SOLAR INCENTIVES FOR HOMEOWNERS

There are many solar incentives available for homeowners to help finance your solar system. Below are two programs that may be available to you. In the process of working with you to create your unique solar system design and meet your specific needs, we will also walk with you to look at these and are always available for any questions that you may have.

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SRECS - Solar Renewable Energy Certificates
More Info Here: epa.gov and dominionenergy.com

What Is It? 

• A renewable energy certificate (REC) is a market-based instrument that represents that property rights to the non-power attributes of renewable electricity generation.
• Solar RECs (SRECs) are created for every 1,000 kilo-watt hours of electricity generated by a solar energy system. 
• The owner of the SREC is the person or entity that owns the solar system, or ability to generate electricity from solar. 
• Many states (including VA) have created SREC markets to spur the development of solar by requiring electricity suppliers (like Dominion) to purchase SRECs produced by in-state solar systems as part of their obligation under the state's Renewable Portfolio Standard (RPS). Virginia's RPS.
• Through the purchase of SRECs, electricity suppliers are ensuring that their products meet the RPS-mandated amount of solar power. 
• The monetary value of an SREC in these state markets is determined by supply and demand, with demand largely driven by electricity suppliers. 
• As of 2024, in Virginia, the current going rate for one SREC sold is around $45.00. However, similar to the stock market, the SREC rates will go up and down year to year, due to supply and demand. 

Who Is Eligible?

• Anyone who owns a solar system in a state that participates in SRECS - like Virginia.
• This applies to homeowners and business owners.

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Click the questions boxes for answers to more commonly asked questions. Click the minus icon to close each box.

How do I get started?

• When we are getting you set up with a new solar system, we will have a conversation with you about SRECs, and if you are interested, we will initiate the process for you and do most of the paperwork involved. There is one form that will need your signature, but otherwise it is a relatively simple process for you as we take care of the rest. 
• If you have a system that is older and are not set up with SRECs, and you are interested, contact us today to get started.

More FAQ

How often do I get paid?

• Many people think that since they generate solar energy on a monthly basis, they will get paid for SRECs monthly - however this is not accurate. 
• SRECs are purchased, by Dominion, whenever they need to purchase them, and this is not regularly, though it is often annually at least. 
• So you can likely make some money from this annually, but it's best not to depend on this as a regular monthly income source. 

Can I do this myself? 

• You can technically hold on to your SRECs and try to sell them yourself, however this is not recommended, for two reasons. 
• First, Dominion is extremely unlikely to seek out individual solar system owners to purchase SRECs from, preferring to purchase in bulk, or from larger producers whenever possible. 
• Second, working with an SRECs aggregator (who can bundle many SCRECs together and sell them for a better price, and ensure they are sold because there is large volume, offers you a better chance to ensure you sell yours regularly. 
• For this reason, Green Hill Solar partners with an industry SREC aggregator that we are able to sign clients up with who are interested. 

Does this in any way affect my monthly electric bill? 
No, this is separate from your electric bill and is available to anyone, whether they are a Dominion customer or not - so long as you own a solar system. 

If the going SREC rate is $45.00, do I get $45.00 for every SREC I sell? 
There are some fees associated with selling your SRECS through an aggregator (which we use), so your payback will be a bit lower than the going market rate.