Jun 28 2013
SRECTrade, Inc., a solar renewable energy certificate (SREC) brokerage and software firm, announced that it has surpassed 100 megawatts of solar projects aggregated in its software platform to track the electricity production of solar facilities, create SRECs and sell them to electricity suppliers.
An average of approximately 870 megawatts of solar capacity is needed to help electricity suppliers meet 2013 renewable portfolio standard (RPS) requirements across the seven SREC markets of New Jersey, Maryland, Ohio, Massachusetts, Washington, D.C., Pennsylvania and Delaware.
"Surpassing 100MW of solar projects is a welcomed milestone for our customers, partners and our business. We initially designed our software to help thousands of individual solar owners manage their accounts, but, as portfolios have grown, demand for our software from the institutional sector has driven our growth," according to Brad Bowery, CEO of SRECTrade.
SRECTrade's aggregation represents the largest SREC portfolio in the industry and is currently capable of creating over 120,000 SRECs per year that are sold to electricity suppliers at prices of up to $500 in some markets.
SRECTrade.com was initially conceived as a transaction website, but the firm quickly recognized the need to provide a simple interface that would allow clients to register their projects and track the production from their solar generating facilities in order to create and sell the SRECs. Today, one in 8 solar projects in the SREC markets uses the unique software platform.
SolarFlair Energy, Inc. of Framingham, Massachusetts, one of the leading developers in the state has been partnering with SRECTrade since the SREC program launched in Massachusetts. The firm has over 8 megawatts of its clients enrolled in the platform.
"Early in the program we recognized the value of having a solid partner helping us navigate a complex SREC market. SRECTrade has provided our customers with the tools they need to easily manage their accounts while keeping them informed on the constantly changing dynamics of the market," said Matthew Arner, Founder and President of SolarFlair Energy.
In addition to transacting SRECs, the software platform allows clients to batch upload data to be registered with state facilities, track their progress during the registration process and begin electronically reporting their solar generation.
SRECTrade then utilizes a variety of Application Program Interfaces (APIs) through partnerships with monitoring firms, such as Enphase Energy and REC registries, such as PJM GATS, to collect, track and share information that enables customers to create and transact SRECs, receive payments and view transaction histories all in one simple-to-use interface.
Enphase Energy of Petaluma, California was the first to establish an API providing production data from its Enlighten™ software directly to SRECTrade, offsetting the need to manually input meter readings to create SRECs.
"Enphase Energy quickly realized that a large number of our east coast customers were using SRECTrade to track SREC production. An integrated partnership is a significant value addition to our customer base," said Jay Goldin, Director of Business Development. "The integration between the Enlighten™ monitoring platform and SRECTrade fully automates the energy production to SREC creation process and provides the interface to manage everything else related to the transaction."
Since 2005, SREC programs have driven the rapid growth in solar capacity in these states. At the start of 2013, there were 18,000 non-solar electricity generators in the U.S. but over 200,000 solar generators. As the volume of individual generators grows, firms like SRECTrade hope to address the increasing need to integrate data and simplify the administrative burden of solar portfolios for a burgeoning industry with a bright future.
SRECTrade, Inc launched in 2008 to develop a marketplace for solar renewable energy certificates (SRECs) through a transparent, software-focused approach. Today, 100 megawatts of solar projects across the Mid-Atlantic, Midwest and Northeast use the firm's software to track electricity production and monetize their SREC portfolios. In addition to production tracking and transaction software, the firm provides in-depth market research in partnership with Greentech Media, as well as one of the most widely read blogs in the industry.
Media Contact: Sam Rust, SRECTrade, Inc., (415) 729-3546, [email protected]
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