Maryland GREC Market Overview

What is a GREC

GRECs are incentive credits that allow geothermal system owners to monetize the environmental benefits of their system's energy efficiency. For every 1,000 kilowatt-hours or 1 megawatt-hour your system generates, you are credited with 1 GREC. 

What Contract Options do we offer in Maryland?

Full Upfront - One Upfront Lump-Sum Payment

This option is one payment upfront. This is a pre-payment for the renewable energy credits generated over the system's useful life.We calculate this payment based on the system size (tons). The price is discounted from the current market price and payment is made within 30 days of all registrations being approved.

Market-Based - Current Market Rote Minus Commission

The timing and amounts of the payments will fluctuate with the market. We will sell your SRECs (based on the actual production) at least once per year. Payments will be made within 45 days of the sale of the SREC and a set commission will be deducted from your payment.

Example:

Referral Payments for Installers

As a partner you will receive a set price per ton referral bonus for information sharing and converting your customer to be our registered customers. CSG is currently offering $100/ton. Referral Payments are sent quarterly.

Registration

Overview of the Process and Timeline

The registration process begins once a system has been installed and the geothermal owner has signed a REC contract with CSG. From there, CSG handles all aspects of the system's registration and payment to the customer.

After signing a contract with CSG, the registration process generally takes 1 - 3 months. If, due to the complexity of the installation, the calculator cannot be used or if the data is determined to be inaccurate or incomplete, an engineering study may be required. All engineering studies accepted must be approved and stamped by a Maryland licensed professional engineer. These additional requests can prolong the registration.

Required Information

• System Details

• Owner and Installer Affidavits

• Local building permit final approval and/or proof of paid invoice

• ClimateMaster Saving Calculator (Residential)

• Installer’s Engineering Study (Non-residential)

• Certificate of Good Standing if the owner is a corporation

• Schedule A

Eligibility

Starting January 1, 2023, a person can receive renewable energy credits based on the amount of thermal energy saved by a geothermal heating and cooling system if the person: 1) Owns and operates the systems; 2) Leases and operates the systems; or 3) Contracts with a third party who owns and operates the systems.

In addition to RECs, new geothermal installations may be eligible for up to $3,000 in rebates through the Residential Clean Energy Rebate Program. CSG will help you to register and apply for rebates and incentives as a contract option.

To qualify for residential renewable energy credits (RECs) only, the geothermal heating and cooling system must be installed in a residential home that is not owned by a business. The system must meet ENERGY STAR standards (see Energy Efficiency Requirements for Geothermal Heat Pumps) and not feed electricity back into the grid. A single residential home qualified as low or moderate income housing is also eligible for RECs under the new carve-out if the system was installed on the property on or after January 1, 2023.

To qualify for non-residential RECs, the geothermal heating and cooling system must be installed in a non-residential facility. Non-residential facilities include commercial buildings and multi-family housing units. Supporting documentation must be provided to prove that the system is not for a single residential home. 

We appreciate the

opportunity to work with you.

Carbon Solutions Group

Contact Information

Phone: 1 (888) 316 GREC (4732)

Email: GREC@carbonsolutionsgroup.com