Journal
RENEWABLE & SUSTAINABLE ENERGY REVIEWS
Volume 75, Issue -, Pages 1066-1080Publisher
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.rser.2016.11.086
Keywords
Solar Photovoltaic (PV) systems; Solar Renewable Energy Certificates (SREC); Solar Alternative Compliance Payments (SACP); Payback period; Financial analysis
Funding
- Technology Advancement Research Program (TARP) - Ministry of Land, Infrastructure and Transport of Korean government [16CTAP-C114950-01]
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Solar Renewable Energy Certificates (SREC) in the United States (U.S.) have become an important driver for promoting the solar photovoltaic (PV) system. However, the SREC price volatility is considered the major barrier for installing the solar PV system due to the uncertainty of the revenue from selling the SREC. To address this challenge, this study aimed to establish a base price for SREC in order to encourage the installation of residential solar PV systems in the U.S. Toward this end, this study conducted the life cycle cost analysis to establish the minimum SREC prices required for reaching the target payback period of the residential solar PV system in the U.S. In addition, this study conducted the comparative analysis from the perspectives of residents and state governments by considering the SREC prices. This study was conducted in four steps: (i) target selection; (ii) data collection; (Hi) defining assumptions; and (iv) establishing the minimum SREC prices. The results showed that Massachusetts and New Jersey are the most superior state from the perspective of both residents and state governments. This study can help both residents and state governments to get financial advice for installing solar PV system and improving the SREC-related policies.
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