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.
2024 SREC Procurement
The 2024 SREC Delaware Procurement was announced on October 9th, 2024. The application window will be open for bids from November 4th at 9:00 am ET to November 15th at 5:00 pm EST. The 2024 procurement will consist of four tiers. Each application will be placed into a tier based on the system size, interconnection date, and ownership structure. The 2024 procurement includes a new tier for community solar projects.
Contract
Winning bids in the Alpha, Beta, and Gamma Tiers will receive 25-year contracts in the Alpha, Beta, and Gamma tiers. 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.
Winning bids in the Delta Tier will receive 5-year contracts. Successful bidders in the Delta tier will be paid at their bid price for SRECs transferred under the contract for the full 5-year contract.
Details
The 2024 SREC Delaware Procurement has four tiers: Alpha, Beta, Gamma, and Delta. 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 31,000 SRECs through the 2024 procurement. The chart below describes the four 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. | 10,000 |
| Delta | New in-state systems greater than 2 MW, including community solar projects. | 10,000 |
- Systems are considered New for bidding purposes if they have not yet been built or have an Interconnection Approval to Operate date of September 29, 2023, or later. All systems that bid into the Alpha, Beta, and Delta 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 number will be required to pay a bid deposit of $100 per kW. The deposit will be returned once the system is interconnected and the certification number is provided to the SREC Delaware portal, or if the application is rejected.
Changes from 2023 Procurement
- Addition of the Delta Tier: A new Delta Tier was introduced for large-scale (>2 MW) in-state Delaware projects. This tier offers a 5-year contract term at the bid price, providing a shorter contract option for large projects seeking price stability. This is distinct from the other tiers, which have 25-year contracts.
- Decrease in Gamma Tier SRECs: The discretionary SREC target purchase volume in the Gamma Tier was reduced from 14,000 to 10,000 SRECs due to lower subscription in the 2023 Procurement.
Results
The 2024 SREC Delaware Procurement Results were announced on December 10th, 2024. A total of 9403 SRECs were purchased through the 2024 procurement. The high, low, and weighted average by tier was:
| Alpha Tier | Beta Tier | Gamma Tier | Delta Tier | Overall | |
|---|---|---|---|---|---|
| High | $43.00 | $44.79 | $44.79 | n/a | $44.79 |
| Low | $25.00 | $44.79 | $35.00 | n/a | $25.00 |
| Weighted Average | $36.90 | $44.79 | $44.66 | n/a | $43.08 |
Documents & Resources
- Click here to view the 2024 Procurement Filing
- Click here to view the 2024 Transfer Agreement
- Click here to view the 2024 Procurement Application Checklist
Webinars
The SREC Delaware Program Administrator hosted two webinars providing an overview of the 2024 SREC Delaware Procurement.
- Webinar for homeowners and potential customers (held October 22, 2024):
- Webinar for solar industry (held October 23, 2024):
Other Procurements
Each procurement is unique. For information about other SREC Delaware Procurements, please click the year below: