University of Minnesota Extension
http://www.extension.umn.edu/
612-624-1222
Menu Menu

Extension > Regional Sustainable Development Partnerships > Northeast > Clean Energy > Minnesota Renewable Energy Credit Exchange (MN REC-X)

Minnesota Renewable Energy Credit Exchange (MN REC-X)

Project files

Purpose

MN REC-X will be a web-based marketing opportunity to facilitate two distinct achievements: (1) the auction of renewable Energy Credits for existing and proposed clean energy projects, and (2) a public campaign that increases awareness of the need for these projects.

Partners

U of M Northeast Minnesota Sustainable Development Partnership, UMD Campus Sustainability Coordinator, Arrowhead Regional Development Commission (ARDC), St. Louis County, City of Duluth, Sustainable Twin Ports, City of Mountain Iron, City of Grand Rapids, Clean Energy Resource Teams (CERTs), Unitarian Church and Lutheran congregations in Duluth, Mountain Iron and White Bear Lake.

Activities

The contract documents between developers, MN REC-X, and buyers need to be properly vetted and created. The actual website mechanism needs to be designed to insure ease of use and understanding, as well as security. A promotional plan needs to be developed that involves an all-media approach and energizes existing clean energy advocate base for maximum social media coverage. After this dedicated preparation, the campaign and website will be launched.

Outcomes

  1. Established operational validity of the business model through professional evaluation.
  2. Created valuable contacts within all of the four constituencies (government, education, faith, and non-profit/social enterprise) to prove that a supplier market does exist and is interested in participating in MN REC-X.
  3. Finalized cost of major components. Website development and operation is a huge part of the MN REC-X concept. We now have cost estimate for the first year's operation.
  4. Actively seeking grants and writing proposals for further funding support.
  5. Solicited and received letters of support from selected organizations and stakeholders.
  6. Created operational documents such as brokerage agreement, project registration form, and sales agreement.
  7. Conducted and delivered an economic study of the City of Duluth that projected the result of investing $100,000 per year into local REC program.
  8. Began the process to be put on agenda for both the City of Duluth and St. Louis County Board of Commissioners for evaluation of and participation in the proposed program.
  9. Participated in Duluth Local Energy Action Plan as a key leadership team member, and thus have been able to form relationships with key community members involved in energy decisions and to introduce the concept of capturing REC through REC-X type platforms.
  10. Developed relationships with both print and program media representatives in Duluth.

    Funding

    $5,000

    Leveraged resources

    $650
  • © 2014 Regents of the University of Minnesota. All rights reserved.
  • The University of Minnesota is an equal opportunity educator and employer. Privacy