City of Porterville, CA Accelerates Adoption of Zero-Emission Vehicles with Revenue from LCFS Credits Managed
and Monetized by SRECTrade
Rapidly Advancing Porterville’s Top Priority – Improved Air Quality
PORTERVILLE, CA, April 7, 2021 – The City of Porterville and SRECTrade today announced key milestones and plans to continue reducing carbon emissions and improving air quality for area residents. Porterville is rapidly electrifying its fleet and getting paid to do so by SRECTrade via the California Low Carbon Fuel Standard (LCFS) program. In a region battling air pollution, the municipality has taken bold steps to deploy zero- and near zero-emissions fleet equipment by deploying Compressed Natural Gas (CNG) buses and electric buses, as well as light-duty charging stations that generated more than $65,000 of LCFS credits in 2020, and with higher post-COVID use could generate more than $100,000 in 2021.
As a visionary and early adopter of alternative fuels among municipalities, Porterville, located in the San Joaquin Valley, deployed its first CNG bus in 2010 and first electric bus in 2018. Porterville’s fleet today consists of 10 battery-electric buses, 12 battery-electric vans, 10 200kW DC Fast Chargers and six Level-2 public charging stations, with 14 additional DCFC stations under construction, that reduce total cost of ownership and enable quicker adoption, while also creating a healthier future for the community. By 2024 Porterville plans to convert its entire fleet to electric and provide more public-access charging infrastructure for residents.
“The key was taking those first steps – it was hard work, but more doable than anyone thought,” said Transit Manager Richard Tree. “A wealth of resources existed to help us move forward. Getting started quickly showed what was possible technologically and financially. We learned, adjusted, and kept moving forward.” Tree emphasized the advantage of engaging resource partners with the knowledge and capabilities required to help address the challenges encountered when planning, funding, deploying, and managing zero-emission transportation equipment and infrastructure.
These cleaner vehicles also save money. Electric fuel and maintenance costs have been reduced by about 80% and 75%, respectively. Grant and incentive programs such as the California LCFS program supported the city’s initial deployment while also providing an ongoing revenue stream and offsetting electricity costs. In the past year alone, the City of Porterville generated an average of $0.21/kWh from its electric fleet.
“The City of Porterville has demonstrated committed leadership in its drive to reduce carbon emissions. We’ve been happy to play our role on this very driven team,” noted Mike Saxton, SRECTrade Managing Director. “SRECTrade plugged in to manage and monetize LCFS credits generated by Porterville’s eligible equipment. The higher dollars we pay organizations directly support our mission to help fund continued deployment of zero-emission equipment.”
Porterville has set its sights on even bolder clean energy goals, exploring solar generation, energy storage, renewable electric vehicle chargers, and electric vehicle and charger programs that would help its residents make the switch to electric vehicles. SRECTrade will continue supporting the municipality through its expertise in environmental commodities and transparent reporting of the value being generated.
About City of Porterville
Porterville is a city in the San Joaquin Valley, in Tulare County, California. It is part of the Visalia-Porterville metropolitan area. Located between Fresno to the north and Bakersfield to the south, Porterville serves as a gateway to Sequoia National Forest, Giant Sequoia National Monument, and Kings Canyon National Park. The city has a population of nearly 60,000.
About SRECTrade, Inc.
SRECTrade provides trusted advice, management, and technology to maximize financial and environmental benefits of environmental commodities for the owners of clean transportation and renewable energy assets. We manage all credit generation and sale to get companies paid in compliance with complex regulatory programs. SRECTrade is the largest agent manager of EV assets for the California Low Carbon Fuel Standard (LCFS) and has earned an annual client retention greater than 99% with more than 54,000 unique assets under management and more than 150,000 clean energy assets utilizing its proprietary technology platform. With presence across 10 regulated markets and 20 tradable products in North America, SRECTrade helps accelerate the adoption of clean energy and clean transportation equipment by minimizing the time, cost, and risk associated with realizing program benefits.
The press release can also be found HERE.