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SREC Prices by State 2024
Solar Renewable Energy Credits (SRECs) play a pivotal role in incentivizing solar energy production across different states in the USA. A Solar Renewable Energy Credit is a tradable certificate that represents the renewable attributes of electricity generated from solar energy systems. For every megawatt-hour of electricity produced from solar, one SREC is earned.
The value of SRECs varies significantly from state to state due to differences in renewable energy policies, market demand, and solar energy generation capacity. States like Maryland, Massachusetts, and New Jersey have well-established SREC markets with relatively high prices, providing strong financial incentives for solar investment.
On the other hand, states like Alabama, Alaska, and Arizona do not have SREC programs, which may indicate less favorable conditions for solar energy development or alternative approaches to incentivizing renewable energy.
Understanding SRECs is crucial for solar project owners, as these credits can be sold or traded in renewable energy markets, providing an additional revenue stream and helping to offset the cost of solar installations. Additionally, SRECs play a vital role in meeting renewable energy targets and reducing carbon emissions, contributing to a more sustainable energy future.
- SREC is an acronym for Solar Renewable Energy Credits, which are awarded to homeowners who own solar panels and which can be sold to utility companies.
- SRECs are sold through specialized brokers, the two largest of which are SRECTrade and Sol Systems.
- Some states have introduced SREC-II, a modified program in which the value of the SREC is fixed and does not fluctuate with the market.
- Michigan, Indiana, Kentucky, and West Virginia have no SREC market of their own. However, homeowners in certain parts of these states may sell their SRECs on the Ohio market.
State | Has SREC Market | SREC Trade ( SREC- I) | Sol Systems (SREC- I) | Sol Systems (SREC- II) | SREC Trade ( SREC- II) |
|---|---|---|---|---|---|
| Delaware | Yes | $7 | |||
| District of Columbia | Yes | $370 | $330 | ||
| Maryland | Yes | $59 | $55 | ||
| Massachusetts | Yes | $332 | $315 | $260 | $276 |
| New Jersey | Yes | $233.50 | $215 | $85 | $85 |
| Ohio | Yes | $3.50 | $4 | ||
| Pennsylvania | Yes | $42 | $40 | ||
| Virginia | Yes | $45 | |||
| Indiana | See Ohio | ||||
| Kentucky | See Ohio | ||||
| Michigan | See Ohio | ||||
| West Virginia | See Ohio | ||||
| Alabama | No | ||||
| Alaska | No | ||||
| Arizona | No | ||||
| Arkansas | No | ||||
| California | No | ||||
| Colorado | No | ||||
| Connecticut | No | ||||
| Florida | No | ||||
| Georgia | No | ||||
| Hawaii | No | ||||
| Idaho | No | ||||
| Illinois | No | ||||
| Iowa | No | ||||
| Kansas | No | ||||
| Louisiana | No | ||||
| Maine | No | ||||
| Minnesota | No | ||||
| Mississippi | No | ||||
| Missouri | No | ||||
| Montana | No | ||||
| Nebraska | No | ||||
| Nevada | No | ||||
| New Hampshire | No | ||||
| New Mexico | No | ||||
| New York | No | ||||
| North Carolina | No | ||||
| North Dakota | No | ||||
| Oklahoma | No | ||||
| Oregon | No | ||||
| Rhode Island | No | ||||
| South Carolina | No | ||||
| South Dakota | No | ||||
| Tennessee | No | ||||
| Texas | No | ||||
| Utah | No | ||||
| Vermont | No | ||||
| Washington | No | ||||
| Wisconsin | No | ||||
| Wyoming | No |