Archive for the ‘SREC Markets’ Category

Adjustable Block Program – SRECTrade No Longer Filing Extensions for Interconnection Deadlines

Posted October 17th, 2023 by SRECTrade.

Due to SRECTrade’s retirement as an Approved Vendor in the Illinois Adjustable Block Program on August 10th, 2022 (see this blog post for more information), extensions will no longer be filed for projects who have not met their interconnection deadlines.

Adjustable Block Program (ABP) projects are awarded a contract after their Part I approval. The project then has 12 or 18 months to provide energization documents and be submitted for Part II approval. In the past, SRECTrade has filed extensions on behalf of projects that required more time. Beginning in November, 2023, any projects that have not been Part II submitted by their deadline will be canceled with SRECTrade. This will result in the forfeit of the application and collateral fees (that are non-refundable once awarded a contract), and will require the project to be resubmitted through a different approved vendor to participate in the ABP program.

SRECTrade will continue to provide services for all applications that are Part II submitted prior to their energization deadline. To help ensure your application is not canceled, please submit any outstanding documents 6 weeks prior to your deadline.

SRECTrade looks forward to continuing service of its Designees and existing clients during the remainder of their participation in the ABP.

An Update about 3G Meter Replacements in New England

Posted April 6th, 2023 by SRECTrade.

Throughout 2022, the three major US cell phone carriers began to retire their 3G radio bands. Many sites in the SRECTrade aggregate utilized a 3G connection to report monthly kWh production data and were unable to auto-report. 

SRECTrade collaborated with Enphase Energy’s 365 Pronto Platform to provide our clients with a solution to replace their existing 3G meter with a new meter, allowing them to auto-report once again. Clients were able to purchase new meters through the 365 Pronto Platform from Fall 2021 through November 9, 2022. As of February 15, 2023, a majority of affected sites have had their meters replaced and have resumed reporting to the Massachusetts Clean Energy Center’s Production Tracking System (MA PTS). 

Moving forward, clients need to ensure their site continues to report by monitoring their MA PTS accounts and checking for email communications from SRECTrade regarding their site’s data connection to MA PTS. Any inquiries regarding system performance/diagnostics need to be addressed by your system installer or another installer familiar with the on-site equipment (MA PTS installers). 

FAQs:

  • My site resumed reporting but not all production was captured while I was offline. What happens now?
    • A: Unfortunately, it is possible that your system’s production will not be recovered before your new meter installation is reflected in your SRECTrade account. Unless there was another issue present with your system during mid-late 2022,  you will only receive SRECs for your production that was reported successfully after your meter swap was completed.
  • Why has my meter swap not been completed after purchasing a meter and installation service through the 365 Pronto Platform?
    • A: The 365 Pronto Platform team has confirmed that multiple sites still have ongoing installs. 
  • I was cc’d on an email to PTS regarding the meter swap. Why was I included?
    • A: SRECTrade has been sending meter swap notifications to MA PTS to have sites that had a recent swap be able to capture any data from between the old meter going offline and the new meter going online on the day of the swap. MA PTS prefers to have site owners included in email communications regarding their on-site meter. 
  • I purchased a new meter and installation service through the 365 Pronto Platform, but my site has still not resumed reporting to MA PTS. What are the next steps?
    • A: If you have completed a meter swap but noticed no production reflected in MA PTS or have not been included on a meter swap email, then your meter or system is likely offline and needs troubleshooting. We recommend you check with your system’s original installer or check the list of approved installers from MA PTS to troubleshoot your system and have it resume production to MA PTS.  
  • My utility bill is larger than expected. What do you recommend?
    • A: Most of the systems that completed a meter swap were installed 5-10 years ago. A majority of systems are built on historical usage from past utility bills and now in 2023, your energy needs may have changed. We recommend you check with your system installer to be sure your existing system still fits your energy needs. 
  • Still have questions?

New Policy for Adjustable Block Program (ABP) Change of Ownership Process 

Posted April 4th, 2023 by SRECTrade.

SRECTrade has changed our policy regarding the distribution of IL ABP Change of Ownership paperwork. Effective immediately, SRECTrade will be the sole distributor of all IL ABP Change of Ownership paperwork (excluding the Voided Check, Settlement Statements, Divorce Decrees, Death Certificates, and/or Deeds) to clients via RightSignature.

As a result, Designees and other third parties are no longer permitted to distribute IL ABP Change of Ownership paperwork to clients. If you are notified of a home sale, please notify us so we can provide the paperwork to the respective parties once we have all necessary contact information from the buyer.     

