--- title: "GREC Market Insights & News — Geothermal Credit Updates" description: "GREC market updates, pricing analysis, state legislation, and education for geothermal heat pump owners and installers in MD, VA, NH, and PA." lang: en json-ld: | [ { "@context": "https://schema.org", "@type": [ "Organization", "LocalBusiness" ], "@id": "https://geothermalrec.com/#organization", "name": "Emergent Energy Solutions", "url": "https://geothermalrec.com", "logo": "https://geothermalrec.com/logo.png", "description": "National geothermal REC aggregator and brokerage. Registration, PJM-GATS tracking, and market sale of Geothermal Renewable Energy Credits for residential and commercial systems.", "address": { "@type": "PostalAddress", "streetAddress": "831 Lincoln Ave, Suite D-10", "addressLocality": "West Chester", "addressRegion": "PA", "postalCode": "19380", "addressCountry": "US" }, "telephone": "+12156457141", "email": "sales@emergentenergy.us", "areaServed": [ "Maryland", "Virginia", "New Hampshire", "Pennsylvania" ], "sameAs": [ "https://emergentenergy.us" ] }, { "@context": "https://schema.org", "@type": "Organization", "name": "Geothermal REC", "url": "https://geothermalrec.com", "parentOrganization": { "@type": "Organization", "name": "Emergent Energy Solutions", "url": "https://emergentenergy.us" } }, { "@context": "https://schema.org", "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://geothermalrec.com/" }, { "@type": "ListItem", "position": 2, "name": "Blog" } ] } ] --- [sales@emergentenergy.us](mailto:sales@emergentenergy.us) [215-645-7141](tel:2156457141) West Chester, PA [![Emergent Energy Solutions](https://www.pasrecs.com/assets/emergent-logo-dark-BEceeyq5.png)](/) [How It Works](/how-it-works)[States](/states)[Maryland](/maryland)[Virginia](/virginia)[For Installers](/for-installers)[Blog](/blog)[FAQ](/faq)[Get Evaluation](/evaluate) 1. [Home](/) 2. / Blog # GREC Market Insights & News Market updates, state legislation tracking, GREC pricing analysis, and educational resources for geothermal heat pump owners and installers. [Market Update ## Maryland GREC Price Hits $87 in 2025 — Owner Impact Maryland's GREC market continues to strengthen, with credits trading at $87.00 per MWh in 2025. We break down what's driving prices and how geothermal owners can maximize their revenue. Dec 14, 2025 Emergent Energy Team ](/blog/maryland-grec-price-87-2025)[State Program ## Virginia SB 508 Registration Is Now Open — Here's How to Enroll Following the Virginia SCC's December 2024 working group report, GREC registration is officially open for Virginia geothermal systems installed after August 16, 2022. Learn the step-by-step process. Oct 7, 2025 Emergent Energy Team ](/blog/virginia-sb508-registration-open)[Legislation ## PA PRESS Act (HB 501) Clears House Committee HB 501 cleared the House Environment Committee in June 2025, moving Pennsylvania one step closer to elevating geothermal to Tier I. We analyze the timeline and what it means for PA system owners. Jul 1, 2025 Emergent Energy Team ](/blog/pennsylvania-press-act-hb501)[Education ## How Many GRECs Does My Geothermal System Generate Per Year? The number of GRECs your system produces depends on capacity, COP, and fuel type replaced. We walk through the calculation with real-world examples for 3-ton, 5-ton, and 10-ton systems. May 19, 2025 Emergent Energy Team ](/blog/how-many-grecs-does-my-geothermal-system-generate)[Company News ## Announcing the Emergent Energy Installer Partner Program Geothermal installers can now add estimated GREC revenue to every customer proposal — and earn referral fees. Learn about our new partner program covering MD, VA, NH, and soon PA. Mar 9, 2025 Emergent Energy Team ](/blog/emergent-energy-installer-partner-program)[Education ## PJM-GATS vs. NEPOOL-GIS: Which Tracks Your GRECs? Understanding the difference between PJM-GATS (used in MD, VA, PA) and NEPOOL-GIS (used in NH) is critical for GREC registration. We explain both systems and what they mean for your credits. Jan 21, 2025 Emergent Energy Team ](/blog/pjm-gats-vs-nepool-gis)[Education ## What Is a Geothermal Renewable Energy Credit (GREC)? A GREC is a tradeable certificate issued for every MWh of thermal energy your heat pump produces. Learn how they work and what they're worth. Nov 4, 2024 Emergent Energy Team ](/blog/what-is-a-grec)[Education ## GREC vs. SREC: Key Differences and Which Pays More GRECs and SRECs are both renewable energy credits but trade in separate markets. Compare value, mechanics, and which is more lucrative. Oct 14, 