SREC Incentives for Virginia Solar Owners
In Virginia, utilities have to meet certain sustainability requirements. They do this by purchasing credits from people like you who are producing solar energy. Solar owners sell their Solar Renewable Energy Credits (SRECs), which can help them pay off system costs more quickly.
Here is a post explaining the basics of SRECs. It goes into detail about how they work, how their value is determined, and some pros and cons of various sales and brokerage options.
SREC Options in Virginia
The value of SRECs can change frequently. Several factors influence SREC prices, including policy initiatives and supply and demand. The best way to get the most up-to-date price is to contact an SREC broker and discuss your options.
Below are links from two of the most commonly used SREC brokers in Virginia. Solar United Neighbors does not endorse one company or the other. We recommend that you research your options and make a decision that’s right for you.
The current price ceiling is set to $75 per SREC for residential and small commercial systems (1,000 Kilowatts or less). That means $75 is the maximum price you can get. However, as of July 2021, pricing swung between $20 and $40 per SREC. This goes to show how much variation there is in the SREC market!
Virginia SREC Market Background
The value of SRECs in Virginia has varied greatly over the years as a result of new legislation, as well as supply and demand. The recent re-appearance of a higher value was due to a concerted effort by advocates, industry allies, and many companies that took action to support a specific ‘carveout’ in the Virginia Clean Economy Act. This created a target that utilities must meet for small rooftop solar.
Solar United Neighbors (SUN) was proud to mobilize solar owners and supporters to successfully advocate for this carveout. We won this important victory, and our fight to make solar more accessible to everyone continues! Join us by signing up to receive updates from SUN!