The North Carolina Renewable Energy Tracking System (NC-RETS) designed by APX, Inc. launched earlier this week. This will be North Carolina’s online mechanism for the issuance and tracking of SRECs. Both solar photovoltaic and solar hot water projects are eligible to receive Solar Renewable Energy Certificates (SRECs) through NC-RETS, and North Carolina electricity producers will use this system to demonstrate their compliance with North Carolina’s Renewable Energy Portfolio Standard.
Registration of a solar project with NC-RETS requires the creation of a NC-RETS general account and prior registration of the project with the North Carolina Utilities Commission (NCUC). Projects under 1 MW will be able to self-report their energy production data into the NC-RETS system to receive SRECs, while larger projects will require a designated “Qualified Reporting Entity” with a separate NC-RETS account to upload generation data on their behalf. There are no fees associated with the creation of NC-RETS accounts, and the cost of operating the tracking system will be billed to NC electric power suppliers based on each one’s percentage of load in the state.
RECs are readily transferrable between NC-RETS accounts and will be “retired” in the accounts of NC electricity suppliers in order to demonstrate their portfolio compliance. NC-RETS also allows account holders to import SRECs from and export SRECs to tracking systems in other states. As of now, there is 2-way transferability with the North American Renewable Registry (NARR) tracking system. Transferability with PJM GATS is expected shortly and conversations are ongoing with WREGIS, ERCOT, and MRETS. There is a negligible $.01 fee per SREC exported but imports will be free.
Although there is a “bulletin board”, no financial agreements will take place on NC-RETs, and SRECTrade is accepting bids from both sellers and buyers in NC in anticipation of a North Carolina SREC auction. Our EasyREC program will streamline the process for solar power generators looking to receive and sell their SRECs efficiently in North Carolina. When a solar facility owner signs up with EasyREC, SRECTrade will quickly take care of registering the project with the NCUC and NC-RETS! As always, the solar facility owner retains ownership of all SRECs until they are sold at auction, at which point SRECTrade takes care of transferring the SRECs to the buyer through NC-RETS. Our EasyREC service also covers annual updates required for continued NCUC registration.