of the program’s capacity had been allocated. As of January 4, 2016, the DOER has qualified or approved 575.1 MW (over sixty percent) of SREC-II’s capacity, leading them to revise the Assurance of Qualification Guideline and formally announce a 120 MW set-aside for systems with nameplate capacities of 25 kW or less.

With more than 575 MW of qualified capacity to date, there is roughly 370 MW left until the program reaches capacity. The 120 MW set-aside for Small Generation Units leaves approximately 250 MW for all other systems to be qualified under SREC-II. The DOER announced that, once it issues Assurances of Qualifications and Statements of Qualification (SQA) for a combined 1,480 MW of capacity under the SREC-I and SREC-II programs, all applications for projects larger than 25 kW will be queued on a waiting list for available program capacity. As a reminder, the waiting list for prospective SREC-II systems is prioritized by the date on which the complete and correct SQA was submitted. Applications submitted on the same day are then prioritized by the execution date of the system’s Interconnection Service Agreement. In the event that two or more complete SQAs are submitted on the same day and with identical Interconnection Service Agreement dates, the DOER will finalize the queue through random selection.

In addition to establishing the Small Generation Unit set-aside, the DOER also clarified in its revised guideline: (1) what constitutes a complete SQA, (2) the procedure for qualified generation units to withdraw their Assurance of Qualification, and (3) the correction process and timeline for applications that are found to be incomplete upon submission.

In light of the program hitting its sixty percent capacity mark, facility owners and managers should be prepared to submit applications as the SREC-II program nears its final capacity. SRECTrade will continue to monitor and report on the status of the SREC-II program and provide information about successive programs. The combined success of the SREC-I and SREC-II programs in supporting distributed solar PV development suggests that the implementation of a third SREC program will further bolster the MA distributed solar industry. Issuing SRECs to solar PV system owners for every megawatt-hour (MWh) of solar energy they generate has helped MA become a national leader in solar.

To view the original notice from the DOER click here.

SRECTrade Illinois Procurement Program Webinar

Posted January 8th, 2016 by SRECTrade.

SRECTrade will be hosting a webinar on January 13, 2016 at 1:00 PM Central (2:00 PM Eastern) for installers and system owners interested in participating in the upcoming Illinois Supplemental Photovoltaic Procurement Program. The webinar will cover the basic rules of the program, registering a system with SRECTrade, and submitting a bid for the upcoming solicitation in March 2016.

To register click here

We encourage solar installers active in the state of Illinois to join us to learn how existing and future clients can participate in the Supplemental Photovoltaic Procurement Program. If unable to participate in the webinar, a recording will be made available afterwards.

DOER and MassCEC Launch New Mass Solar Loan Program

Posted January 5th, 2016 by SRECTrade.

Prior to the close of 2015, the Massachusetts Department of Energy Resources (DOER) and the Massachusetts Clean Energy Center (MassCEC) announced their launch of the Mass Solar Loan program. The program is intended to encourage solar development by offering low-interest loans to residents and property owners. Mass Solar Loan provides access to financing options for homeowners and renters with moderate incomes or low credit scores. The DOER will provide policy and program oversight of the program, and the MassCEC will serve as the program’s Central Administrator. The Mass Solar Loan program is funded by $30 million of alternative compliance payments (ACPs) from the state’s Renewable Energy Credit (REC and SREC) programs. The Mass Solar Loan Program Manual provides a comprehensive description of the program.

The program offers three primary financial incentives for Massachusetts residents to go solar. One of these incentives is a three percent reduction in the standard annual interest rate charged by participating lenders. This “Interest Rate Buy Down” is offered to all solar system owners, regardless of income. Another feature is the “Loan Loss Reserve”, which gives lenders additional motivation to work with system owners who have a low credit score. The third primary incentive is income-based loan support for consumers with annual household incomes at or below $80,240. Qualifying consumers can have the solar loan program pay a percentage of their loan principal upon project completion. Incentive rates are 30% of the loan value for annual household incomes below $66,866 and 20% of the loan value for household incomes between $66,866 and $80,240.

The MassCEC provides information pertinent to consumers and homeowners, solar installers, and banks and credit unions. This information details how all interested parties can apply for participation in the Mass Solar Loan program.