Archive for June, 2014

Mass. DOER Seeks Stakeholder Input on Residential Solar Loan Program Design

Posted June 27th, 2014 by SRECTrade.

The Massachusetts Department of Energy Resources (DOER) recently announced a plan to solicit stakeholder input regarding the implementation of a Residential Solar Loan Program.  The goal of this program is to provide homeowners with access to solar loans while providing new business opportunities for local lenders. This new program is anticipated to launch in the fall of 2014.

Feedback will be solicited during three public stakeholder meetings hosted by the DOER.  The time and locations of these meetings are as follows:

Eastern Massachusetts
Monday June 30th,  10am – 12pm, Conference Room C & D, Second Floor, 100 Cambridge Street, Boston, MA

Tuesday July 1st, 1pm – 3pm, Dining Commons, 1 College Drive, Greenfield Community College, Greenfield, MA

Central Massachusetts
Wednesday July 2nd, 10am – 12pm, Weiss Room, Massachusetts Technology Collaborative, 75 North Drive Westborough, MA

To RSVP for a meeting please email: ( )

A copy of the official announcement letter can be found here.

SRECTrade Markets Report: May 2014

Posted June 17th, 2014 by SRECTrade.

The following post is a monthly update outlining the megawatts of solar capacity certified to create SRECs in the Solar REC markets that SRECTrade serves. All PJM data is based on the information available in PJM GATS as of the date noted. All MA data is based on the information provided by the DOER as of the date noted. This analysis does not include projects that are not yet registered and certified with the entities noted herein.

A PDF copy of this table can be found here.

May 2014 GATS SREC Capacity Analysis copy

Overview of PJM Eligible Systems

As of June 6, 2014 there were 44,244 solar PV and 866 solar thermal systems registered and eligible to create SRECs in the PJM Generation Attribute Tracking System (GATS). Of these, 281 (no change since April) have a nameplate capacity of 1 megawatt or greater and account for 43.4% of the overall capacity registered. Thirty-two (32) of these projects have a nameplate capacity of 5 MW or greater. The three largest projects are a 29.1 MW project certified in MD and PA, followed by a 25.1 MW certified in NJ and a 20.0 MW project sited in Illinois and registered in the PA market. This is unchanged from last month.

NJ Office of Clean Energy Estimated Installed Capacity Through 5/31/14

On June 10, 2014, the New Jersey Office of Clean Energy (OCE) announced total installed solar capacity reached 1,298.1 MW; an increase of approximately 25.2 MW over the total capacity reported at the end of April. The average last six month build rate per month, according to the OCE data, is 21.2 MW. Note that this data does not directly tie to GATS registration data because of a lag between NJ Office of Clean Energy certifications and GATS registrations.

Overview of MA DOER SREC-I Eligible Systems

As of June 6, 2014, there were 11,791 MA DOER qualified solar projects; 11,652 operational and 139 not operational.* Total qualified capacity is 669.5 MW; 484.1 MW of which is operational (up 29.7 MW from the DOER’s previous report) and 185.4 MW of qualified capacity is not yet operational under the current SREC-I program.

*Note: not operational, qualified projects over 100 kW in size were required to demonstrate that at least 50% of the project’s costs be incurred by 12/31/2013 in order to remain qualified. Projects less than 100 kW must be interconnected by the effective date of the SREC-II program or June 30, 2014, whichever is earlier. Whereas projects greater 100 kW in capacity must have submitted application paperwork and met certain requirements by July 5, 2013. For more information refer to our blog posts covering the current SREC program.

How to Interpret This Table

The tables above demonstrate the capacity breakout by state. Note, that for all PJM GATS registered projects, each state includes all projects certified to sell into that state. State RPS programs that allow for systems sited in other states to participate have been broken up by systems sited in-state and out-of-state. Additional detail has been provided to demonstrate the total capacity of systems only certified for one specific state market versus being certified for multiple state markets. For example, PA includes projects only certified to sell into the PA SREC market, broken out by in-state and out-of-state systems, as well as projects that are also certified to sell into PA and Other State markets broken out by in state and out of state systems (i.e. OH, DC, MD, DE, NJ). PA Out-of-State includes systems sited in states with their own state SREC market (i.e. DE) as well as systems sited in states that have no SREC market (i.e. VA). Also, it is important to note that the Current Capacity represents the total megawatts eligible to produce and sell SRECs as of the noted date, while the Estimated Required Capacity – Current and Next Reporting Year represents the estimated number of MW that need to be online on average throughout the reporting period to meet the RPS requirement within each state with only that particular compliance period vintage. For example, New Jersey needed approximately 496.7 MW online for the entire 2013 reporting year to meet the RPS requirement with 2013 vintage SRECs only. SRECs still available from prior eligible periods can also impact the Solar RPS requirements. Additionally, the data presented above does not include projects that are in the pipeline or currently going through the registration process in each state program. This data represents specifically the projects that have been approved for the corresponding state SREC markets as of the dates noted.

