WattCarbon, a platform for Energy Attribute Certificate (EAC)-based clean energy procurement, has closed its first-ever hourly renewable deal of 500 MWh in collaboration with West Virginia developer Solar Holler. The partnership enables organizations to invest in clean energy in the majority-coal powered region, and is a first in the industry's transition from annual to hourly-matched EAC procurement.
LAFAYETTE, Calif., Jan. 16, 2024 /PRNewswire-PRWeb/ -- WattCarbon, a platform for EAC-based clean energy procurement, and Solar Holler, a developer of renewable energy based in West Virginia, have completed an initial purchase and transfer of more than 500 MWh of hourly Energy Attribute Certificates (EACs). Buyers include individuals and organizations participating in WattCarbon's distributed clean energy marketplace.
"We were really excited to partner with Solar Holler for our initial procurement because of the impact that clean energy has in a state that's still predominantly powered by coal," says McGee Young, CEO of WattCarbon.
Untapped Procurement Impact
As a regulated energy market reliant on coal for power generation, procurement in West Virginia represents a uniquely high impact and untapped opportunity for clean energy buyers. In addition to the outsized carbon reduction benefits, the projects also deliver substantial economic benefits to a community heavily impacted by fossil fuels, and - so far - mostly left out of the benefits of the clean energy transition.
"Our goal is to deliver the full scope of benefits made possible by solar energy to the heart of Appalachia–allowing Appalachians to continue powering the rest of the country, just like we have since the dawn of the Industrial Revolution. By working with WattCarbon, the environmental impact of our work is being recognized, and is ultimately allowing us to drive the cost of solar down even further in beautiful West Virginian communities that others had ignored and left behind." says Dan Conant, CEO of Solar Holler.
Projects include residential rooftop solar installations across West Virginia, all completed in 2023. Rooftop solar lowers residents' energy bills by at least 20%, and provides energy independence amid major utility rate hikes. Projects also support local West Virginia job creation, including Solar Holler's high school apprenticeship program.
Leveraging EACs for Carbon Visibility
WattCarbon's market transacts granular EACs, which enable full visibility into the impact of emissionality-based procurement. Unlike RECs, EACs provide data-driven insights into the environmental impacts of clean energy procurement as well as the specific criteria required to meet policy requirements. This granular level of measurement is necessary for properly valuing clean energy procurement, and is game changing for clean energy buyers looking for greater transparency into the climate impacts they're driving.
"A REC by itself is relatively useless when trying to estimate the actual environmental impacts of clean energy. This is why the Inflation Reduction Act guidance for green hydrogen stipulates that clean energy must meet the "three pillars" test: hourly matching, deliverability within the same grid, and incrementality. EACs represent the future of clean energy, unlocking new procurement strategies that value environmental impacts, not just MWh generated." added Young.
WattCarbon's EACs capture each individual watt-hour of production and record the time of day, location, and grid carbon intensity, along with other information like the date of first operation of the equipment, and the type of energy contract used to procure the power. All of these pieces of information are important for determining whether or not an EAC can meet strict new standards being set by government agencies and carbon standards bodies.
Once buyers take title to their EACs within WattCarbon's platform, they can retire them or transfer them to another entity. WattCarbon's marketplace allows them to be relisted for sale. To prevent double counting, WattCarbon first requires the RECs to be transferred and retired on any existing registries before they can be reissued as EACs on WattCarbon's EAC registry. Each watt-hour receives its own serial number so that the EACs can be exactly matched to hourly energy use.
"The level of technical complexity underlying this platform is astonishing," says James Dice, CEO of Nexus Labs and one of the first buyers of Solar Holler EACs. "For operators of buildings with net zero energy goals, being able to match clean energy purchases to hourly energy consumption is a game changer and will likely save large property managers millions of dollars per year."
WattCarbon will soon be opening up access to its marketplace to any entity that is installing clean energy technology in buildings, including traditional renewable energy, but also battery storage, smart devices, EV charging, and heat pumps and other electrification projects. According to Young, the largest untapped decarbonization market is buildings. "Roughly 40% of annual emissions can be traced back to buildings. The future of our climate rests in our ability to deploy distributed clean energy at scale."
About WattCarbon
WattCarbon is the first complete solution for Energy Decarbonization Management. Their hourly EAC tracking & procurement platform enables companies to amplify the impact of their decarbonization investments, by providing visibility into the granular environmental and carbon benefits of clean energy. WattCarbon's EAC marketplace has unlocked the next phase of clean energy procurement - distributed clean energy - enabling companies to procure the times, places and solutions that align with their climate goals. Learn more at wattcarbon.com.
For more information, contact Sarah Emery at [email protected].
Media Contact
Sarah Emery, WattCarbon, 1 2146162401, [email protected], https://www.wattcarbon.com/
SOURCE WattCarbon
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