The current Solar Renewable Energy Credit (SREC-II) program is scheduled to transition to the Solar Massachusetts Renewable Target (SMART) incentive program this year. If you’re in the SREC program already, you will not be affected. But if you are interested in installing solar and applying for one of these programs, you may want to learn more about how they differ.
The effective date for the SMART program is set to be March 31, 2018. Systems installed before that date will still be eligible for the SREC program, and those installed after that date will be eligible for the new SMART program.
The most notable difference between the new SMART program and the SREC-II is that incentive values are fixed over the course of the incentive contract, whereas with SREC-II, values change according to the SREC market. The SMART incentive values will therefore be much easier to predict, as shown in the graph below.
Another difference is in how the values are calculated. For SREC’s there were a limited number of market sectors based mostly on system size, but for SMART program applicants there are an array of multipliers based on system capacity and income level, as well as adders on top of that for different scenarios such as battery storage and where and how the system is installed.
For more information on the differences between the two programs, feel free to contact us!