Note: SREC requirements for markets without fixed SREC targets have been forecast based on EIA Report “Retail Sales of Electricity by State by Provider” updated 11/8/13. Projected SRECs required utilizes the most recent EIA electricity data applying an average 1.5% growth rate per forecast year. The state’s RPS Solar requirement is then multiplied by forecast total electricity sales to arrive at projected SRECs required. Projected capacity required is based on a factor of 1,200 MWh in PJM states and 1,130 MWh in MA, generated per MW of installed capacity per year.

Massachusetts Telecom Utilities and Energy (TUE) Committee reports adverse SREC legislation to Ways and Means Committee

Posted June 17th, 2014 by SRECTrade.

On Friday, June 13, 2013, the Massachusetts Telecom, Utilities and Energy (TUE) Committee voted to report H. 3901 / S. 2019 to the Joint Ways and Means Committee. The legislation could be put up for consideration by the Ways and Means Committee as early as Wednesday, June 18th. If adopted in to law, without amendments, the controversial bill would remove the existing net metering capacity limits  in exchange for the implementation of a utility administered declining block incentive program (in lieu of the current SREC program) and institute  a minimum surcharge for all ratepayers.  Facilities interconnected in areas operated by Municipal Light Districts would not have access to the new declining block program.

What does net metering have to do with SRECs?

SRECs and net metering are the key components of the performance based value that solar investors realize for installing solar facilities, but the relationship stops there. Net metering (credit for electricity delivered to the electric grid) is accounted for as a bill offset  that utility customers are credited for on their electric bill. SRECs are purchased by the competitive power suppliers that sell electricity to the electric distribution companies (note: regulated utilities may also purchase SRECs to cover the standard offer service load delivered by competitive power suppliers).

The fast moving H. 3901 / S. 2019 bills were first publicly announced June 11th, during a meeting facilitated by the Department of Energy Resources (DOER) in Boston. Born initially from a need to negotiate a means to raise the net metering caps in Massachusetts, H. 3901 / S. 2019 would remove the net metering caps in exchange for allowing a change in MA’s solar incentive, a reduction in net metering and virtual net metering values, and a minimum bill charge.

Filed Bill and 6/11/2014 Stakeholder Presentation

Filed bill – H.3901 / S.2019
Summary – H.3901 / S.2019
Meeting Presentation – June 11, 2014 Stakeholder Meeting


An advocacy group named the Massachusetts Stakeholders for Competitive Solar has been formed. The group advocates that while a resolution must be reached to raise the net metering caps, it is unreasonable to prematurely replace a successful incentive program that is a proven success (for another unproven incentive) without appropriate input from the greater Massachusetts solar stakeholder community. Here is a copy of the letter covering this position. If you share the views in this group, you can sign on and show your support for the position here.

Ohio SB 310 Signed into Law by Governor Kasich

Posted June 16th, 2014 by SRECTrade.

Friday, 6/13/2014,  Ohio Governor John Kasich signed Ohio SB 310, bringing about major changes for Ohio’s renewable energy economy. Most importantly, the bill will place a two year freeze on Ohio’s Renewable Portfolio Standard requirements and end Ohio’s in-state purchasing requirements for SRECs. Pro-business and pro-utilities interests insist that the original legislation set unrealistic goals and placed unnecessary economic strain on Ohio ratepayers, despite evidence that the costs were less than $5 annually per household.

Here are the details of how this bill will affect SREC producers in and around Ohio:

  • Ohio RPS requirement frozen at 2014 levels through 2016. The original RPS schedule will resume with a two year delay after the freeze. The adjusted schedules are detailed in the following table:

SB 310 Screenshot

  • Ohio’s Solar Alternative Compliance Payment (SACP) will be similarly frozen at 2014 levels through 2016. The SACP is currently set at $300, and after 2016 will begin to decline by $50 every two years to reach a minimum of $50 by 2026.
  • The 50% in-state purchasing requirement for SRECs has been eliminated. All of Ohio’s SRECs may now be purchased from adjacent states.

Because the freeze on the RPS and SACP requirements is set to this year’s levels, impacts of these changes will not be felt until the beginning of 2015. The end of the in-state purchasing requirement, however, is effective immediately.

