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

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OhioLong Term SREC Contracts