Energize Delaware’s 2024 Solar Renewable Energy Credit (SREC) Procurement Program will be open for bids from November 4, 2023, at 9:00 am ET to November 15, 2023, at 5:00 pm ET. This is the only time in 2024 that the program will accept applications from new solar installations or those with previously unsuccessful bids.

The SREC Delaware Procurement Program provides an opportunity for solar owners to receive payment for the SRECs generated by their system. The program is open to qualifying solar owners throughout Delaware. Customers are not eligible to participate in the SREC 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 2024 Procurement.

In Delaware, the Renewable Portfolio Standard (RPS) requires the Public Service Commission-regulated electric utilities to secure a portion of their electricity from solar energy.

The value of SREC’s is determined by the market and is subject to supply and demand. Each procurement has different tiers for different types of systems. Procurements are bid based and competitive where the lowest bids are accepted in each tier.

Energize Delaware administers the SREC program, holding at least one auction annually. The procurement auction remains open for two weeks, during which bids are submitted. After the bidding period, bids are ranked by price, and the lowest bids are accepted until each tier is filled. The 2024 Procurement includes 25-year contracts for the Alpha, Beta, and Gamma tiers, where successful applicants will receive their bid price for the first 10 years, followed by $10 per SREC for the remaining 15 years. Additionally, the 2024 Procurement introduces 5-year contracts in the new Delta tier, where successful applicants will be paid their bid price for the entire 5-year term.

“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.

For additional information visit www.SRECDelaware.com  If you have any questions about the 2023 Procurement, please reach out the SREC Delaware team at customerservice@srecdelaware.com or (302)-495-9999.

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