Though presented as a bill to buy time for Ohio’s legislature to discuss a responsible path forward for their state’s renewable energy economy, SB 310 is a significant step in the wrong direction for Ohio’s renewable energy future.

MA DOER Solar Stakeholder Meeting Recap

Posted June 11th, 2014 by SRECTrade.

Today, the Massachusetts Department of Energy Resources (MA DOER) and representatives from the Solar Energy Industries Association (SEIA), New England Clean Energy Council (NECEC), and the Massachusetts regulated utilities presented their legislative proposal to address lifting solar net metering caps.

What This Legislation Covers

While the issue at hand is solar net metering, the bill also addresses several other areas, including the following:

  • Shifting the state’s successful, competitive Solar Renewable Energy Credit (SREC) incentive program to a declining block incentive program centrally administered by the MA regulated utilities (note SREC-I and SREC-II would be left in place as is. New capacity under SREC-II could be qualified through 2015);
  • Restructuring the rules associated with behind the meter, virtual meter, and non-net metered “merchant” projects; and
  • Implementing a minimum bill, regardless of electricity used, for all regulated utility customers.

Unknown Aspects To Be Determined

Under the current version of the legislation, pricing for the declining block incentive program has not yet been set. It is proposed that the, “declining block values will be established through a DOER stakeholder process and DPU adjudication and will consider differential economic needs of various market sectors”. Additionally, “the amount of the minimum bill will be set in a DPU proceeding”.

Moving Forward

At this point, the bill is subject to a legislative process. The state’s Joint Committee on Telecommunications, Utilities and Energy (TUE) is expected to move to refer a version of the legislation out of committee by Friday, June 13th. From there it is believed to be reviewed by the Joint Committee on Ways and Means. If this legislation were to move forward, it would then need to be moved to the floor of the senate or the house, passed, referred to the other side of the legislature and passed, and then signed into law by the Governor.

For access to the latest draft of the legislation click here. For a summary of the points as prepared by the MA DOER click here.

If you would like to influence the legislative process, we suggest you reach out to the TUE or Ways and Means committees and express your thoughts. Additionally, for a directory of MA legislators click here.

This process remains fluid with more information and updates forthcoming. We’ll continue to provide updates on our blog as they are available.

DOER Solar Stakeholder Meeting June 11th from 2-4pm at Federal Reserve Bank Boston

Posted June 10th, 2014 by SRECTrade.

Last Friday, the DOER released a joint-proposal made by regulated utilities in Massachusetts and a small group of solar industry stakeholders to lift the Massachusetts net metering caps in exchange for the end of the Massachusetts SREC program in 2015. The DOER will host an open stakeholder meeting to discuss the legislative proposal on Wednesday, June 11th from 2:00 – 4:00 pm ET at the Federal Reserve Bank in Boston (600 Atlantic Ave).

To attend Wednesday’s meeting you must RSVP by emailing with the subject “June 11th RSVP”. Government issued ID must be presented at entry.

Below are PDF links to both the draft legislation and the DOER’s own highlights of the legislation’s salient points.

Steven Eisenberg (CEO) and Alex Sheets (Director of Environmental Markets) will represent SRECTrade at the meeting.

June 2014 SREC Pricing Update and Auction Results

Posted June 4th, 2014 by SRECTrade.

As of June 3, 2014, below is a summary of indicative pricing across the SREC markets SRECTrade covers (for a PDF copy click here). For June 2014 auction results, scroll down.

2014_06_03_SRECTrade_SREC_Markets__for blog

Note: All pricing and notes included are indicative and subject to change. Please contact us for most current markets. If a market is not quoted herein, please contact us directly for further information. 

Additionally, SRECTrade’s June 2014 SREC Auction closed on 6/03/2014. The clearing prices presented below are representative of transactions executed through the SRECTrade auction. This does not include over the counter spot and forward contract transactions completed through SRECTrade’s brokerage desk. For more information on our brokerage services for corporate clients please click here.

Below are the clearing prices by vintage across the SRECs transacted in the auction.

Auction Prices SREC Vintage Year
State 2011 2012 2013 2014
Delaware $65.00 $65.00 $65.00 N/A
Maryland N/A $135.00 $135.00 $135.00
Massachusetts N/A N/A $270.01 N/A
New Jersey N/A $177.00 $177.00 $181.17
Ohio Sited N/A N/A N/A N/A
Ohio Adjacent N/A N/A N/A $45.00
Pennsylvania N/A $45.00 $45.00 $45.00
Washington, DC N/A $475.00 N/A $482.00

The next SRECTrade auction for the PJM and MA SREC markets will close on Tuesday, July 15th, at 5 p.m. ET.

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