Solar Carve-out and Solar Carve-out II Minimum Standards and Market Information

Current details on the minimum standards, ACP Rate schedules, Auction Prices, and lists of qualified units.

Minimum Standard Calculations

Every Retail Electricity Supplier must demonstrate to DOER in an Annual Compliance Filing that it complied with the RPS Minimum Standard for the prior calendar year (Compliance Year). The Minimum Standards for the Class I Solar Carve-out and Solar Carve-out II are the percentages of a Supplier's total retail load obligation that must be met by the ownership of Solar Carve-out and Solar Carve-out II Renewable Energy Certificates (SRECs and SREC IIs) issued by the NEPOOL GIS, with each SREC or SREC II representing the environmental attributes associated with one MWh of electrical energy from a Generation Unit that has been qualified by DOER.

The Solar Carve-out and Solar Carve-out II Minimum Standards are part of, not in addition to, the RPS Class I Minimum Standard. The Minimum Standards for the RPS Class I Solar Carve-out and Solar Carve-out II is calculated and announced each year in accordance with the provisions of the RPS Class I Regulation in 225 CMR 14.07(2) and (3). More details on the methodology used to calculate current and previous Minimum Standards can be found below.

Compliance Year Solar Carve-out Compliance Obligation (MWh) Solar Carve-out II Compliance Obligation (MWh) Total Retail Load Obligation from two years prior (MWh) Solar Carve-Out Minimum Standard (%) Solar Carve-Out II Minimum Standard (%)
2010 34,164 N/A 50,321,635 0.07% N/A
2011 78,577 N/A 48,301,821 0.16% N/A
2012 81,559 N/A 50,025,563 0.16% N/A
2013 189,297 N/A 49,386,169 0.38% N/A
2014 464,520 41,279 48,992,429 0.95% 0.08%
2015 1,056,097 161,958 49,252,581 2.14% 0.33%
2016 845,519 377,877 48,129,291 1.76% 0.79%
2017 783,183 1,374,406 48,009,721 1.63% 2.86%
2018 838,995 1,906,434 46,864,431 1.79% 4.07%
2019 798,214 1,789,639 45,722,855 1.75% 3.91%
2020 748,584 1,765,527 46,448,304 1.61% 3.80%
2021 743,433 1,756,220 44,705,754 1.66% 3.93%
2022 691,755 1,778,244 43,673,802 1.54% 4.07%
2023 410,624 1,619,369 44,374,193 0.93% 3.4149%
2024 8,457 1,522,925 44,507,592 0.019% 3.4217%

Calculation of Solar PV Capacity Factor

As required by regulation, DOER has completed its analysis of the average solar PV capacity factor for projects participating in the Solar Carve-out and Solar Carve-out II. Using eleven years of production data from January 2010 through December 2022, DOER determined that the average capacity factor of systems operating during this period was 13.06%. This new capacity factor was used to help project the number of SRECs and SREC II that will be generated in 2024 as part of the DOER’s Determination of CY 2024 Total Compliance Obligations for each program. The details of how this calculation was made can be found in the Determination of Average Solar PV Capacity Factor.

Solar Carve-out Minimum Standards

DOER has made the determination that the 2024 Solar Carve-out Compliance Obligation will be 8,457 MWh and that the Minimum Standard shall be 0.019% of total retail electricity sales. The details of how this Minimum Standard was determined can be found below: 

Determination of CY 2024 Total Compliance Obligation and Minimum Standard

Prior Solar Carve-out Minimum Standard Calculations

Determination of CY 2023 Total Compliance Obligation and Minimum Standard

Determination of CY 2022 Total Compliance Obligation and Minimum Standard

Determination of CY 2021 Total Compliance Obligation and Minimum Standard

Determination of CY 2020 Total Compliance Obligation and Minimum Standard

Determination of CY 2019 Total Compliance Obligation and Minimum Standard 

Determination of CY 2018 Total Compliance Obligation and Minimum Standard

Determination of CY 2017 Total Compliance Obligation and Minimum Standard 

Determination of CY 2016 Total Compliance Obligation and Minimum Standard

Determination of CY 2015 Total Compliance Obligation and Minimum Standard 

Determination of CY 2014 Total Compliance Obligation and Minimum Standard

Determination of CY 2013 Total Compliance Obligation and Minimum Standard

Determination of CY 2012 Total Compliance Obligation and Minimum Standard 

Solar Carve-out II Minimum Standards

DOER has calculated the 2024 SREC II Compliance Obligation and Minimum Standard for load under contracts signed after May 8, 2016. DOER has determined that the Compliance Obligation shall be approximately 1,522,925 MWh and that the Minimum Standard shall be 3.4217% of total retail electricity sales. The 2024 Compliance Obligation for load served under contracts signed on or before May 8, 2016 shall be approximately 937,125 MWh and that the Minimum Standard shall be approximately 2.1055% of total retail electricity sales. Lastly, the Compliance Obligation for load served under contracts signed on or before April 25, 2014 shall be 0% of total retail electricity sales. The details of how the preliminary Minimum Standards were calculated can be found here:

CY2024 Calculation of Minimum Standard Guideline

*Updated 10/17/2023 due to the retail load obligation changing. 

