Renewable energy facilities must apply to be registered with the Commission. The Commission will consider whether the facility meets the definitions required by North Carolina’s portfolio standard. That is, whether its fuel source is, in fact, “renewable.” Once registered, the facility is eligible to participate in NC-RETS. The facility’s energy production data, such as a monthly meter read, is entered into NC-RETS. NC-RETS creates one unique certificate for each megawatt-hour (MWh) of renewable energy produced. The facility then holds the certificates in its account. Or, it can transfer the certificates to a North Carolina electric power supplier. If the facility owner instead elects to transfer the certificates out of state, or retire them directly, they will be charged $0.01 per REC. Renewable energy facilities must maintain their energy production data for audit by the Public Staff and the Commission. For facilities that produce thermal energy, NC-RETS will create RECs based on a conversion factor of 3,412,000 Btu per 1 MWh. In addition, NC-RETS has a bulletin board where REC owners can post that they have RECs available for sale.
Posted in: About NC-RETS