SREC Delaware Procurements
Each year the SREC Delaware program is open for bids during a two-week procurement window. The SREC Delaware Program only accepts bid applications during this two-week window. During each procurement, participants submit bids for the price they would be willing to accept per SREC. At the end of the two-week window, the Program Administrator verifies that all bids are valid, and then accepts the lowest valid bids in each tier until the tier is full. Please see our About page for more information on the SREC Delaware Program.
2022 SREC Procurement
The 2022 SREC Delaware Procurement was announced on August 31, 2022, and was open for bids from October 3, 2022, at 9:00 am EST to October 14, 2022, at 5:00 pm EST. The 2022 procurement consisted of three tiers, two (2) for new systems and one (1) for existing and any qualifying out of state systems.
Contract
The 2022 SREC Delaware Procurement Program awarded 25-year contracts to successful bidders. During years 1-10, successful bidders will be paid at their bid price (plus any applicable bonuses) for SRECs transferred under the contract. During years 11-25, successful bidders will receive no compensation for SRECs transferred under the contract.
Details
The 2022 SREC Delaware Procurement has three tiers: Alpha, Beta, and Gamma. Bids will be automatically assigned to a tier based on the attributes of the facility. Delmarva Power intended to procure a minimum of 11,000 SRECs and a maximum of 16,000 SRECs through the 2022 procurement. The chart below describes the three tiers, and the maximum number of SRECs in each tier.
| Tier | Tier Description | Maximum SRECs in Tier |
|---|---|---|
| Alpha | New in-state systems less than or equal to 350 kW (Customer-Owned) | 6,000 |
| Beta | New in-state systems greater than 350 kW but less than or equal to 2 MW | 5,000 |
| Gamma | Any system up to 5 MW, including in-state customer owned systems with 3rd party SREC ownership, qualifying out-of-state systems, and all existing systems. | 5,000 |
- Systems are considered New for bidding purposes if they have not yet been built or have an Interconnection Approval to Operate date of September 24, 2021, or later. All systems that bid into the Alpha or Beta Tiers must be New.
- Delmarva has discretion to refuse any bids they feel are too high. Any such refused bids cannot be used to fill other Tiers.
- Projects without a Delaware Public Service Commission certification will require a bid deposit of $100 per kW. The deposit is returned once the system is interconnected and the certification is provided to the SREC Delaware portal, or if the application is rejected.
Changes from 2021 Procurement
- The number of tiers was reduced from five to three to ensure that no tiers for smaller systems are undersubscribed, given the new DNREC Green Energy Fund Prebuy grant that some small systems may use instead of the SREC Delaware program.
- The contract term has been extended from 20 years to 25 years, with the bid price per SREC being paid for the first ten (10) years, and no compensation for SRECs for the remaining fifteen (15) years of the contract.
- The target SREC purchase volume increased from 10,000 to 11,000 SRECs for systems under 2 MW.
Results
The 2022 SREC Delaware Procurement Results were announced on November 9, 2022. A total of 9,903 SRECs were purchased through the 2022 procurement. The high, low, and weighted average by tier was:
| Alpha Tier | Beta Tier | Gamma Tier | Overall | |
|---|---|---|---|---|
| High | $45.00 | $26.89 | $44.94 | $45.00 |
| Low | $10.00 | $26.89 | $20.00 | $10.00 |
| Weighted Average | $32.30 | $26.89 | $33.04 | $31.03 |
Documents & Resources
- Click here to view a recording of the instructional webinar that took place on September 8, 2022 at 1:00 PM.
- Click here to view the presentation used during the 2022 webinar.
- Click here to view the 2022 procurement filing.
- Click here to view the 2022 Transfer Agreement.
Other Procurements
Each procurement is unique. For information about other SREC Delaware Procurements, please click the year below: