Solar set asides and renewable electricity certificates: Early lessons from North Carolina's experience with its renewable portfolio standard

This paper assesses the market developments in North Carolina's solar energy industry following the state's adoption of a renewable portfolio standard (RPS). It first reviews how solar renewable electricity certificates (SRECs) are intended to act as a support mechanism for the installation and financing of solar power in North Carolina's RPS compliance market. The paper then analyzes why SRECs have not precipitated growth in the solar industry thus far.