Prior Minimum Standards

CY2023 Calculation of Minimum Standard Guideline - Modified

*Updated 10/17/2023 due to the retail load obligation changing. 

CY2022 Calculation of Minimum Standard Guideline

CY2021 Calculation of Minimum Standard Guideline

CY2020 Calculation of Minimum Standard Guideline

CY2019 Calculation of Minimum Standard Guideline

CY2018 Calculation of Minimum Standard Guideline

CY2017 Calculation of Minimum Standard Guideline

CY2016 Calculation of Minimum Standard Guideline

Market Information

Exempt Load and Re-Minted Auction Certificates

The RPS Solar Carve-Out and Solar Carve-Out II Programs provide compliance exemptions for load served under contracts executed prior to certain dates. 

The following spreadsheet contains the most recent aggregate information on past and future exempt loads collected from retail suppliers, with the first tab containing data on the Solar Carve-Out exemption and the second containing data on the Solar Carve-Out II exemptions. The third tab lists the amount of Re-Minted Auction Certificates created each year and documents when such certificates were used for compliance and how many remain available for use and future years. Updated May 2020.

SREC I and II Exempt Load Projections

SRECs Minted and Expected

The following spreadsheet contains updated numbers of the monthly production totals for SREC I systems, as well as the total number of SREC Is minted each quarter at NEPOOL GIS.

SRECs Minted and Expected

Alternative Compliance Payment Rates and SREC I and II Auction Rates

The schedule below details the Solar Carve-out and Solar Carve-out II ACP Rates in effect for every Compliance Year through 2029.

Compliance Year

Solar Carve-out ACP Rate ($/MWh)

Solar Carve-out II ACP Rate ($/MWh)

2010

$600

N/A

2011

$550

N/A

2012

$550

N/A

2013

$550

N/A

2014

$523

$375

2015

$496

$375

2016

$472

$350

2017

$448

$350

2018

$426

$350

2019

$404

$333

2020

$384

$316

2021

$365

$300

2022

$347

$285

2023

$330

$271

2024

$330

$257

2025

$330

$244

2026

N/A

$232

2027

N/A

$220

2028

N/A

$209

2029

N/A

$199

Solar Credit Clearinghouse Auctions

DOER has established two separate accounts on the NEPOOL GIS system, one for SREC I and one for SREC II deposits. Each solar installation, as part of its Statement of Qualification issued by DOER, is permitted to deposit SRECs or SREC IIs into the applicable Solar Credit Clearinghouse Auction Account established by DOER. The term shall be no more than 40 quarters for all qualified Generation Units.

SRECs deposited into the auction account shall be sold at a fixed price of $300/MWh, with depositors receiving $285/MWh for each SREC successfully sold. SREC IIs deposited into the auction account shall be sold at the applicable fixed price for the year in which they were generated according the following table:

Compliance Year

Auction Bid Price ($/MWh)

Value to Depositor ($/MWh)

2014

$300

$285.00

2015

$300

$285.00

2016

$300

$285.00

2017

$285

$270.75

2018

$271

$257.45

2019

$257

$244.15

2020

$244

$231.80

2021

$232

$220.40

2022

$221

$209.95

2023

$210

$199.50

2024

$199

$189.05

2025

$189

$179.55

2026

$180

$171.00

2027

$171

$162.45

More information on the Solar Credit Clearinghouse Auctions can be found on DOER’s SREC and SREC II Auction webpage.

List of Qualified Generation Units

The following page provides links to lists of projects that have received a Statement of Qualification under the Solar Carve-out or Solar Carve-out II.

Qualified Generation Units 

 

SREC II Managed Growth Capacity Blocks

The following is a list of projects that have received a Statement of Qualification and have been allocated a position under a Managed Growth Annual Capacity Block. Projects on the Waiting List are also listed.

Managed Growth Capacity Block Allocations 

Additional Resources

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