How to sell SRECs in Virginia

Learn how to sell SRECs in Virginia and maximize your revenue from solar energy credits hassle-free!

Last updated
June 30, 2024
Author: Matt from Currents
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Importance of SRECs

Solar Renewable Energy Certificates (SRECs) play a significant role in promoting renewable energy in Virginia. As a homeowner with a solar energy system, you generate SRECs for every megawatt-hour (MWh) of electricity your solar panels produce. These certificates are an important part of Virginia's commitment to expanding solar energy, which is underscored by the Virginia Clean Economy Act.

The Act sets ambitious targets for utilities to meet in terms of renewable energy, particularly from small rooftop solar installations. This initiative not only supports environmental goals but also fosters economic growth and job creation in the state. By selling your SRECs, you contribute to the state's renewable energy targets and help utilities comply with their Renewable Portfolio Standard (RPS) requirements (Solar United Neighbors).

Value of SRECs

The value of SRECs in Virginia has seen a notable increase due to specific provisions in the Virginia Clean Economy Act. This "carveout" sets a target for utilities to procure a certain amount of their energy from small rooftop solar installations, thereby driving up the demand and value of SRECs (Solar United Neighbors).

By selling SRECs, you can generate a valuable revenue stream. The process involves certifying your solar energy production and selling these certificates in the market. This not only provides financial incentives but also contributes to the rapid development and expansion of solar projects across Virginia, helping to reduce greenhouse gas emissions (Dominion Energy Solutions).

Virginia offers several incentives to encourage homeowners to install solar energy systems. Along with SRECs, residents can benefit from a property tax exemption and net metering. These incentives can be combined with the federal solar tax credit to further decrease the cost of going solar (MarketWatch).

For more information on SRECs in other states, you can explore our articles on SREC NJ, SREC Illinois, and SREC Maryland. Understanding the value and importance of SRECs can help you make informed decisions about your solar investments and maximize your financial benefits.

Selling SRECs in Virginia

Selling Solar Renewable Energy Certificates (SRECs) in Virginia can be a lucrative avenue for homeowners looking to monetize their solar energy systems. To successfully navigate this market, it's essential to understand both the market dynamics and the process involved.

Market Dynamics

The market for SRECs in Virginia has been bolstered by the Virginia Clean Economy Act. This legislation includes a specific 'carveout' that sets a target for utilities to meet for small rooftop solar. This carveout has significantly increased the value of SRECs, thanks to the efforts of advocates, industry allies, and companies.

By establishing a robust market for SRECs, the Virginia Clean Economy Act encourages rapid development and expansion of solar energy projects. This fosters job creation, economic growth, and a reduction in greenhouse gas emissions.

SREC Market

Process and Revenue Generation

Virginia-based solar system owners can generate credits for every megawatt-hour (MWh) of solar electricity produced. These SRECs can be sold in the market, providing a valuable revenue stream for solar project owners. By participating in the SREC program, you not only contribute to the state’s renewable energy goals but also benefit from the financial incentives provided by the program (Dominion Energy Solutions).

Steps to Sell SRECs

  1. Register Your System: You must first register your solar system with the relevant regulatory bodies. This typically involves submitting documentation proving your system's capacity and production capabilities.
  2. Sign up for Currents. We'll help you maximize the value of your SRECs through a simple, automated interface.
  3. Generate SRECs: For every MWh of electricity produced by your solar system, you earn one SREC.
  4. Monitor Market Prices: Keep an eye on current SREC prices to determine the best time to sell. Market prices can vary, so timing your sale can maximize your revenue.
  5. Collect SREC Earnings: After connecting your solar data with Currents, we'll sell your SRECs for the highest price and deposit the funds right into your account (using your preference of monthly, quarterly, annually)

Revenue Potential

The revenue you can generate from selling SRECs in Virginia depends on the amount of electricity your solar system produces.

Solar system owners can make a few hundred to a few thousand dollars each year by selling SRECs. This additional revenue can enhance the solar payback period for owners (Paradise Energy Solutions).

For more information on SRECs in other states, you can explore our articles on SREC NJ, SREC Illinois, SREC Maryland, PA SREC prices and DC SREC prices.

By following these steps and keeping abreast of market dynamics, you can effectively sell your SRECs and maximize the financial benefits of your solar energy system.

Earn passive income selling your solar credits.

Electrify your home.