Solar is a renewable energy source that can be used to reduce your carbon footprint, decrease or eliminate your energy bills and even has the potential to make you money through solar renewable energy credits in the Maryland, Virginia and Washington, DC area.
A solar renewable energy credit or SREC is created for every megawatt hour (MWh) of electricity produced by a solar generator. These credits are sold independently from the electricity they produce, meaning that a customer with a solar array on their roof can use the electricity generated onsite and then sell the remainder the utility company. SRECs are similar to carbon credits because they carry a value for utility companies.
EDGE Energy installs SunPower solar panels which are the best in the industry. They convert the most amount of sunlight into electricity, therefore generating more power in the same amount of space. With all this power, you can produce more solar renewable energy credits and sell them upfront for a $1.30 per watt reduction on any system.
SRECs are available for customers who own their solar installation, not those who have leased one. When EDGE Energy installs your purchased solar power system, we handle all the paperwork involved in creating the appropriate SREC income account with Sol Systems for your financial package. You may also choose to select your own broker outside of Sol Systems.
Currently there are three options for SREC purchasing, available for no additional cost:
Brokerage is the most popular method for solar PV owners — a kind of “pay as you go” option. For each SREC your system produces, Sol Systems gets full market value for the credit and sends you the revenue as a check or direct deposit once a quarter.
The annuity option locks in your price to guarantee a set price for all SRECs generated over a specified time frame. This is great to set a steady budget for your solar income and avoid price fluctuations.
The upfront option gives you a discount from the start on your system by selling your future SRECs for a set period of time. The solar installation therefore gets paid for by that future income, maximizing your tax credit on the full cost and pays for a large portion of the project.
In 2016, Mayor Muriel Bowser of Washington, DC signed legislation which will increase the District’s renewable portfolio standard (RPS). After passing through the council unanimously, the bill is set to expand the RPS to 50% by 2032. This makes it even easier for all Washington, DC residents to benefit from solar energy, while improving the solar renewable energy credit market.
Contact us or call (888) 586-3343 today to learn more about solar renewable energy credits for your solar installation!
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