International Renewable Energy Certificate
Definition
International Renewable Energy Certificate is a internationally recognized Energy Attribute Certificate (EAC), similar to a Guarantee of Origin (GO), used to document and report energy coming from renewable energy sources. I-RECs can be implemented in any country that does not have a local scheme in place.
The I-REC Standard governs I-REC system operations, reviews and authorizes new issuance countries. The I-REC Standard provides a list of rules, regulations and best practices, forming the I-REC Code. The I-REC Code provides the blueprints for a standardized attribute tracking system that countries issuing I-RECs must follow. It can be implemented in any country or region.
Similar to the European GO certificates, the I-REC is issued per one MWh of renewable energy produced. An I-REC is electronically issued by the I-REC registry based on renewable energy generators' output.
The steps of the process are similar to other EAC systems:
- Renewable electricity is generated in a production facility (plant)
- Certificates (I-RECs) are issued for the generated electricity and verified by a third party
- I-RECs are registered with the I-REC registry
- I-RECs are purchased by end-users (End-users can decide which kind (e.g. solar power) of renewable energy certificates to buy).
- End-users use the certificates to document the renewable origin of the electricity they consume
- I-REC used by end-users are cancelled in the registry when the consumer claims it
