In 2011, the Delaware legislature amended the solar portion of the state Renewable Portfolio Standard (RPS) to switch the burden of acquiring SRECs away from the state power providers to the electric distribution companies. This amendment drastically reduced the number of buyer-participants, effectively making Delmarva Power, the largest electric distribution utility in Delaware, the de-facto long-term buyer for the majority of the DE SREC requirement. In response, Delmarva Power proposed the implementation of an SREC procurement program, called SRECDelaware, which provides 20-year contracts to SREC sellers on a competitive basis. A pilot version of the program was conducted in the spring of 2012, and a revised solicitation was conducted in the spring of 2013. Delmarva plans to host at least one solicitation each spring in order to fulfill its long-term SREC needs. More information about the Procurement can be found on the SRECDelaware site.
Markets for DE Systems
Eligible System Locations
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 DE SACP is set at $400 per SREC, but increases to $450 per MWh if the electricity supplier has opted for the ACP in any previous year, and then increases to $500 for subsequent years. The Delaware Energy Office has the authority to review and adjust the ACP and SACP given certain market conditions. Even so, the DE SREC spot market is limited due to the Procurement Program.
DE SRECs have a useful life of 3 years (i.e., SRECs generated in energy year 2016 may be used for energy year 2016, 2017, or 2018 compliance). This 3-year life is “tolled”, or suspended, during any period in which a REC is held by the Delaware Sustainable Energy Utility (SEU).
Reaching 3.5% of total electricity generated in the June 2025 - May 2026 energy year
Systems must submit meter readings from a revenue grade meter in order to participate in the SRECDelaware program.
The Delaware PSC bases a system’s eligibility start date on the date of final SREC certification approval.
DE SREC market requirements as currently set by state legislation:
|Energy Year||% Solar Requirement||Estimated SRECs Required (MWh)||SACP|
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