We often are asked about Florida SRECs and have decided to keep a static update of the opportunities for Florida solar owners on our Florida SREC page. In addition, we will continue to update this blog as we learn more about the potential for selling SRECs in Florida. Here is what we know now:
No renewable portfolio standard currently exists in Florida, but there have been significant efforts to bring one into existence. In 2009, The Florida Public Services Commission sent a draft RPS plan to be considered by the Florida legislature. The RPS has been considered but never ratified in the two legislative sessions since the draft was submitted. New bills pertaining to renewables are expected to be submitted in the 2011 legislative session, or possibly sooner in a special session being called in September to address the economic and environmental impacts of the BP oil spill. Whether new submissions will include a Renewable Portfolio Standard draft is unknown.
However, Florida solar facilities are eligible to register with the state of North Carolina and can sell generated SRECs into the new North Carolina market. This would also require that the facility register and generate SRECs through either the NC-RETS or NARR tracking systems. North Carolina energy suppliers are allowed to meet 25% of their compliance requirements with SRECs from out-of-state generators. The prices on out-of-state SRECs are expected to be low as supply will flood the market pretty quickly, but this remains a possibility for Florida solar facilities and more importantly, perhaps, a sign of things to come in the southeastern states.
Although North Carolina offers some limited potential for solar owners in Florida, it is not a viable long-term solution for the industry. The Sunshine State needs to implement its own solar RPS and establish an in-state SREC market before it can really live up to its nickname! Perhaps the New York Solar Jobs Act could serve to be a blueprint for driving legislative change in the solar industry in Florida.