Maryland

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A proactive state legislature and aggressive SREC requirements kept this market relatively stable between its inception in 2008 and early 2015. However, beginning in 2015, the Maryland SREC market started to become oversupplied due to a substantial amount of solar capacity being installed in the state. In early 2017, the Maryland General Assembly overrode Governor Hogan’s veto of the 2016 Clean Energy Jobs Bill, which provides for a slight increase in the state RPS beginning in 2017. As renewable energy goals are reevaluated by the state in the years to come, we hope that Maryland will continue to support the solar industry and its SREC market in light of the program’s success. Subscribe to our blog for the most up-to-date information on Maryland’s SREC market and RPS policy.

Only Maryland-sited facilities may register for the Maryland SREC program. Certain Maryland-sited solar water heating systems are also eligible to produce SRECs.

Markets for MD Systems

MD and PA

Tracking Registry

GATS

Energy Year

Jan - Dec

Eligible System Locations

MD

Market Prices

Latest Bid Price:

Solar Requirement

Reaching 2.50% of total electricity generated in 2020.

Meter Readings

Facilities less than 10 kW DC capacity are eligible to produce SRECs from estimated generation based on PV Watts estimates. All other facilities must report monthly readings.

Eligibility Start Date

A system’s eligibility start date is based on the system’s date of interconnection or the beginning of the current calendar year (whichever happened second at the time of application submission). For example, a system interconnected in November 2015 that did not submit its application until February 2016 would only receive credit from January 2016 onward.

SACP

The Solar Alternative Compliance Payment (SACP) is the penalty price that electricity suppliers must pay per SREC if they fail to file the required number of SRECs by the end of each compliance period. The MD SACP is set at $400 per SREC through 2014 and declining thereafter, as shown below.

SREC Useful Life

The useful life of an MD SREC is 3 years (i.e., a 2016 SREC can be counted towards the 2016, 2017, or 2018 compliance periods).

Market Requirements

MD SREC market requirements as currently set by state legislation:

Energy Year % Solar Requirement Estimated SRECs Required (MWh) SACP
2009 0.010% 6,259 $400
2010 0.025% 16,334 $400
2011 0.050% 31,800 $400
2012 0.100% 61,814 $400
2013 0.250% 154,749 $400
2014 0.350% 218,815 $400
2015 0.500% 315,718 $350
2016 0.700% 446,426 $350
2017 1.150% 709,364 $195
2018 1.500% 925,258 $175
2019 1.950% 1,202,835 $150
2020 2.500% 1,542,097 $125
2021 2.500% 1,542,097 $100
2022 2.500% 1,542,097 $75
2023 2.500% 1,542,097 $60
2024 2.500% 1,542,097 $50

Source: EIA Report "Retail Sales of Electricity by State by Sector by Provider (EIA-861)" updated 3/23/15. Projected SRECs Required utilizes the most recent EIA electricity data applying an average 01.0% growth rate per forecast year, reflective of flat load growth in recent years. 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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