A proactive state legislature and aggressive SREC requirements kept this market relatively stable between its inception in 2008 and early 2015. However, beginning in 2015, the Maryland SREC market started to become oversupplied due to a substantial amount of solar capacity being installed in the state. In early 2017, the Maryland General Assembly overrode Governor Hogan’s veto of the 2016 Clean Energy Jobs Bill, which provides for a slight increase in the state RPS beginning in 2017. As renewable energy goals are reevaluated by the state in the years to come, we hope that Maryland will continue to support the solar industry and its SREC market in light of the program’s success. Subscribe to our blog for the most up-to-date information on Maryland’s SREC market and RPS policy.
Only Maryland-sited facilities may register for the Maryland SREC program. Certain Maryland-sited solar water heating systems are also eligible to produce SRECs.
Markets for MD Systems
Eligible System Locations
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Reaching 2.50% of total electricity generated in 2020.
All systems are required to have a revenue grade meter and report monthly meter readings.
A system’s eligibility start date is based on the system’s date of interconnection or the beginning of the current calendar year (whichever happened second at the time of application submission). For example, a system interconnected in November 2015 that did not submit its application until February 2016 would only receive credit from January 2016 onward.
The Solar Alternative Compliance Payment (SACP) is the penalty price that electricity suppliers must pay per SREC if they fail to file the required number of SRECs by the end of each compliance period. The MD SACP is set at $400 per SREC through 2014 and declining thereafter, as shown below.
The useful life of an MD SREC is 3 years (i.e., a 2016 SREC can be counted towards the 2016, 2017, or 2018 compliance periods).
MD SREC market requirements as currently set by state legislation:
|Energy Year||% Solar Requirement||SACP|
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