In Virginia and West Virginia, SREC markets do not currently exist. However SREC generators in these markets are able to sell out-of-state in other markets.
Virginia enacted a voluntary Renewable Portfolio Goal in 2007. Investor-owned utilities are encouraged to obtain a percentage of power sold in Virginia from renewable sources. There are various incentives for the utilities that participate, however, since solar is still more costly than other types of energy, it is unlikely in the short term that utilities in Virginia will be looking to buy SRECs. Meanwhile, in West Virginia there is no RPS program. States with stringent RPS standards still need SRECs, and your SRECs from Virginia or West Virginia can be sold into some of the other PJM states. In this year, SRECs have been fetching prices from $200-$250 in other markets, and this is forecasted to increase.
Getting Started in Virginia and West Virginia:
Talk to your installer to get your PV installation certified in states where it is eligible. Once you have these state certification numbers, we’ll be able to help you establish an account and manage your SRECs. We’ll cross-list your SRECs on our multi-state auction platform every month to make sure you get the best price for your SRECs. Alternatively, if you choose to manage your own SRECs, you would need to register with the appropriate state SREC agency. After that you can choose to sell your SRECs month-to-month on SRECTrade.com.