Energize Delaware’s 2023 Solar Renewable Energy Credit (SREC) Procurement Program will be open for bids until Sept. 29 at 5 p.m.
This is the only time in 2023 that the program will accept applications from new solar installations or those with previously unsuccessful bids.
The SREC Delaware Procurement Program allows solar owners to receive payment for the credits generated by their system. The program is open to qualifying solar owners throughout Delaware. Customers are not eligible to participate in the Delaware Program if they already have a long-term contract to sell or transfer their SRECs. Existing SREC Delaware participants and customers who have transferred their SRECs under the Green Grant Delaware Program are not eligible to participate in the 2023 Procurement.
In Delaware, the Renewable Portfolio Standard requires the Public Service Commission-regulated electric utilities to secure a portion of their electricity from solar energy.
The market determines the value of SRECs and is subject to supply and demand. Each procurement has different tiers for different types of systems. Procurements are bid-based and competitive, with the lowest bids accepted in each tier.
Energize Delaware operates the program by running at least one auction each year. The procurement auction is open for bid for two weeks. After that, bids are sorted by price, with the lowest bid price accepted until each tier is full. The 2023 Procurement offers 25-year contracts. Successful applicants will be paid at their bid price for ten years and at $10/SREC for the remaining 15 years.
“Increasing in-state renewable generation is vital to meet our state goals. To this extent, we encourage all new solar installations and those with previously unsuccessful bids to participate in the auction process,” said Drew Slater, executive director of Energize Delaware.