SRECTrade is excited to join Xpansiv to lead the transition to a low-carbon future. Now a wholly owned subsidiary of Xpansiv Ltd., SRECTrade, Inc. enables clients to access, manage, and monetize environmental commodities globally.
Together, the companies form a unique team that will leverage their combined capabilities and knowledge to lead the global transition to a clean-energy future. Read the acquisition announcement here.
TweetOverview
Next year, telecommunications providers will phase out their support of more than 22 million 3G communications devices—including the revenue-grade meters used for measuring and recording the production of solar energy systems. As a result, these meters will fall out of compliance for the minting of SRECs and receipt of quarterly payments to solar system owners.
To prevent this sunset from impacting you, SRECTrade has partnered with 365 Pronto to remove and dispose of old revenue-grade meters and replace them with new revenue-grade meters that follow the regulations and network communications needed for verified SREC payments to system owners.
While there is no fine or penalty for not having the meter swapped out, system owners who choose not to upgrade their meter(s) could soon stop receiving SREC payments, negatively impacting the expected return on investment from their solar installation(s).
If you have not yet been contacted by us, don’t worry, we’ll be in touch in the coming weeks as the program rolls out.
Pricing, Payment, and Rollout
System owners are responsible for the cost of this replacement equipment and related labor. SRECTrade is committed to helping our customers keep costs low, so we have negotiated preferred pricing with 365 Pronto, our technology and logistics partner. This pricing is conditional on the system owner registering for the replacement in a timely manner when the rollout has reached their geographical region.
The rollout with be conducted in phases and will begin in Massachusetts. If you register before Saturday, November 20, 2021, you’ll be eligible for a 20% in-market price discount on your meter and installation.
If you delay the registration—or do so outside the period within your region—we cannot guarantee the agreed-upon preferred price.
Massachusetts SREC Market
Current SREC market prices are around $300/MWh/SREC. For the average system size of 7 kW, this represents a potential loss of $2,100 per year in quarterly SREC credit payments for Massachusetts residents. For systems larger than the average, the loss is even greater.
Next Steps
If you are a Massachusetts resident and have been recently contacted by us regarding your SREC payments, the process begins by visiting a simple, step-by-step, online interface to register your system:
Replace Your Revenue-Grade Meter – Sign Up with 365 Pronto
Again, if you have not yet been contacted by us, don’t worry, we’ll be in touch in the coming weeks as the program rolls out.
We estimate that your meter will arrive 30-40 days after you purchase it. Once your 365 Pronto service provider has your meter in stock, they will reach out to you to schedule the installation. In many cases, the homeowner does not have to be present during the installation.
Frequently Asked Questions
*Disclaimer: Price is subject to i) sales tax on equipment and ii) change, based on availability and offering acceptance timing. We expect that your meter will arrive 30-40 days after you purchase it. Once your 365 Pronto service provider has your meter in stock, they will reach out to you to schedule the installation.
TweetEarlier today, SRECTrade hosted a webinar for New Jersey Successor Solar Incentive (SuSI) Program stakeholders. The webinar reviewed many important facets of the SuSI Program including pricing, the registration process, and market parameters as well as SRECTrade’s participation as a REC management and transaction service provider.
For access to the presentation slides, please click HERE. To view a recording of the webinar, please click the image below.
ALPHARETTA, GA and SAN FRANCISCO, CA, October 6, 2021 – Today Lazer Spot announced its partnership with SRECTrade to advise and manage the company’s environmental commodities as part of further accelerating Lazer Spot’s long-time drive to reduce vehicle emissions. As the leader in the spotting industry Lazer Spot has reduced emissions for years, operating 100% electric yard trucks since 2017. Informed by these early trials, Lazer Spot has accelerated the deployment of 100% electric yard trucks aided by SRECTrade’s work to optimize funding provided by environmental commodity programs like California’s Low Carbon Fuel Standard (LCFS).
Lazer Spot has led the reduction of vehicle emissions since 2015 with an Idle Reduction Initiative that improved the overall health of its fleet, saved on fuel and reduced emissions. The company now is ahead of the standard industry idle time by almost 30%, saving over 1.5 million gallons of fuel and eliminating over 32 million pounds of CO2 emissions. Two years into this initiative Lazer Spot began deploying its first all-electric yard trucks and is now more aggressively transitioning its fleet while successfully balancing the benefits against higher initial deployment costs.
SRECTrade’s ability to source renewably generated electricity to power electric trucks is a key part of Lazer Spot’s sustainability strategy. “We wanted a turnkey solution from a partner that could help educate, advise and operationalize these tough new regulatory programs,” said David Stringer, Vice President of Innovation at Lazer Spot. “We also recognized that with our scale, we must leverage every resource to make the tech more affordable, approachable and ultimately more sustainable for our customers and the communities in which we operate – the very same communities in which we live.”
Stringer noted that the transition to EVs has been cost effective and beneficial in many ways. The zero-emission vehicles have led to more efficient workdays, safer working conditions, and greater employee retention. Stringer reflects on Lazer Spot’s transition to renewable energy, saying, “there doesn’t have to be a compromise.” It’s a win for everyone: employees, customers, the environment…and the bottom-line.
SRECTrade advises on and manages Lazer Spot’s environmental commodity portfolio maximizing benefits from complex clean fuel and renewable energy programs – both financial and strategic – as the firm accelerates efforts to decarbonize across its network. Lazer Spot plans to deploy over 30 trucks by the end of 2021 with a goal to get to 100 trucks in 2022.