By implementing this change, we aim to reduce the confusion around the IL ABP Change of Ownership process and ensure clients have the correct paperwork. As you may be aware, GATS periodically releases new IL ABP Change of Ownership forms, and it is crucial that clients receive the most up-to-date paperwork. 

We appreciate your cooperation in adhering to this new policy. If you have any questions or concerns, please do not hesitate to contact us.

District of Columbia Passes B24-0950 – Local Solar Expansion Amendment Act of 2022

Posted March 23rd, 2023 by SRECTrade.

On March 10, 2023 B24-0950, which was codified as Law Number L24-0314, went into effect. The Solar Renewable Energy Portfolio Standard (RPS) target increased from 10% to 15% by 2041. The Alternative Compliance Payment (ACP) schedule was also adjusted. 

The DC SREC market has experienced unstable conditions due to oversupply and lack of liquidity over the last two years. The RPS increase and the more gradual step-down of the ACP will address these issues and lead to a more stable market. These changes will provide more price stability within the SREC market and increase investor confidence. Current market prices and requirements can be found on our website

SRECTrade was proud to work with solar companies and other stakeholders in support of this bill. Monitoring market conditions and supporting legislation that benefits our clients and partners is one of our highest priorities. 

B24-0950 – Local Solar Expansion Amendment Act of 2022

Posted January 30th, 2023 by SRECTrade.

The Local Solar Expansion Amendment Act of 2022 was introduced on July 14, 2022. This bill will increase the Solar Renewable Portfolio Standard (RPS) target from 10.00% to 15.00% by 2041. It will also adjust the current Alternative Compliance Payment (ACP) schedule. Below is the proposed schedule:

 Current RPS RequirementProposed RPS RequirementCurrent ACPProposed ACP
20232.85%3.00%$500$500
20243.15%3.65%$400$480
20253.45%4.30%$400$460
20263.75%5.00%$400$440
20274.10%5.65%$400$420
20284.50%6.30%$400$400
20294.75%7.00%$300$380
20305.00%7.65%$300$360
20315.25%8.30%$300$340
20325.50%9.00%$300$320
20336.00%9.65%$300$300
20346.50%10.30%$300$300
20357.00%11.00%$300$300
20367.50%11.65%$300$300
20378.00%12.30%$300$300
20388.50%13.00%$300$300
20399.00%13.65%$300$300
20409.50%14.30%$300$300
204110.00%15.00%$300$300

This bill passed two council votes in December and was approved during the mayoral review period. The Congressional review period is the final step and is expected to complete in the next 2 months.

The DC SREC market has experienced oversupplied market conditions, which have resulted in a lack of liquidity and lower SREC prices. Increasing the RPS will help with this oversupply issue. Additionally,  a more gradual decrease to the ACP schedule will support higher SREC prices. The passage of this bill would put DC in the position of having the most highly valued SREC compliance market in the United States. 

Adjustable Block Program – Reopening of SRECTrade’s Part II Application

Posted January 25th, 2023 by SRECTrade.

On June 15, 2022, SRECTrade temporarily shut down its own Adjustable Block Program (ABP) application as a result of the ABP closing its application. 

On August 10, 2022, SRECTrade announced that it would be retiring as an Approved Vendor in the ABP. As previously stated, SRECTrade will continue to provide services for applications that were successfully submitted to SRECTrade’s portal before the June 15, 2022 closure. This includes applications that were originally submitted to SRECTrade as non-energized. 

On Thursday, January 26, 2023, at 10 AM CT, SRECTrade will enable Part II of its application for existing customers to allow the submission of Part II/energization information and documentation.

The SRECTrade ABP application has been updated to reflect the changes made to the Part II ABP application by the Program Administrator. These changes include the following: 

  • Requirement of the “Construction activities completion date” – date of which construction for the project was completed. 
  • “Proof of Construction Completion Date” document upload – required for non-residential projects with a “Construction activities completion date” on or before September 15, 2021, but a “Utility interconnection date” after September 15, 2021. The Prevailing Wage Act defines ‘construction’ to include maintenance, repair, assembly, or disassembly work performed on equipment. 
  •  “Proof of Revenue Grade Metering” document upload – required if “Revenue Grade” is selected for “Meter accuracy”. All projects > 10 kW AC are required to utilize a Revenue Grade Meter. 
  • “Unavailability of Net Metering Credits” document upload – required if “This facility is not enrolled in Net Metering” is selected. 
  • Addition of “Employee Declines to Identify” fields for Hours worked by Race and Hours worked by Ethnicity in the Demographic Data portion. 

Application review times will be influenced by the number of Part II applications submitted. SRECTrade anticipates a large influx of applications and we appreciate your patience.

