SRP Renewable Energy Credit Purchase Program
What is a REC?
A Renewable Energy Credit (REC (Opens in a new tab) ) is a digital certificate that is generated when an energy production system produces renewable energy. One REC represents 1,000 kilowatt-hours (kWh) of solar generation. Through this program, customers would receive incentives for all solar generation including all energy used, stored and sent back to the electric grid. SRP customers with rooftop solar systems generate an average of 12 RECs a year.
How does the incentive work?
The SRP Renewable Energy Credit Purchase Program will provide $0.005 per kWh generated by the customer’s solar system based on the distributed energy resource (DER) meter data.
- REC purchase bill credits are in addition to any credits received for any exported energy. Your current price plan will not change.
- Payments are based on total monthly generation recorded by SRP’s solar meter. For any time the system is not producing energy or is offline, there will be no payment.
- Once enrolled in the program, the incentive will be paid the following month, then monthly thereafter as a bill credit for the generated energy of the previous month.
Export rates vary by price plan. See price plans page for details.
Am I eligible?
Any SRP residential customer who owns the rights to their RECs generated by their solar system is eligible.
- Solar installation agreements determine who holds the rights to the RECs generated by a customer's system. Some SRP customers — such as those under lease arrangements — may not retain ownership of these RECs and therefore are ineligible to participate in the program.
- Customers who are currently providing SRP or any other entity with the claim to their RECs through prior incentives, program offerings or agreements will be ineligible until that term expires.
- If a customer moves into a property with solar, the new customer may participate by executing the Participation Agreement if the customer meets program eligibility requirements.
- There may be some battery configurations that are incompatible, such as a DC coupled system with solar generation and storage, including a backup load panel. SRP will screen applicants through the process to ensure compatibility.
Want to sign up?
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Connected Home TeamFor questions, call (602) 236-4448(602) 236-4448 |
FAQ
SRP is helping residential solar system owners get value from their clean energy by paying for RECs you likely are not using but that SRP can. When solar panels produce electricity, they also create something called RECs, which are like proof that clean energy was made. These certificates are usually sold in big batches (1,000 kilowatt-hours), which is too much for most residential solar owners to handle on their own. So, SRP is offering to purchase the right to claim those certificates from residential solar owners, helping them earn money for their clean energy. In return, SRP will use those certificates to show progress toward its sustainability and clean energy goals. See those efforts along with our Sustainability Goals.
No, this would be in addition to your current rate plan.
You will receive payment for all the kWh you generate, not just the excess energy exported to the grid.
When you move, your SRP account will close and the agreement will terminate.
Customers may opt out of the agreement after one full bill cycle is completed. However, no changes can be made to the agreement, nor is it transferable to another homeowner if the home is sold. The person who buys your home will need to sign a new agreement and meet eligibility requirements.
There are no restrictions regarding system size or age.
REC prices are based on market rates and reviewed yearly. If the market changes by 20% or more, the price will be adjusted.
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