About Lazer Spot
Lazer Spot is the leading provider of yard management in North America, working at 400+ sites in the USA and Canada for leading manufacturers and retailers. Our task is to move trailers safely and reliably around the yards of our customers’ production plants and distribution centers or between those and outside trailer yards to ensure that each trailer arrives and leaves the correct dock door on a just in time basis. Our name is because we are Lazer focused on customer satisfaction, reliability and safety.
About SRECTrade, Inc.
SRECTrade provides trusted advice, management services, and technology to fund budgets and accelerate deployment of clean transportation and renewable energy assets managing credit generation, sale, and payment under complex regulatory programs. SRECTrade is the largest agent manager of EV assets for the California Low Carbon Fuel Standard (LCFS) and has earned an annual client retention greater than 99% with more than 54,000 unique assets under management and more than 175,000 clean energy assets managed on its technology platform. With presence across 14 regulated markets and 20 tradable products in North America, SRECTrade provides a single partner to accelerate adoption of clean energy and clean transportation equipment and minimizing the time, cost, and risk associated with environmental commodity programs.
The press release can also be found HERE.
TweetSRECTrade is presenting a webinar on the New Jersey Successor Solar Incentive (SuSI) Program on Thursday, October 7th at 2:00 PM EST. The webinar will review many important facets of the SuSI Program including pricing, the registration process, and market parameters as well as SRECTrade’s participation as a REC management and transaction service provider.
To register for the webinar, please click HERE.
Please note that a webinar recording will be made available on the SRECTrade Blog after the webinar.
TweetThe August 2021 Clean Fuels Market Update covers everything you need to know about clean fuel programs across North America. Highlights from our newsletter include:
Reach out to SRECTrade at cleanfuels@srectrade.com or (415) 763-7732 Ext. 4 to start generating revenue from your clean fuel assets.
TweetOn Wednesday, July 28th, the New Jersey Board of Public Utilities (BPU) unanimously approved the highly anticipated Successor Solar Incentive Program (“SuSI Program”). The SuSI Program will support the development of 3,750 megawatts (MW) of new solar generation by 2026, effectively doubling the state’s current solar capacity and driving solar to become approximately 10 percent of the state’s total electricity supply.
Importantly, the SuSI Program will take effect on August 28, 2021, and contains two sub-programs detailed below. Thus, the New Jersey Transition Incentive (TI) Program will close at midnight on Friday, August 27th. TREC applications will be accepted until that date and will be provided with a 5-business day window to correct minor deficiencies, if required, after their review.
Notably, net-metered residential projects will receive pricing only $1.20/megawatt-hour (MWh) less than their current effective TREC pricing of $91.20/MWh. The incentive value for public entities in each market segment is $20/MWh than their non-public counterparts. Public entities include school districts, municipalities, and public colleges and universities.
SRECTrade will continue to post significant updates on the transition between the current Transition Incentive program and the upcoming SuSI Program as they become available.
TweetOn June 1, 2021, Maryland Governor Larry Hogan allowed Senate Bill 65 (SB 65) to pass into law without his signature. SB 65 revises Maryland’s Renewable Portfolio Standard (RPS), decreasing the solar carve-out from 2022-2029 while increasing its solar alternative compliance payment (SACP) from 2023-2029. The new law still requires 50% of MD electricity sales from Tier I renewable energy resources with a 14.5% solar carve-out by 2030.
This adjustment to Maryland’s RPS should bring a more gradual increase to the solar carve-out requirement. Our enclosed analysis projects the 2021 market and forward years to be undersupplied – we expect the degree of undersupply to increase in years 2022 and 2023 and show a moderate decrease in year 2024. The forecasted degree of undersupply seen in years 2022-2024 has seen a substantial decrease from our previous analysis due to the recent reductions in RPS. While we project that the new changes to Maryland’s RPS will decrease the degree of undersupply seen in forward years, build rates still must show a substantial increase in order to keep up with the new RPS schedule.
Current MD SREC pricing has been consistent over the last few months with 2021 SRECs pricing around $77.50, 97% of the ACP and 2022 SRECs pricing around $57.00, 95% of the ACP.
Final 2021 MD SREC production, final 2021 MD load figures, and actual grandfathered load could impact the degree of undersupply seen in 2021 and forward years.
SRECTrade’s Virginia application is currently live on our website. As previously mentioned, the Virginia Clean Economy Act compels Dominion to procure 1% of their RPS compliance from in-state distributed solar resources smaller than 1 MW. This equates to approximately 90 MW in 2021. Dominion filed an RFP this year to meet their obligations.
While there is still uncertainty regarding spot trades in the Virginia market, SRECTrade is continuing to monitor the market and will monetize RECs through all available channels. Beginning in Q3 2021, SRECTrade will be offering 2-year and 5-year forward contracts for systems under 1 MW located in the state of Virginia.
For more information regarding contract opportunities please reach out to installers@srectrade.com.
TweetOn Tuesday, June 1st, Maryland’s updated Renewable Portfolio Standard (RPS) took effect after Governor Larry Hogan allowed Senate Bill 65 (SB 65) to pass into law without signature. The new law still mandates that Maryland source 50% of its electricity sales from Tier I renewable energy sources by 2030, with a 14.5% solar carve-out. Notably, the law decreases Maryland’s solar carve-out from 2022-2029 and increases its solar alternative compliance payment (SACP) rate from 2023-2029. The bill originally cleared the Maryland legislature on April 12th by significant majorities.
The new law also removes black liquor, a paper mill byproduct, from the list of eligible Tier I REC resources.
SRECTrade plans to publish an analysis on the impacts that this law could have on Maryland’s SREC market in the coming weeks.
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