Last week, Xpansiv’s CBL spot exchange executed the first trade of credits issued under Maryland’s new Brighter Tomorrow Act. The legislation created a new class of premium -priced solar renewable energy certificates, which is intended to increase new solar energy project development.  

The new credits traded at $73.50 per SREC versus $52 for standard Renewable Energy Credits (RECs). That premium was in line with the 50% premium target set in the new program.

Xpansiv company SRECTrade, the largest independent technology platform for managing and selling solar and renewable energy credits in North America, was a counterparty to the first trade. SRECTrade worked with the Chesapeake Solar and Storage Association (Chessa) members on the Brighter Tomorrow Act legislation.

“We’re proud to support Maryland’s Brighter Tomorrow Act and its bold vision to accelerate clean energy across the state,” said Janet Mihalyfi, President, Managed Solutions, at Xpansiv. “Through efforts like this one, renewable energy will continue to scale, which is vital to achieve a timely global energy transition.”

Skyview Ventures was pleased to serve as the counterparty for the inaugural Maryland BT REC trade. Founded in 2008, Skyview was an original investor in SRECTrade and is an active participant in virtually all tradable US REC and carbon markets today.  They have been the first to purchase many newly listed Xpansiv products, including Virginia SRECs, LCFS Credits and Methane Performance Certificates.

About the Maryland Brighter Tomorrow Act

In 2024, Maryland Senate passed The Brighter Tomorrow Act. This legislation aimed to address lower than expected build rates in the state in hopes of increasing SREC market supply.

The supply shortfall was a turnaround for the market, which had previously been oversupplied.  From 2016 to early 2019 the Maryland SREC market was over-supplied, causing SREC prices to fall below $10. In 2019, the Maryland Clean Energy Jobs Act (CEJA) passed. This bill increased the Renewable Portfolio Standard (RPS) targets from 2.5% to 14.5% by 2028. It also altered the Solar Alternative Compliance Payment. (SACP) schedule. In mid 2019 the SREC prices jumped to over $65/REC and the market became undersupplied. There was hope that new targets and strong SREC prices would have a positive impact on build rates, but that has not occurred.

The Brighter Tomorrow Act was introduced and passed in an effort to jumpstart the market. The act creates a 1.5x price multiplier for systems that meet certification requirements, including a generating capacity of 5 MW or less, be placed in service between July 1, 2024 – January 1, 2028, and be located on a rooftop, parking canopy, or a brownfield site within Maryland. These SRECs have a compliance value of 150% for electric suppliers to apply towards meeting the RPS. .

The Maryland Public Service Commission (PSC) opened a portal in January 2025 to allow systems to apply for the multiplier. The new product – Brighter Tomorrow (BT) SRECs- began being issued by GATS on April 1, 2025. Market participants anticipate a spot trade value 1.5x the value of standard Maryland SRECs.