What is a Renewable Energy Credit – Maine REC?
A Renewable Energy Credit (REC) is a tradable commodity that represents proof that 1,000kwhs (1MWh) was produced from a registered solar renewable energy facility.
Solar facilities located in Maine are eligible to participate in the MA Renewable Energy Credit Program. Massachusetts accepts solar facilities into their REC program from other states within the ISO-NE Control Area. This includes all Maine solar facilities that have a revenue grade meter and have the production reported to the New England Power Pool (NEPOOL) by an approved third party verifier/reporter.
Will I still get net metering if I sell RECs?
If your utility offers net metering, yes. A solar renewable energy credit is generated based on the system’s total solar production, regardless of energy usage in your home. Net metering is an additional benefit provided to you by your utility. Net meter does not affect your REC benefit.
How are RECs created?
Each system needs a state certification to be allowed to sell RECs and account with the New England Power Pool Generation Information System (NEPOOL GIS), a third party designated by the state to issue and track all credits in New England. The RECs are created based on the amount of electricity generated from your system (1,000kWh = 1 REC).
How do I get certified with the state and an account in NEPOOL?
Your installer will provide us with the required technical information. Knollwood Energy will then submit all of the required documentation to get your system approved and registered for RECs. We will also establish a NEPOOL account and manage it on your behalf.
How is production reported to NEPOOL GIS?
Individuals cannot report their production directly. You must hire an Independent Verifier/ Reporter. The Independent Verifier will report the production to NEPOOL.
When are RECs created?
NEPOOL creates RECs quarterly based on the schedule below. Only whole RECs are created. Partial production is rolled into the next quarter. Production from first quarter (January-March) RECs are created on July 15th. Production from second quarter (April-June) RECs are created on October 15th. Production from third quarter (July-September) RECs are created on January 15th. Production from fourth quarter (October-December) RECs are created on April 15th.
When do I get paid?
You will receive payment for RECs created a couple of weeks after each quarterly minting. We can pay you via check or electronic deposit. As you can see from the NEPOOL minting cycle, if your system comes online in January, you will not see your first check until early August.
How do I know if I generate a REC?
The Knollwood Energy Customer Portal tracks all RECs created and sold. On the day of each quarterly REC creation in NEPOOL, your account will be updated in our customer portal. You can log in and see if you have any new RECs.
How do I track my REC production and sales?
The Knollwood Energy Portal maintains a history of all of your RECs created and sold.
How do I get an account on the Knollwood Portal?
Each customer will get an account in the Knollwood Energy Customer Portal after they sign our paperwork. The username and password will be emailed to you.
What do I have to do?
You have three responsibilities. First, sign our paperwork. Second, make sure that you hire the Independent Verifier and ensure your production is reported to them. Finally, cash your check.