Bioenergy, Geothermal, Hydropower, Solar, Wind Power

ACORE Enables National Trading of Renewable Energy Credits

The American Council On Renewable Energy (ACORE) released the standard form contract for national trading of Renewable Energy Certificates (REC), also known as green tags.

According to ACORE, active REC markets maximize cost-effective resource allocation and allow states to implement aggressive renewable portfolio standard targets while minimizing increases in costs for electricity to consumers and businesses. “The contract is technology neutral, usable in both the voluntary and compliance markets, and legally robust regardless of American jurisdiction,” said Jeremy Weinstein, Co-Chair of the working group. The agreement is a result of two years of collaboration through a working group organized by ACORE, the Renewable Energy Resources Committee and Special Committee on Energy and Environmental Finance of the American Bar Association Section of Environment, Energy and Resources, and the Environmental Markets Association (EMA). “This is an important step in creating a national system for REC trading, which will be essential to monetizing the environmental benefits of renewable energy,” said Michael Eckhart, President of ACORE, “and building those values into the long-term financing of the projects.” The Renewable Energy Certificate Purchase and Sale Agreement is available for online viewing (use link below).