Energy Credits
Sun Biofine can file all of the required paperwork to register your renewable energy system, track your Renewable Energy Credits (RECs), and sell your credits to the utility.
History
In 2008 the state of Ohio (OH Senate Bill 221) passed an Alternative Energy Portfolio Standard (AEPS).
This legislation requires all utility companies doing business in the state of Ohio to meet certain minimum thresholds for providing electricity from renewable resources.
Many alternative sources are eligible, including wind and solar, and the requirement gradually increases to a total of 12.5% by 2026 of which 0.5% must be photovoltaics (solar electric). A summary of the program may be found here.
If a utility does not meet the state mandate, then financial penalties are assessed, thus providing an incentive for renewable generation and use.
Renewable Energy Credits
The initial mandate was high enough that utilities had to go to the private sector to fulfill the requirements of the AEPS. This created a market for Renewable Energy Credits (RECs) from individual homeowners as well as businesses for alternative electrical generation.
RECs are generated and tracked through an independent third party. In the Eastern United States, including Ohio, this is done by PJM-GATS
Thus, private owners from single family housing to large scale wind/solar farms may register their systems, generates RECs, and sell them.
How does this work?
Below is a brief summary of the steps required to generate RECs and turn them into extra cash. Sun Biofine simplifies the work for you and makes this as easy as possible.
Register your site with the Public Utility Commission.
Wait for PUCO approval in Ohio and/or PennAEPS in Pennsylvania.
Register your approved site with the General Attribute and Tracking System (GATS). This is where generation is recorded and RECs are created and tracked.
Take a digital photo of your meter approximately every six months and email or text it to Sun Biofine.
Wait for your check in the mail.
Steps 1-3 are all done for you by Sun Biofine after collecting some basic information about your particular system. We have an easy one sheet summary page to help. Not sure about a specific item? We’ll figure it out or work with your installer to get the answers we need. Usually pictures of your system and the system electric meter, and the appendices of the interconnect agreement with your utility have most of the needed information.
To learn more about the Solar Renewable Energy Certificates Program (SRECs) we recommend visiting the DSIREusa.org website.
How much does this cost?
Sun Biofine charges an initial set-up fee of $125. However, we take this out of your RECs after they are sold into the market. So we get paid when you get paid. We usually structure this as a 50:50 split for the first couple of years until the set-up fee is paid. After that a 10% fee per REC is charged.