Create account Log in

Posts Tagged ‘Washington D.C.’

District of Columbia Passes B24-0950 – Local Solar Expansion Amendment Act of 2022

Posted March 23rd, 2023 by SRECTrade.

On March 10, 2023 B24-0950, which was codified as Law Number L24-0314, went into effect. The Solar Renewable Energy Portfolio Standard (RPS) target increased from 10% to 15% by 2041. The Alternative Compliance Payment (ACP) schedule was also adjusted. 

The DC SREC market has experienced unstable conditions due to oversupply and lack of liquidity over the last two years. The RPS increase and the more gradual step-down of the ACP will address these issues and lead to a more stable market. These changes will provide more price stability within the SREC market and increase investor confidence. Current market prices and requirements can be found on our website. 

SRECTrade was proud to work with solar companies and other stakeholders in support of this bill. Monitoring market conditions and supporting legislation that benefits our clients and partners is one of our highest priorities. 

Tags: ,
Posted in SREC Markets | Comments Off on District of Columbia Passes B24-0950 – Local Solar Expansion Amendment Act of 2022

B24-0950 – Local Solar Expansion Amendment Act of 2022

Posted January 30th, 2023 by SRECTrade.

The Local Solar Expansion Amendment Act of 2022 was introduced on July 14, 2022. This bill will increase the Solar Renewable Portfolio Standard (RPS) target from 10.00% to 15.00% by 2041. It will also adjust the current Alternative Compliance Payment (ACP) schedule. Below is the proposed schedule:

 Current RPS RequirementProposed RPS RequirementCurrent ACPProposed ACP
20232.85%3.00%$500$500
20243.15%3.65%$400$480
20253.45%4.30%$400$460
20263.75%5.00%$400$440
20274.10%5.65%$400$420
20284.50%6.30%$400$400
20294.75%7.00%$300$380
20305.00%7.65%$300$360
20315.25%8.30%$300$340
20325.50%9.00%$300$320
20336.00%9.65%$300$300
20346.50%10.30%$300$300
20357.00%11.00%$300$300
20367.50%11.65%$300$300
20378.00%12.30%$300$300
20388.50%13.00%$300$300
20399.00%13.65%$300$300
20409.50%14.30%$300$300
204110.00%15.00%$300$300

This bill passed two council votes in December and was approved during the mayoral review period. The Congressional review period is the final step and is expected to complete in the next 2 months.

The DC SREC market has experienced oversupplied market conditions, which have resulted in a lack of liquidity and lower SREC prices. Increasing the RPS will help with this oversupply issue. Additionally,  a more gradual decrease to the ACP schedule will support higher SREC prices. The passage of this bill would put DC in the position of having the most highly valued SREC compliance market in the United States. 

Tags:
Posted in SREC Markets | Comments Off on B24-0950 – Local Solar Expansion Amendment Act of 2022

Washington, D.C. SREC Market Update

Posted November 17th, 2020 by SRECTrade.

The SREC market in Washington D.C. has seen a change in trends due to changing market conditions associated with COVID-19. Our enclosed analysis provides an update on these market conditions and evaluates future market dynamics.

Compared to our last market update – posted on May 22, 2020, we project a greater oversupply in 2020 & 2021 and our new analysis shows 2022 now slightly oversupplied in high build rate scenarios.  Despite this, we expect the market to flip to undersupplied in 2023, or sooner in low build rate scenarios.

This change in dynamic can be attributed to several factors including:

  • COVID related decline in electricity sales resulting in lower SREC demand
  • Higher build rates resulting in higher forecasted SREC production 
    • 1.65 Last Twelve Month Avg. (MW/mo) (May Analysis) vs.
    • 2.49 Last Twelve Month Avg. (MW/mo) (Current Analysis)

In this time of uncertainty, there are several fundamental considerations that could impact the final supply and demand figures over the next coming months. Final 2020 DC SREC production, Q4 build rates, and actual grandfathered load will need to be analyzed to determine the degree of oversupply and more accurately project future market conditions.

Should you have any questions regarding the enclosed analysis or need transaction and management services, please contact us.

Tags:
Posted in SREC Markets, Washington, DC | Comments Off on Washington, D.C. SREC Market Update

D.C. RPS Bill Published in Register

Posted August 23rd, 2016 by SRECTrade.

Following Mayor Bowser’s signature last month, the Renewable Portfolio Standard Expansion Amendment Act of 2016 is now published in the D.C. Register.

A21-466 was published in Volume 63, Number 33 of the District of Columbia Register on August 5, 2016 under the Actions of the Council of the District of Columbia. The PDF of the issue is available here.

