Carbon Solutions Group (CSG) is focused on helping geothermal owners monetize Renewable Energy Credits (RECs).
What is a GREC
GRECs are incentive credits that allow geothermal system owners to monetize the environmental benefits of their system's energy efficiency. Carbon Solutions Group (CSG) partners with local installers to create a seamless offering that gives your customers a direct line to collect their REC incentive without hassle.
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Who We Are: CSG currently serves 50,000 REC residential and commercial customers and over 300 energy resource installers in over 12 markets. CSG offers REC aggregation services for markets in North America including Maryland, Virginia, Pennsylvania, Delaware, New Jersey, West Virginia, Ohio, California, Oregon, Washington, and more. Our product offering enables residential, commercial, and industrial facilities the ability to monetize the environmental attributes associated with geothermal. We are excited to be one of the first to offer aggregation services for geothermal products. |
Market Details
Introduction of GREC's in Virginia RPS:
The Virginia Renewable Energy Credit (REC) market encompasses various types of renewable energy technologies, including geothermal heat pumps. RECs are incentive credits that allow owners of geothermal systems to monetize the environmental benefits of their systems' energy efficiency. Carbon Solutions Group (CSG) partners with local installers to create a seamless offering that gives customers a direct line to collect their REC incentives.
Market Forces:
Virginia S.B.508 passed the legislature in March 2024 and is awaiting signature by the Governor. The bill would establish geothermal energy as eligible for compliance with the state’s renewable energy portfolio standard requirements.
The Alternative Compliance Penalty (ACP) for utility providers is set in VA at $45/MWh.
Eligibility for GRECS:
For residential systems, the purchase of a Geothermal system and a Manual J calculation is required.
Retroactivity / Eligibility Start Date
Facilities on estimates will earn credit beginning with the first full month following application submission and we can register systems installed after 8/16/2022.
What Contract Options do we offer in Virginia?
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 size of the system and the energy efficiency of the system. Determining factors include the total conditioned square footage, the type of heating system being replaced, water heater type, and other home energy efficiency factors. Payment is made in full within 30 days of all registrations being approved.
Registration Process
The registration process will begin after a system has been installed and the system owner has signed a REC contract with Carbon Solutions Group. The system registration process generally takes between 4-6 weeks. Payment to the customer is net 30 from the system registration date.
Required Information
- System Details and cut sheets for original and GHP equipment
- Proof of installation document (Building permit, paid invoice, etc)
- System Specs (typically on the proposal/sales contract)
- Manual J
- System Photo
- Schedule A (provided by CSG)
- *Corporation Only (non residential) - Certificate of Good Standing and Installer Engineering Study
We appreciate the
opportunity to work with you.
Carbon Solutions Group
Contact Information
Phone: 888-316-GREC
Email: GREC@carbonsolutionsgroup.com
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