In 2011, the Delaware legislature amended the solar portion of the state Renewable Portfolio Standard (RPS) to switch the burden of acquiring SRECs away from the power providers to the electric distribution companies in Delaware. This amendment drastically reduced the number of buyer participants, effectively making Delmarva Power, the largest electric distribution utility in Delaware, the de-facto long term buyer for the majority of the DE SREC requirement. In response, Delmarva Power proposed the implementation of an SREC procurement program, called SRECDelaware, that provides 20 year contracts to SREC sellers on a competive basis. A pilot version of the program was run in the spring of 2012 and a revised solicitation was run again in the spring of 2013. Delmarva plans to run at least one solicitation each spring in order to fulfill its long-term SREC needs. Facilities that qualify as having been built with either Delaware labor or Delaware manufactured parts may be granted an SREC bonus of 10% for each qualification. For example, a facility that qualifies as having been built with Delaware labor may be granted the equivalent of 10% SREC bonus for every SREC produced. A facility that is certified as having been built with both DE parts and labor is qualified for a 20% bonus for every SREC produced, etc.
Markets for DE systems
Eligible System Locations
The Solar Alternative Compliance Payment (SACP) is the penalty price, that power providers must pay per SREC if they are unable to file the required number of SRECs at the end of the compliance period. The DE SACP is set at $400 per SREC.
3 years - SRECs generated in energy year 2013 may used for energy year 2013, 2014 or 2015 compliance.
Reaching 3.5% of total electricity generated in the June 2025- May 2026 energy year
Meter readings must be reported from a revenue grade meter in order to participate in the SRECDelaware program
Upon date of final SREC certification approval.
The breakdown of the state SREC market requirements as currently set by state legislation.
|Energy Year||Estimated Capacity (MW)||Estimated SRECs Required (MWh)||SACP|
Source: EIA Report "Retail Sales of Electricity by State by Provider" updated 10/1/12. Projected SRECs Required utilizes the most recent EIA electricity data applying an average 1.5% growth rate per forecast year. RPS Solar Requirement is multiplied by forecast total electricity sales to arrive at Projected SRECs Required. Projected Capacity Required is based on a factor of 1,200 MWh generated per MW of installed capacity per year. Projected Capacity Required assumes the amount of capacity needed to be operational all year to meet that year's RPS requirements with only current vintage SRECs.
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