Adjustable Block Program – SRECTrade no longer serving as an Approved Vendor

Posted August 10th, 2022 by SRECTrade.

After careful consideration SRECTrade has made the decision to no longer provide Approved Vendor services for new Adjustable Block Program (ABP) eligible projects. This decision was made due to the increasing complexity and cost of servicing new assets under the ABP.

SRECTrade will continue to provide services for applications that were successfully submitted to SRECTrade’s portal before the June 15, 2022 closure. This includes applications that were originally submitted to SRECTrade as non-energized. Understanding that these non-energized applications require the energization information and documentation, SRECTrade will enable Part II of its application for existing customers to allow the submission of these materials. SRECTrade will announce this reopening date once all final changes to the application process have been announced by the IPA and new program administrator. 

SRECTrade remains committed to servicing all existing ABP customers throughout the duration of their 15 year REC contract. Most importantly SRECTrade will continue to make payments to projects scheduled to receive first time or quarterly payments and to work with customers to ensure their systems are meeting their contracted REC obligations.

SRECTrade would like to thank you for your patience and understanding during this transition. SRECTrade looks forward to serving its Designees and existing clients during the remainder of their participation in the ABP.

SRECTrade Passes 1 GW of Clean Energy Assets under Management

Posted August 4th, 2022 by SRECTrade.

On Tuesday, August 2nd, SRECTrade announced that it has surpassed 1 gigawatt (GW) of assets under management.

“This scale demonstrates SRECTrade is the preeminent provider in ensuring clients earn a return on their renewable energy investments,” said SRECTrade Managing Director Janet Mihalyfi. “The gigawatt spans more than 65,000 assets and facilities, including solar, wind, and thermal energy projects. To put this in perspective, 1 GW is equivalent to the electricity usage of approximately 170,000 homes per year.”

SRECTrade is the leading management and transaction platform for Solar Renewable Energy Certificates (RECs) and clean transportation markets across North America. In California’s Low Carbon Fuel Standard (LCFS) program, SRECTrade is the largest independent manager of electric vehicle charging station carbon credits.

“Our expertise enables clients across a variety of complex markets and allows clean transportation, renewable energy, and other low carbon initiatives to be invested in with confidence,” said SRECTrade Managing Director Mike Saxton. “Reaching a carbon free future is possible with SRECTrade.”

“This achievement demonstrates SRECTrade’s leading capabilities across a variety of environmental commodity markets,” said Xpansiv CEO Joe Madden. “It is an integral part of our burgeoning environmental infrastructure.”

SRECTrade’s customers include competitive electricity and fuel suppliers, utilities, clean transportation fleet operators, renewable energy developers and installers, and commercial, industrial, and residential asset owners.

Adjustable Block Program – Temporary Closure of SRECTrade Application

Posted May 23rd, 2022 by SRECTrade.

On May 16, 2022, the Illinois Power Agency (IPA) announced that subject to available capacity, currently open Small and Large Distributed Generation blocks will remain open until July 1, 2022. The Adjustable Block Program will then pause its acceptance of applications. 

The Program Administrators will start accepting Part I applications on September 1st, and Part II applications by November 1st. Please note that the Part II application may reopen sooner than November if feasible. 

You can find more information on the IPA’s decision here. Most notably, the Long-Term Plan is expected to be approved on July 14, 2022, and all applications submitted to the Program on or after September 1, 2022 will be subject to new or revised Program requirements outlined in the Long-Term Plan. 

As a result of the Adjustable Block Program closing its application, SRECTrade has made the decision to temporarily shut down its own application on June 15, 2022, at 5 PM CT. SRECTrade cannot guarantee submission of applications to Part I or Part II prior to the Program’s July 1st close. 

The closure of SRECTrade’s application will allow for SRECTrade to properly incorporate any required changes that arise with the passage of the Long-Term Plan. SRECTrade will announce the reopening date of its application once the changes have been confirmed and updates have been implemented. 

SRECTrade believes that the closure of its application is the most efficient path to application submissions. The temporary closure will mitigate the need to retroactively collect information for applications that is not currently required but will become required after the passage of the Long-Term Plan. 

Adjustable Block Program – Group A Large Distributed Generation (DG) Block 5 Closed

Posted March 30th, 2022 by SRECTrade.

Group A Large DG Block 5 closed on March 29, 2022 at 11:59 PM CT. Any Group A Large DG applications that were Part I submitted and batched prior to the closure were placed in Block 5. 

Group A Large DG applications Part I submitted and batched will now be added to the waitlist. Applications can be selected off of the waitlist as other applications withdraw and open capacity.

The addition of future blocks is dependent on the passage of the 2022 Long-Term Renewable Resources Procurement Plan.