Starting this month, June 2023, Sol Systems’ SREC customers in PJM-GATS markets are eligible for monthly payments! We are excited to expand our service to include monthly payments for our customers and installer partners.
How does a system qualify for monthly payments?
In order to receive monthly payments, customers must sign up for direct deposit through the Sol Systems Customer Dashboard. Customers who do not sign up for direct deposit will receive one check a year in November.
Monthly payments are available to customers with active Sol Annuity, Sol Brokerage, or Sol Profit Share agreements. Sol Upfront payments will continue to be paid within 15 business days after Sol Systems receives full system approval from PJM-GATS or NEPOOL. For Sol Brokerage customers, a generated SREC must still be sold on the spot market by Sol Systems to receive payment.
Massachusetts customers who are signed up for direct deposit will continue to receive quarterly payments due to NEPOOL’s quarterly SREC minting schedule.
What is the new monthly payments schedule?
Monthly payments will be processed by the last business day of each month. As with all electronic payments, it may take a few days for the payment to reach a customer’s bank account depending on the bank. Customers may view their payment statement at any time by logging into their Sol Systems Dashboard.
The following schedule outlines the SREC generation month that coincides with the SREC payment month. Therefore, for the June 2023 payment cycle, SRECs generated in or before April 2023 will be eligible for payment.
What happens if a system does not generate an SREC each month?
If a system does not generate an SREC during a given generation month, a payment will not be provided during the associated SREC payment month. For example, if a system with a Sol Annuity contract generates one SREC in January and one SREC in May, then the customer will receive a payment for one SREC in March and a payment for one SREC in July.
Why has Sol Systems switched to offering monthly payments?
Sol Systems has received feedback from our SREC customers and installer partners that more frequent payments are preferred. We know that SREC revenue can be a critical financial component of the decision to go solar, and we are pleased to provide our customers and partners with more frequent SREC payment options. Furthermore, to reduce the use of paper to print checks, we encourage all customers to enroll in direct deposit.
For questions regarding monthly payments, please email firstname.lastname@example.org.