As enacted, B21-0560 raises the renewable portfolio and solar requirements to 50% and 5% by the year 2032, respectively, and adds waste heat from combined and sanitary sewage systems and effluence from wastewater treatment to the list of Tier 1 renewable sources. In addition, the bill increases financial penalties for electricity suppliers who fail to comply with the annual renewable energy portfolio standard requirements. This financial penalty is known as the Alternative Compliance Payment, or ACP. Finally, the bill establishes a program within the Department of Energy and the Environment to assist low-income homeowners with installing solar systems on their homes.

Tags: , , ,
Posted in Washington, DC | Comments Off on D.C. RPS Bill Published in Register

D.C. RPS Bill Passes Unanimously in Second Reading before the Council

Posted June 28th, 2016 by SRECTrade.

Today, the D.C. Council unanimously passed B21-0650, the Renewable Portfolio Standard Expansion Amendment Act of 2016, on its second reading. Now, the bill will pass to Mayor Bowser, who will have ten days to approve or veto the bill. Following the Mayor’s action, the bill will pass to Congress for consideration for thirty days.

The RPS Expansion Amendment Act of 2016 will increase the RPS and solar carve-out requirements to 50 percent and 5 percent by the year 2032, respectively, and increase alternative compliance payments (financial penalties) for electricity suppliers who fail to comply with RPS requirements. The raised RPS will increase demand for Tier 1 RECs and solar-carve out SRECs. In addition, the bill adds new resources to the list of Tier 1 renewable sources and establishes a program within the Department of Energy and the Environment to assist low-income homeowners with installing solar systems on their homes.

You can read our prior posts on the RPS bill here, and subscribe to our blog to stay up to date on the bill’s progress with the Mayor and Congress.

Tags: , , ,
Posted in Washington, DC | Comments Off on D.C. RPS Bill Passes Unanimously in Second Reading before the Council

D.C. RPS Bill Passes in First Reading before the Council

Posted June 7th, 2016 by SRECTrade.

Today, the D.C. Council held its first hearing on B21-0650, the Renewable Portfolio Standard Expansion Amendment Act of 2016. The bill, which was introduced earlier this year, passed unanimously in the first hearing, but must still pass a second hearing in July, and a Council vote as early as mid-July, before it passes to the Mayor for signature.

The RPS Expansion Amendment Act of 2016 will increase the RPS and solar carve-out requirements to 50 percent and 5 percent by the year 2032, respectively, and increase alternative compliance payments (financial penalties) for electricity suppliers who fail to comply with RPS requirements.

You can read our prior post on the RPS bill here, and subscribe to our blog to stay up to date on the bill’s progress with the Council and Mayor.

Tags: , , ,
Posted in Washington, DC | Comments Off on D.C. RPS Bill Passes in First Reading before the Council

District of Columbia RPS Bill under review by D.C. Council Committee

Posted March 23rd, 2016 by SRECTrade.

On March 1st, 2016, D.C. Councilmember Cheh introduced the Renewable Portfolio Standard Expansion Amendment Act of 2016 (B21-0650) for legislative consideration before the Council of the District of Columbia. On this date, the Renewable Portfolio Standard (RPS) bill was referred to the Committee on Transportation and the Environment, where it remains under review to date. As introduced by Councilmember Cheh, this bill would serve to accomplish four goals:

  • Expand the list of Tier 1 renewable energy sources by incorporating (1) waste heat from combined and sanitary sewage systems and (2) effluence from wastewater treatment;
  • Increase the RPS and solar carve-out requirements to 50 percent and 5 percent by the year 2032, respectively;
  • Increase alternative compliance payments (financial penalties) for electricity suppliers who fail to comply with RPS requirements; and
  • Establish a Department of Energy and the Environment program to help low-income homeowners install solar systems on their homes.

Should the bill be enacted, the combination of increasing the overall RPS and solar carve-out requirements and raising the alternative compliance payments (ACPs) will increase market demand for D.C. solar renewable energy credits (SRECs). Increased demand for SRECs will provide price support for SREC values in the District and will encourage additional growth and adoption of solar in the nation’s capital.

For more information on the District of Columbia SREC market, please visit our D.C. market page.

SRECTrade will continue to provide updates on the status of the D.C. RPS bill as it progresses with the Council.

Tags: , , , ,
Posted in SREC Markets, State RPS, Washington, DC | Comments Off on District of Columbia RPS Bill under review by D.C. Council Committee

DC SREC Market Amendment – Update

Posted June 15th, 2011 by SRECTrade.

On June 7, 2011, the Council of the District of Columbia read and reviewed the latest draft of Bill 19-10, also known as the Distributed Generation Amendment Act of 2011.  For the details of the pending amendment please click here. The amendment received a substantial support from the local legislators as well as the DC solar community. The final vote after the first reading was 14-0, unanimously in favor of putting the amendment into effect.

As it currently stands, below are the key points of the amendment under consideration:

– Solar thermal system eligibility to participate in the SREC market. For more info see this post.

– Implementation of new solar capacity requirements and a new solar alternative compliance payment (SACP) schedule:

Year Current RPS Solar Requirement Proposed RPS Solar Requirement Jan-11 Proposed RPS Solar Requirement June-11 Current SACP Proposed SACP June-11
2011 0.04% 0.25% 0.40% $500 $500
2012 0.07% 0.50% 0.50% $500 $500
2013 0.10% 0.75% 0.50% $500 $500
2014 0.13% 1.00% 0.60% $500 $500
2015 0.17% 1.25% 0.70% $500 $500
2016 0.21% 1.50% 0.825% $500 $500
2017 0.25% 1.75% 0.98% $500 $350
2018 0.30% 2.00% 1.15% $500 $300
2019 0.35% 2.25% 1.35% $500 $200
2020 0.40% 2.50% 1.58% $500 $200
2021 — — 1.85% — $150
2022 — — 2.175% — $150
2023 — — 2.50% — $50

The amendment puts it place a system size cap, stating that all solar requirements be met by acquiring SRECs from systems no larger than 5 MW. Additionally, the amendment requires systems to be sited within the District. For systems located outside of the District, the amendment plans to grandfather systems smaller than 5 MW in capacity that were registered as a renewable resource with the District prior to January 31, 2011.

As mentioned in our previous blog post on this potential change to the District’s existing RPS law, this bill will take very important, concrete steps to addressing the current oversupply in the DC market.

It is still unclear how the grandfather date of 1/31/2011 will affect facilities outside the district that have been registered by the DC Public Services Commission and issued SRECs since then.

As the District is still operating under the current RPS law, out-of-state systems are still eligible to be certified for SREC generation, but it is unknown if the registration will hold value considering the implications of the amendment. The DC Council website does not currently indicate the next date for further consideration, but SRECTrade will continue to provide additional information as it becomes available.

Tags: , , , , , , , ,
Posted in SREC Markets, Washington, DC | 4 Comments »

Important New York SREC Update

Posted October 20th, 2010 by SRECTrade.

Good news for New York solar owners: SRECTrade was recently notified by the DC Public Service Commission that they are now accepting SRECs from facilities located in the state of New York.  We initially wrote about this several months ago and submitted applications that were subsequently rejected due to an inconsistency in the DC rules.  This inconsistency has been fixed and New York facilities can now be approved. In order to apply, your facility must be eligible to claim ownership for the SRECs that are generated (NYSERDA claims ownership of SRECs created by facilities funded by the program for a period of 3 years, after which the owner is eligible to generate and sell SRECs).

The bad news… act soon: Per the rules of the DC SREC programs, facilities are able to receive credit for generation dating back to the first month of the current energy year.  In order to receive credit for generation in 2010, all applications should be submitted to the DC Public Service Commission as quickly as possible so that the Commission has ample time to approve your facility by December 31st. Receiving approval by December 31st will allow your facility to be credited with SRECs as far back as January 1st, 2010.

Due to this time constraint, SRECTrade recommends owners submit applications directly to the DC Public Service Commission. The DC registration process requires an original and notarized application mailed directly to the DC Public Service Commission. Once approved, you can then apply for the EasyREC program.

Instructions for submitting an application to the DC SREC Program:
 1. Download and complete the DC RPS Application.

2. Once you have completed the application and had the affidavit of general compliance notarized, mail the original to:

Dorothy Wideman
Commission Secretary
Public Service Commission of the District of Columbia
1333 H Street, N.W
2nd Floor West Tower
Washington, D.C. 20005

Cautionary comment on the DC SREC Market: The DC SREC market is a relatively small market.  Although SRECs are currently selling around $300, the market may soon be over-subscribed. This is due to the significant supply that can be drawn from several states across the region. In addition, DC allows solar thermal facilities to count generation towards the SREC requirement. For these reasons, buyers in the DC SREC market will eventually be able to meet their requirements with ease, which would lead to a potential significant drop in pricing.  The states eligible for the DC market include:

Delaware
Indiana
Illinois
Kentucky
Maryland
New Jersey
New York
North Carolina
Pennsylvania
Tennessee
Virginia
West Virginia
Wisconsin

Subscribe

Tags: , , ,
Posted in New York | Comments Off on Important New York SREC Update

Clients
Markets
About
Legal

© 2024 SRECTrade, Inc. All rights reserved.