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.
2023 SREC Procurement
The 2023 SREC Delaware Procurement was announced on August 8, 2023, and was open for bids from September 18, 2023, at 9:00 am ET to September 29, 2023, at 5:00 pm ET. The 2023 procurement consisted of three tiers, two (2) for new systems and one (1) for existing and any qualifying out of state systems.
Contract
The 2023 SREC Delaware Procurement Program awarded 25-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 11-25, successful bidders will be paid at the administrative price of $10 per SREC 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 2023 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 intends to procure a minimum of 11,000 SRECs and a maximum of 25,000 SRECs through the 2023 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. | 14,000 |
- Systems are considered New for bidding purposes if they have not yet been built or have an Interconnection Approval to Operate date of October 14, 2022, 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 2022 Procurement
- The compensation for the final fifteen (15) years of the contract was increased from $0 to $10 per SREC.
- The discretionary SREC target purchase volume in the Gamma Tier increased from 5,000 SRECS to 14,000 SRECs for any system up to 5 MW.
Results
The 2023 SREC Delaware Procurement Results were announced on October 31, 2023. A total of 8,628 SRECs were purchased through the 2023 procurement. The high, low, and weighted average by tier was:
| Alpha Tier | Beta Tier | Gamma Tier | Overall | |
|---|---|---|---|---|
| High | $45.00 | $30.00 | $44.90 | $45.00 |
| Low | $10.00 | $28.00 | $15.00 | $10.00 |
| Weighted Average | $30.82 | $29.44 | $35.76 | $30.51 |
Documents & Resources
- Click here to view the 2023 procurement filing.
- Click here to view the 2023 Transfer Agreement.
- Click here to view the 2023 Procurement Application Checklist
Webinars
The SREC Delaware Program Administrator hosted two webinars providing an overview of the 2023 SREC Delaware Procurement.
- Webinar for solar industry (held August 22, 2023):
- Webinar for homeowners and potential customers (held August 23, 2023):
Other Procurements
Each procurement is unique. For information about other SREC Delaware Procurements, please click the year below: