SREC Delaware Procurement
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.
2021 SREC Procurement
The 2021 SREC Delaware Procurement was announced on July 29, 2021, and was open for bids from September 13, 2021, at 9:00 am EST to September 24, 2021, at 5:00 pm EST. The 2021 Program consisted of five tiers, four (4) for new systems and one (1) for existing systems.
Contract
The 2021 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 2021 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 2021 procurement. The chart below describes the five tiers, and the maximum number of SRECs in each tier.
| Tier | Tier Description | SRECs in Tier |
|---|---|---|
| 1 | New systems less than or equal to 50 kW (Customer-Owned) | 4,400 |
| 2 | New in-state systems greater than 50 kW but less than or equal to 500 kW | 2,300 |
| 3 | New in-state systems greater than 500 kW but less than or equal to 2 MW | 3,300 |
| 4 | New in-state systems greater than 2MW and in-state leased systems less than 50kW | 5,000-10,000 |
| 5 | All existing Delaware sited systems, meaning not “new”, any out of state systems that qualify, and in-state customer-owned systems with third-party SREC ownership | 0-5,000 |
- Systems are considered “New” for bidding purposes if they have not yet been built or have an Interconnection Approval to Operate date of July 3, 2019, or later. All systems that bid into Tiers 1-4 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.
- 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 systems is interconnected and the certification is provided to the SREC Delaware portal, or if the application is rejected.
Changes from 2019 Procurement
- Any change/expansion to a system that has already received a certification number and wishes to bid in additional credits requires a second meter and a new certification number.
- New systems are defined by the date of the last procurement(interconnected after July 3, 2019).
- In Tier 5, in-state customer-owned new systems with third-party SREC ownership will be given priority with up to a 25 percent higher price of the lowest bid within Tier 5.
- Eligible Existing Systems are systems with final interconnection approval before July 3, 2019.
- After Tiers 1-5 have been filled by winning bids, Delmarva, at its discretion, will purchase up to an additional 5,000 SRECs from the lowest priced losing bid from any Tier, with its maximum purchase not to exceed 20,000 SRECs.
Results
The results of the 2021 SREC Delaware Procurement were announced on October 14, 2021. A total of 14,451 SRECs were purchased through the 2021 procurement. The high, low, and weighted average by tier was:
| Tier 1 | Tier 2 | Tier 3 | Tier 4 | Tier 5 | Overall | |
|---|---|---|---|---|---|---|
| High | $33.00 | $24.99 | $35.50 | $45.00 | $45.00 | $45.00 |
| Low | $10.00 | $17.99 | $27.98 | $35.50 | $12.00 | $10.00 |
| Weighted Average | $26.50 | $22.22 | $32.39 | $38.16 | $32.79 | $30.24 |
Documents & Resources
- Click here to view a recording of the instructional webinar that took place on August 30, 2021 at 1:00 PM.
- Click here to view the presentation used during the 2021 webinar.
- Click here to view the 2021 procurement filing.
- Click here to view the 2021 Transfer Agreement.
Other Procurements
Each procurement is unique. For information about other SREC Delaware Procurements, please click the year below: