Massachusetts is one of the best states for solar power incentives and the Solar Renewable Energy Credit (SREC) program, which is available in 14 states, is one of the best incentives available. The Massachusetts Green Communities Act of 2008 required utilities to make 15% of their electricity be supplied by renewable energy sources. In early 2010, the Massachusetts Department of Energy Resources (DOER) carved out a required portion of the renewable energy for solar production. If a utility company does not reach their minimum renewable energy requirement they have the option to purchase a Renewable Energy Credit (REC) to make up the difference between their production and the requirement to a avoid any enforcement action by the state such as a fine. Owners of distributed generation systems such as residential, commercial, or utility-scale solar power systems in the state of Massachusetts have the opportunity to earn 1 SREC per MWh (1000 kWh) of solar energy production. These credits are sold on a quarterly basis in a Clearinghouse Auction by brokers representing homeowners for a period of 10 years (40 quarters).
Important for Homeowners to Know:
SRECs are sold separately from the electricity produced and generate actual cash income rather than a utility bill credit such as that produced by Net-Metering. The value is determined by the market supply and demand mechanics, but here in Massachusetts the value is closely watched and managed by the DOER. As soon as a system produces 1 MWh (1000 kWh) starting from the time they are turned on, they earn an SREC which can be sold at the next auction. The average system earns 6-8 SRECs per year, and each SREC earned is sold in auction the following quarter. The funds are distributed approximately 10 days thereafter. It is necessary to note, the first trade for SRECs a homeowner will have is generally 2 quarters (and could be in the 3rd) behind the commissioning of the system (when it is turned on).
The SREC payment program is the easiest way to make money on your solar production! Most systems have a remote monitoring system and a revenue-grade SREC energy meter that tracks and records all production. Then you have the option to self-report or connect the state’s Performance Tracking System (PTS) to your monitoring account so that they may report for you. Then they take care of selling your credits for the best possible price!
For more information including latest trade pricing: SRECTrade
To date, our customers have earned over $265,000 in SREC income*. Call 781.270.6555 to get more information on how you can participate in this clean, green, and beneficial opportunity.*The Solar Renewable Ebergy Certificate (SREC) and /or other utility incentive values, if any, are based upon publicly available market rates and information, and are subject to periodic and regular change, without notice. They are not guaranteed by RevoluSun. For more information about SRECs, please visit www.mass.gov/eea.