2024 Emergent Energy Team ](/blog/grec-vs-srec-difference)[Education ## How GREC Registration Works — Homeowner Guide Registering for GRECs involves state certification plus PJM-GATS or NEPOOL enrollment. The full process explained in plain language. Sep 23, 2024 Emergent Energy Team ](/blog/how-grec-registration-works)[Legislation ## Geothermal Heat Pump Tax Incentives 2025 — IRA & GRECs Combined The IRA offers a 30% federal tax credit for geothermal heat pumps. Stack it with state incentives and GREC revenue to shrink payback. Aug 12, 2024 Emergent Energy Team ](/blog/geothermal-heat-pump-tax-incentives-2025)[State Program ## The Maryland GREC Program Explained: Eligibility, Pricing, and How to Enroll Maryland's GREC carve-out (HB 1007, 2021) pays geothermal owners $87 per credit in 2025. Eligibility, documentation, and enrollment explained. Jul 29, 2024 Emergent Energy Team ](/blog/maryland-grec-program-explained)[State Program ## Virginia GREC Program: How SB 508 Created a Market for Geothermal Credits Virginia SB 508 created a GREC market under the Clean Economy Act. How VA geothermal owners register systems and sell credits. Jul 1, 2024 Emergent Energy Team ](/blog/virginia-grec-program-explained)[State Program ## New Hampshire Geothermal Credits — NEPOOL Program Guide New Hampshire issues geothermal RECs via NEPOOL-GIS under its Class I RPS. How NH homeowners can register and earn from their heat pump. Jun 10, 2024 Emergent Energy Team ](/blog/new-hampshire-grec-program-explained)[Legislation ## Pennsylvania PRESS Act: What Geothermal Tier I Status Means for PA Homeowners Pennsylvania's PRESS Act (HB 501) would elevate geothermal to Tier I under the AEPS, creating a Maryland-style GREC market. What PA owners need to know. May 20, 2024 Emergent Energy Team ](/blog/pennsylvania-press-act-geothermal-tier-1)[Education ## How Your Geothermal System's COP Affects Your GREC Earnings Your geothermal heat pump's Coefficient of Performance (COP) directly determines how many GRECs your system generates each year. Here's how the math works. Apr 15, 2024 Emergent Energy Team ](/blog/geothermal-cop-grec-calculation)[Education ## The Fuel Displacement Multiplier — Oil Earns More GRECs Than Gas The fuel displacement multiplier adjusts GREC output by the heating fuel your geothermal replaced. Oil systems earn the most — here's why. Mar 18, 2024 Emergent Energy Team ](/blog/fuel-displacement-multiplier-grec)[Education ## PJM-GATS Enrollment for Geothermal Systems: What It Is and How It Works PJM-GATS is the tracking registry used to issue and transfer GRECs in Maryland, Virginia, and Pennsylvania. Here's what enrollment involves and why it matters. Feb 26, 2024 Emergent Energy Team ](/blog/pjm-gats-enrollment-guide)[Education ## NEPOOL-GIS and New Hampshire GRECs: A Homeowner's Guide NEPOOL-GIS is the certificate tracking system used for New Hampshire geothermal credits. Learn how it works and why it's different from PJM-GATS. Jan 30, 2024 Emergent Energy Team ](/blog/nepool-gis-geothermal-guide)[Education ## Geothermal System Size and GREC Revenue: 2-Ton vs. 5-Ton vs. 10-Ton How much GREC revenue 2-, 3-, 4-, 5-, and 10-ton geothermal systems earn per year at current Maryland market rates. Dec 11, 2023 Emergent Energy Team ](/blog/geothermal-system-size-grec-revenue)[Education ## Does My Older Geothermal System Qualify for GRECs? Eligibility by Installation Year GREC eligibility by install year and state. Maryland allows pre-2023 systems for Tier 1; Virginia requires installation after August 2022. Nov 6, 2023 Emergent Energy Team ](/blog/geothermal-system-age-grec-eligibility)[Education ## Commercial Geothermal Systems and GREC Revenue: Schools, Offices, and Multi-Family Buildings Commercial and institutional geothermal can earn hundreds of thousands in annual GREC revenue. How the program works for non-residential buildings. Oct 9, 2023 Emergent Energy Team ](/blog/commercial-geothermal-grec-revenue)[Market Update ## GREC Market Price History: How Geothermal Credit Values Have Trended Maryland GREC prices have trended from lower initial values toward $87/MWh in 2025. Here's a look at the market history and what drives GREC price movements. Sep 5, 2023 Emergent Energy Team ](/blog/grec-market-price-history)[Education ## What Is a Renewable Portfolio Standard and Why Does It Create GREC Demand? An RPS requires utilities to source a share of power from renewables. GRECs are how they meet geothermal compliance — and why credits have value. Aug 14, 2023 Emergent Energy Team ](/blog/renewable-portfolio-standard-explained)[Education ## What Is the ACP Ceiling and How Does It Protect GREC Prices? The Alternative Compliance Payment (ACP) is the max utilities pay to skip buying GRECs. It sets both the ceiling and effective floor on prices. Jul 24, 2023 Emergent Energy Team ](/blog/alternative-compliance-payment-acp-explained)[Education ## How Much Does a Geothermal Heat Pump Cost in 2025? Installation, ROI, and GREC Revenue Geothermal heat pump install costs $15K–$40K. With IRA tax credits, state rebates, and GREC revenue, payback can be under 5 years. Jun 19, 2023 Emergent Energy Team ](/blog/geothermal-heat-pump-installation-cost-2025)[Education ## Geothermal vs. Air-Source Heat Pump: Which Generates GRECs? Only ground-source heat pumps qualify for GRECs — air-source does not. The technical and financial differences between the two systems. May 22, 2023 Emergent Energy Team ](/blog/geothermal-vs-air-source-heat-pump)[Education ## ENERGY STAR Certification Requirement for GREC Eligibility Maryland's GREC program requires residential geothermal systems to meet ENERGY STAR standards. Here's what that means and how to verify your system qualifies. Apr 17, 2023 Emergent Energy Team ](/blog/energy-star-requirement-grec)[For Installers ## Geothermal Installers — Use GREC Revenue to Close Sales Adding GREC revenue estimates to geothermal proposals boosts close rates. How installers can present the full financial picture to prospects. Mar 28, 2023 Emergent Energy Team ](/blog/geothermal-installer-grec-sales-tool)[Education ## GREC Payment Timeline: How Long Until You Receive Your First Check? From initial assessment to first GREC payment takes approximately 6–12 weeks. Here's what happens at each stage of the GREC registration and payment process. Feb 13, 2023 Emergent Energy Team ](/blog/grec-payment-timeline)[Education ## No Upfront Cost GREC Registration: How the Revenue Share Model Works Emergent Energy registers geothermal systems for GRECs at no upfront cost — we take a share of the revenue we generate. Here's how it works. Jan 9, 2023 Emergent Energy Team ](/blog/grec-upfront-cost-no-cost-model)[Education ## Open Loop vs. Closed Loop Geothermal: Do Both Qualify for GRECs? Open-loop and closed-loop geothermal heat pumps can both qualify for GRECs if they meet state certification. What to know by system type. Dec 6, 2022 Emergent Energy Team ](/blog/geothermal-open-loop-closed-loop-grec)[Education ## Manual J Load Calculations and GREC Registration: What You Need to Know A Manual J calculation helps document your system's capacity for GREC registration. Here's why it's recommended, when it's required, and how to get one. Nov 1, 2022 Emergent Energy Team ](/blog/manual-j-calculation-grec-registration)[Legislation ## Maryland's GREC Low-Income Carve-Out: What It Means for LMI Homeowners Maryland requires 20% of GREC compliance from low-to-moderate income facilities. LMI geothermal owners may qualify for enhanced programs. Oct 11, 2022 Emergent Energy Team ](/blog/grec-lmi-carve-out-low-income)[Education ## New Construction Geothermal Systems and GRECs: Planning for Maximum Revenue New construction geothermal creates an immediate GREC revenue stream. How to plan your system for maximum credit generation from day one. Sep 7, 2022 Emergent Energy Team ](/blog/geothermal-new-construction-grec)[Education ## GREC Registration Documentation Checklist: What You'll Need to Get Started GREC registration requires the install invoice, equipment specs, and utility account info. The exact documentation checklist to gather. Aug 15, 2022 Emergent Energy Team ](/blog/geothermal-system-documentation-checklist)[Legislation ## Which States Are Next for Geothermal GRECs? The 2025 Legislative Outlook Beyond Maryland, Virginia, and New Hampshire, several states are advancing GREC legislation in 2025. Here's the current legislative landscape and what to watch. Jul 20, 2022 Emergent Energy Team ](/blog/emerging-states-geothermal-grec-2025)[Education ## How Is Thermal Energy Measured for GREC Purposes? MWh and the Metering Standard GRECs are issued per MWh of thermal energy produced. How thermal output is calculated, estimated, and sometimes metered for GREC issuance. Jun 13, 2022 Emergent Energy Team ](/blog/geothermal-mwh-thermal-measurement) ![Emergent Energy Solutions](https://www.pasrecs.com/assets/emergent-logo-dark-BEceeyq5.png) National geothermal REC aggregator and brokerage service. Registration, tracking, and market sale — at no upfront cost. 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