Did you know that PECO is purchasing solar Alternative Energy Credits (AECs) from Pennsylvania-based solar providers?
PECO has embarked on the second phase of our solar credit procurement program, which is part of a focused initiative to increase the market for locally-generated solar power. Solar is an integral part of PECO’s Path to Clean, which includes a goal for PECO and the collective Exelon Utilities to reduce operations-driven emissions by 50 percent by 2030 and achieve net-zero emissions by 2050.
Last April, a statewide RFP was launched, calling for 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. An additional 4,000 solar alternative energy credits were purchased at the average winning price of $34.07 per AEC from local solar providers directly within PECO’s service territory of Southeastern Pennsylvania.
This year, 8,000 fixed-price solar AECs will be purchased from the same areas as in 2021. By 2031, 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 first round of this year’s solar credit procurement program (4,000 solar AECs) will open on Monday, March 7, 2022 to Pennsylvania-based solar owners and aggregators. Applicants are required to apply for the minimum annual offer amount of 200 AECs, and winning bidders will be selected on a lowest bid price basis. More information on how to apply, along with key program dates, are available at www.PECO.com/solarRFP. An additional 4,000 solar AECs will be purchased at the 2022 average winning bid price from solar providers directly in PECO’s service territory of southeastern Pennsylvania, later this year.
PECO’s solar credit procurement program extends the company’s commitment to protect and preserve the environment and combat climate change by playing a leading role in the Greater Philadelphia region’s transition to a clean energy future. It will help to provide a new long-term, pricing market for locally generated solar AECs and increase the adoption of solar energy across the region.