Long Term SREC Contracts

Akron METRO Awards Five Year Contract for the Sale of Their SRECs

August 25th, 2009 The Akron Metro Regional Transit Authority (METRO RTA) has awarded a five year contract for the sale of their Solar Renewable Energy Certificates (SRECs). The agreement, adopted on August 25th, 2009 by the METRO RTA Board of Trustees, sets a fixed price of $390.00 per SREC for the next five years, through vintage year 2013. Qualified bidders were informed of the sale via legal notices advertised in the Akron Beacon Journal on July 10th and 17th, 2009. A total of five competing bids were evaluated by the METRO RTA Board of Trustees before the contract was finalized.  Below is a summary of the bids received before the July 31st deadline:

  2009 2010 2011 2012 2013
Winning Proposal $390.00 $390.00 $390.00 $390.00 $390.00
Proposal  2 $380.00 $340.00 $340.00 $311.00 $311.00
Proposal  3 $450.00 $311.00 $311.00 $311.00 $311.00
Proposal  4 Commission based sale,
no fixed price agreement.
Proposal  5 Commission based sale,
no fixed price agreement.

The Akron Metro Regional Transit Authority, is the public transit agency serving Summit County, Ohio and the city of Akron. It operates a number of local routes, and two rush-hour routes into downtown Cleveland. The five year contract is evidence of a growning trend in the Renewable Energy Credit market toward longer term agreements. On October 22nd, 2008, in a unanimous vote, the Ohio legislature passed, and Governor Ted Strickland signed into law, Senate Bill 221 requiring 12.5% of Ohio's energy be generated from renewable sources by 2025. Ohio has followed an ever increasing list of states passing green legislation that requires electric utilities and other pollution-generating entities to implement energy efficiency programs, including alternative energy production and emmissions reduction. Below are current Renewable Portfolio Standards adopted by various states:

State  Amount  Year 
Arizona 15% 2025
California 20% 2010
Colorado 20% 2020
Connecticut 23% 2020
District of Columbia 11% 2022
Delaware 20% 2019
Florida 20% 2020
Hawaii 10% 2010
Iowa 105 MW  
Illinois 25% 2025
Kansas 20% 2020
Massachusetts 20% 2025
Maryland 9.5% 2022
Maine 10% 2017
Minnesota 25% 2025
Missouri 11% 2020
Montana 15% 2015
New Hampshire 23.8% 2025
New Jersey 22.5% 2021
New Mexico 20% 2020
Nevada 20% 2015
New York 24% 2013
North Carolina 12.5% 2021
Ohio 12.5% 2025
Oregon 25% 2025
Pennsylvania 18% 2020
Rhode Island 15% 2020
Texas 5,880 MW 2015
Utah 20% 2025
Vermont 10% 2013
Virginia 12% 2022
Washington 15% 2020
West Virginia 25% 2025
Wisconsin 10% 2015

*Source: US Department Of Energy

Flett Exchange is a leading environmental exchange and brokerage firm. We bring transparency, price discovery and liquidity to Solar, Wind, Biofuels, LNG and Carbon markets. Our live auction-exchange is the most proficient and cost-effective way to transact and monetize Renewable Energy Certificates (RECs) and environmental products.

Flett Exchange has been servicing environmental markets for over three years
and has an established network of utilities, energy companies, financial institutions, installers, developers, municipalities and residents. Flett Exchange is active in PJM, MISO, NEPOOL and WREGIS renewable energy regions and brokers spot and long-term contracts in each region. Flett Exchange is also environmental consultant. We provide a turnkey solution to renewable energy structured transactions and advise our clients on how to maximize the value of environmental projects. Flett Exchange offers merchant banking solutions, credit origination, innovative strategies, project liquidity, risk assessment, consults on regulatory compliance, sources Request For Proposals (RFP’s) and Producer Purchase Agreements (PPA’s).

OhioLong Term SREC Contracts

Flett Exchange Introduces Long-Term SREC Markets

Flett Exchange is pleased to announce the introduction of its long-term SREC market. Flett Exchange facilitates long-term contracts for Solar Renewable Energy Certificates. We bring qualified buyers and sellers together to transact long-term SREC contracts bilaterally in all states where Flett Exchange has active markets.
Eligible Participants: Utilities, Energy Companies, Solar Developers and Financial Institutions with a market capitalization of $5 million or more can participate in our long-term SREC market.
(Individuals and non-commercial entities are not authorized to participate in this market.)
Flett Exchange’s long-term SREC market:

  • Provides deep pools of SREC liquidity.
  • Mitigates risk and helps lock-in SREC pricing.
  • Allows participants to choose acceptable counterparty credit.
  • Gives a turnkey solution to the Request For Proposal (RFP) process.
  • Is a seamless and cost-effective transaction process.
  • Brings transparency and price-discovery to long-term SREC contracts.
  • Is supported by an experienced solar team.
  • Is complimented by live spot SREC markets.


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Long Term SREC Contracts


The market for New Jersey Solar Renewable Energy Certificates SRECs has moved up significantly in the last month. Prices on Flett Exchange for the 2009 vintage SRECs reached a record price of $545.00 per SREC on September 22. The current market is $523 bid, $547.50 offer with a trade done today at $540.00. This represents the immediate purchase and transfer of SRECs via the New Jersey Clean Energy Program website.

Prices for SRECs generally trend upwards during the energy year which runs June to June. This year has been particularly interesting since the SRECs generated now apply to the first year in which the New Jersey Board of Public Utilities has made major changes the program. When the SREC program was first introduced a few years ago the State of New Jersey gave out money to entities who installed solar. The money was in the form of a rebate and it funded somewhere in the range of 60% to 70% of the installation cost. These entities were also eligible to sell SRECs with a cap of $300.

 The Board of Public Utilities transitioned the SREC program away from relying on rebates and SRECs to SRECs only for the energy years 2009 going forward. To ensure a continued investment into solar in New Jersey they raised the cap to $711 in 2009.

The rise in value during the first 2 months of trading in the 2009 vintage SRECs is in the right direction. During the planning of the SREC program and the establishment of the new cap of $711 it was estimated that prices of SRECs would need to rise to at least above $500 with a goal of approximately $611 to keep solar installations on track.

The SREC program in New Jersey is a result of a tireless effort on the part of the Board of Public Utilities. The BPU staff spent years and countless hours in designing rules to ensure solar power generation in New Jersey at the lowest cost to the consumers.

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