Archive for March, 2021

Virginia Market Update

Posted March 30th, 2021 by SRECTrade.

Last October, SRECTrade provided information regarding the passage of the Virginia Clean Economy Act (VCEA). This Act mandates a Renewable Portfolio Standard (RPS) for Dominion and Appalachian Power Company. This update will present information regarding the progress of the RPS implementation and current REC transaction options for Virginia-sited systems.

Since the Act’s passage, utilities and other solar stakeholders have participated in public proceedings held by the Virginia State Corporation Commission (SCC). The SCC is currently reviewing the information that was presented throughout the process and will provide RPS implementation details later this spring. The SCC will be providing guidance regarding REC procurement, eligibility requirements, and the solar facility certification process.

In the meantime, Virginia-sited systems are eligible to register in the Pennsylvania Tier I REC market. Upon registration in this market, solar facilities will be issued a Virginia Certification number as part of the PJM GATS registry approval process. It is likely that these VA-certified systems and RECs will be eligible when the Virginia REC market opens.

We encourage anyone with an eligible solar system located in Virginia to begin the registration process now. To start a Pennsylvania Tier I application, please log in to your SRECTrade account and select the link to “Apply to sell SRECs”. There is currently no application fee for Virginia-sited solar assets.

SRECTrade will monitor program updates and will trade Virginia-generated RECs when the market opens. Please contact SRECTrade with any questions.

SRECTrade Massachusetts Class I Application Updated and Open!

Posted March 11th, 2021 by SRECTrade.

March 24, 2021 EDIT: Removed the text, “There is no requirement in MA Class I for projects to utilize a revenue grade meter, regardless of size.” See the added “Minimum Meter Accuracy” table from Section 2.1 e) of the NEPOOL GIS Operating Rules below for revenue grade meter requirements.

SRECTrade’s MA Class I application is now fully updated and live on our website. This update includes streamlining our online application to only require fields that are necessary for obtaining MA Class I certification.
​​​​
To start an MA Class I application, please log in to your SRECTrade account and select the link to “Apply to sell SRECs”.

Below is more info about the MA Class I REC Market parameters:

  • Any solar PV project interconnected to the New England ISO is eligible to sell MA Class I RECs.
  • As of the time of this post, the current MA2020 Class I spot market price is approximately $40.00 (per MWh).
  • There are no REC factors in the MA Class I market as there were in MA SREC-II; one Class I REC is generated per 1 MWh of production.
  • Qualified MA Class I projects are not limited to 40 quarters of REC transactions like in the past MA SREC markets; they are eligible to transact in perpetuity.
  • All MA Class I projects are required to utilize an Independent Verifier for production reporting. If you have questions about whether your solar inverters/meters qualify, please view the approved NEPOOL Independent Verifiers List (current as of the time of this post).
  • SRECTrade’s MA Class I Market page will have more information added to it in the near future.
  • Metering requirements are as follows:
“Minimum Meter Accuracy” table in Section 2.1 e) of the NEPOOL GIS Operating Rules.

Regarding fixed-price contract opportunities, 5- and 10-year forward contract links will be emailed on a quarterly basis to interested parties. Please email installers@srectrade.com to indicate your interest in this mailing list.

As always, please contact SRECTrade with any questions and we look forward to working with you in the MA Class I market.