SREC Market Uncovered- East Coast Update

US-Map-EastThis morning started with a session serving as an update on the SREC market in the east coast states.

Our first panelist was Michael Judge, an associate RPS/APS program manager with the Massachusetts Renewable Energy Portfolio Standard Program. Michael discussed the solar development strategies in Massachusetts and the outlined qualifications for eligibility. A unique aspect of the MA program is the solar credit clearinghouse auction account. This means that any unsold SRECs may be deposited into this account, and the life of the SREC is extended three years to create a buyer incentive. Michael presented the current program statistics since the program began in January of 2010. Massachusetts has been quite successful with 210 mw currently installed and is ranked 7th in the nation for cumulative installed capacity.

 Larry Barth, the director of Sunlight Advantage, spoke to us next about the New Jersey solar market. The solar market came into transition back in 2007, with the idea of a carbon market becoming popular. Larry outlines the successes of the New Jersey market while also focusing on the many obstacles that have been run into. For instance the demand for SRECs is extremely inelastic, the administration of the market requires a lot of expertise and compliance, and is heavily subject to political issues.

Next Emil King, a policy analyst for the District Department of the Environment Energy Administration, spoke about DC as a leader in solar density. Residential solar is approximately 60% of the DC local market, which is driven by the Clean and Affordable Energy Act (CAEA). Emil continued to go into further detail of the District solar initiatives.

This was an interesting session in which program managers who actively participate in the SREC markets in the east coast were able to share and compare their perspectives.

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