We’ve got great news to share— the SREC market in Virginia is finally open. We know many of you have been waiting to hear this, and we are so pleased to be able to make this announcement. You don’t have to do anything to participate; we will get you set up and you will soon be earning and selling SRECs in the Virginia market. Woohoo!
VA SREC Background
If you haven’t been following this topic, here’s a quick primer. Solar Renewable Energy Credits (SRECs) are now available in Virginia as a result of the Virginia Clean Economy Act, which was passed in July 2019. The VCEA created an SREC market for Virginia by setting standards for our largest utilities to provide a certain amount of renewable energy every year or pay a fine. Purchasing SRECs from solar customers is a way for the utility to meet that requirement. You can learn more about the VCEA and the process leading up to the opening of the VA market here.
VA SREC Basics
SRECs are earned every time you generate 1,000 kWh of solar energy. A general rule of thumb is that a 10kW system would generate roughly 12 SRECs per year.
Prices for SRECs fluctuate like commodities. Once you’re registered with an SREC broker, they will sell your SRECs for you at whatever the current selling price is, and you will receive payment within 15 business days.
How Do I Register?
We will be registering all of our Virginia Dominion customers and setting you up with an SREC broker. This requires no action on your part except to sign a form, which we will send you.
After you’re registered, your system will begin generating SRECs within about two months. Virginia SRECs are valued right now at about $60, but the market is predicted to fluctuate so we think you can reliably plan for a price anywhere between $30-$60.
The best news is that your Virginia SREC eligibility begins at either your interconnection approval date or the 1st of the year in which your complete SREC application is filed, whichever occurred later. So if your project was completed this year, you will receive SRECs dating back to the day the utility granted you PTO. If your project was completed last year, you will receive credit dating back to January 1, 2021.
What if I’m a New Customer?
Going forward, we will register all of our new Virginia customers with a broker as soon as they receive permission to operate from the utility at the completion of their project. We’ll do all the paperwork for you, and require just your signature to get you started earning cash for your SRECs.
Questions? Talk to Us!
If you have questions, please don’t hesitate to reach out to our SREC experts at srec@ipsunsolar.com. Or, you can call the Sun Crew any time at 703-249-6594. We’re looking forward to getting you registered for VA SRECs!
