PECO has launched the next phase of the company’s solar credit procurement, part of an initiative to increase the company’s local solar credits by 4,000 annually and to create longer-term market pricing for solar credits to further support the development of local solar generation.
Earlier this year, PECO issued a request for proposals to secure 10-year fixed-price contracts for 4,000 annual Pennsylvania-based solar Alternative Energy Credits (AECs) from Tier I solar Alternative Energy Systems under Pennsylvania’s Alternative Energy Portfolio Standards Act. During that phase, the price of $34.07 per solar AEC was determined.
In the second phase of the program, an additional 4,000 solar AECs will be purchased annually at the same price of $34.07 per AEC from local solar providers within the PECO service territory, more specifically Southeastern Pennsylvania.
PECO’s solar credit procurement program extends the company’s commitment to solar power by helping to provide a new long-term pricing market for locally generated solar AECs. In 2022, an additional 8,000 fixed-price solar AECs will be purchased from the same areas as in 2021. At the end of the 10-year process, 160,000 solar AECs will have been purchased across Pennsylvania. This represents the equivalent of 2,400 residential solar roof units in total, annually, and will double the number of solar credits purchased by PECO in 10-year agreements.
Applications for the 4,000 available solar AECs are now open and winning bidders will be selected on a first come, first served basis. Applicants are required to apply for the minimum annual offer amount of 200 AECs. Interested Southeastern Pennsylvania-based solar owners or aggregators should visit www.PECO.com/solarRFP for information on how to apply.