The SPV contract is structured in such a way that there is one contract for each identified system for which a bid is submitted. For forecast REC quantities for yet-to-be-identified sub-25kW systems bid through the SPV RFP proposal process (“speculative bids”), there is one initial contract per bid. However, once the systems are identified for the forecast REC quantity, each such system would have its own contract.

For sub-25kW systems, the minimum bid size is 500 RECs and all such RECs must be offered at the same uniform price.   The bid may include RECs from identified systems, or a forecast REC quantity, or both, but all RECs in the bid must be at the uniform price. For systems in the 25kW and over category, the minimum bid size is also 500 RECs. However, a participant can specify a different bid price for each system.

Thus, a participant is able to enter multiple bid prices for multiple systems in the 25 kW and over category and each such system would have its own contract. A participant is only able to enter a single price for multiple systems in the sub-25kW that together account for 500 RECs or more; however, each such system would eventually have its own contract.