SB119, a bill amending the Delaware RPS, was signed into law by the Governor last week. This bill increases and extends the required minimum percentage of electricity coming from renewable sources, and will contribute to the growth and longevity of the SREC market in Delaware. The new mandate is that 25% of electricity come from renewables by 2026, up from 20% by 2021 and will begin to have an impact on the market in June of 2011. The requirement for solar has also been increased, which will trigger an increased demand for SRECs. For example, the estimated SRECs needed by electicity suppliers to meet their 2011-2012 mandate has increased from 6,137 to 25,571. These changes represent great news for solar owners and installers, as are the other provisions of the bill.
1. The number of SRECs required will dramatically increase
2. The SACP which sets a ceiling price for SRECs will be raised to levels competitive with other states
3. The municipal utilities that have been exempt thus far will now be required to comply