Delaware – The 2023 Solar Renewable Energy Credit (SREC) Procurement Program by Energize Delaware commenced receiving bids from September 18 to September 29. This marks the exclusive opportunity in 2023 for new solar installations or those with prior unsuccessful bids to apply.
The SREC Delaware Procurement Program is designed to compensate solar system owners for the SRECs their systems generate. Solar owners with pre-existing long-term contracts for selling or transferring their SRECs were not eligible, nor were prior participants in the SREC Delaware program or customers who have transferred their SRECs under the Green Grant Delaware Program.
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Delaware's Renewable Portfolio Standard (RPS) mandates that electric utilities regulated by the Public Service Commission acquire a portion of their electricity from solar energy sources.
The value of SRECs is subject to market fluctuations, influenced by supply and demand. Each procurement includes various tiers for different system types. These procurements are competitive and rely on bidding, with the lowest bids being accepted within each tier.
Energize Delaware administers the SREC program, conducting at least one auction annually. The auction was open for bids for a two-week period. Subsequently, bids were organized by price, with the most cost-effective bids accepted to fill each tier. The 2023 Procurement offered 25-year contracts. Successful applicants receive payment at their bid price for a decade, followed by a fixed rate of $10 per SREC for the remaining 15 years.
Drew Slater, the Executive Director of Energize Delaware, stressed the importance of increasing in-state renewable energy generation to meet state objectives. Consequently, he encouraged all new solar installations and those with prior unsuccessful bids to participate in the auction process.