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.
2019 SREC Procurement
The 2019 SREC Delaware Procurement was announced on May 15, 2019, and was open for bids from June 20, 2019, at 9:00 am EST to July 3, 2019, at 5:00 pm EST. The 2019 procurement consisted of five tiers, four (4) for new systems and one (1) for existing systems.
Contract
The 2019 SREC Delaware Procurement Program awarded 20-year contracts to successful bidders. During years 1-10, successful bidders will be paid at their bid price for SRECs transferred under the contract. During years 11-20, successful bidders will be paid the lower of the bid price or the administrative price of $20 for SRECs transferred under the contract. Successful bidders will be paid any applicable bonuses in addition to the bid price or administrative price.
Details
The 2019 SREC Delaware Procurement had five tiers. Bids were automatically assigned to a tier based on the attributes of the facility. Delmarva Power intended to procure a minimum of 15,000 SRECs and a maximum of 20,000 SRECs through the 2019 procurement. The chart below describes the five tiers, and the maximum number of SRECs in each tier.
| Tier | Tier Description | Maximum SRECs in Tier |
|---|---|---|
| 1 | New systems less than or equal to 50 kW (Customer-Owned) | 4,400 |
| 2 | Greater than 50 kW but less than or equal to 500 kW | 2,300 |
| 3 | In-state systems greater than 500 kW but less than or equal to 2 MW | 3,300 |
| 4 | New small leased systems 50 kW and below, and in-state systems greater than 2 MW | 5,000 |
| 5 | All existing Delaware sited systems, meaning not “new”, and any out of state systems that qualify(generally utility connected) | 0-5000* |
- Tier 1 systems are considered “New” for bidding purposes if they have not yet been built or have an Interconnection Approval To Operate date of June 9, 2017 or later. All systems larger than 50 kW are considered “New” if they have not yet been built or have an Interconnection Approval To Operate date of August 4, 2018 or later (tiers 2-4 except leased <50kW).
- Delmarva has discretion to refuse any bids they feel are too high. Any such refused bids cannot be used to fill other Tiers.
- As in past years, 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 2018 Procurement
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The number of Tiers were reduced for simplification. Please see details tab above for a complete breakdown of the five (5) tiers.
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Tier 1 systems are considered “New” for bidding purposes if they have not yet been built or have an Interconnection Approval To Operate date on or later than June 9, 2017. All systems larger than 50 kW are considered “New” if they have not yet been built or have an Interconnection Approval To Operate date on or later than August 4, 2018.
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Tier 2 can use any financing model. In Tier 2, no one owner can take more than 50% of the SRECs, unless that Tier is undersubscribed. Then they could take the undersubscribed portion once other bids are filled.
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Tier 3 is all new systems above 500 kW to 2 MW, all financing/ownership methods allowed.
Results
The 2019 SREC Delaware Procurement Results were announced on July 12, 2019. A total of 15,171 SRECs were purchased through the 2019 procurement. The high, low, and weighted average by tier was:
| Tier 1 | Tier 2 | Tier 3 | Tier 4 | Tier 5 | Overall | |
|---|---|---|---|---|---|---|
| High | $50.00 | $47.74 | $50.00 | $48.48 | $49.99 | $50.00 |
| Low | $19.99 | $10.00 | $34.94 | $10.00 | $10.00 | $10.00 |
| Weighted Average | $39.05 | $24.74 | $39.44 | $41.81 | $12.65 | $32.75 |
Documents & Resources
- Click here to view a recording of the instructional webinar that took place on June 6, 2019 at 1:00 PM.
- Click here to view the presentation used during the 2019 webinar.
- Click here to view the 2019 procurement filing.
- Click here to view the 2019 Transfer Agreement.
Other Procurements
Each procurement is unique. For information about other SREC Delaware Procurements, please click the year below: