Homeowners in Ohio considering solar energy have an opportunity to earn through Solar Renewable Energy Certificates (SRECs). Kokosing Solar aims to help homeowners understand SRECs and their potential financial benefits.
An SREC represents the environmental benefits of generating solar energy. For every 1,000 kilowatt-hours (kWh) or 1 megawatt-hour (MWh) of electricity produced by a solar system, the owner earns one SREC. These certificates can then be sold to utilities and businesses needing to meet renewable energy requirements.
The size of a solar system determines the number of SRECs generated. For example, a 1-kilowatt system typically produces about one SREC annually. Most residential systems in Ohio range from 5 to 10kW, allowing homeowners to generate several SRECs each year.
Homeowners can sell their SRECs through brokers, aggregators, or direct buyers, with Kokosing Solar recommending Sol Systems for their streamlined process. Currently, Ohio SRECs are valued at approximately $3. However, Ohio-based systems can also qualify for Pennsylvania's Tier 1 SREC market, offering a potentially better return.
To optimize SREC value, Kokosing Solar advises the Sol Upfront contract from Sol Systems, which provides a lump-sum payment for 15 years of SREC production. There is also an option for ongoing income through a 3-year Sol Annuity.
SREC prices change monthly, and homeowners are encouraged to check with Sol Systems for the latest rates. Upon full certification and registration, payments are issued within 15 business days after approval.
SRECs offer Ohio homeowners a financial opportunity to earn from their solar systems, potentially offsetting initial investments and enhancing long-term savings. Homeowners can choose between lump-sum payments or ongoing payouts to best suit their financial needs.
Those interested in exploring their solar options and SREC potential can fill out a form for a free solar evaluation.