Flett Exchange

What Flett Exchange does

Flett Exchange, LLC is a privately held online environmental commodity exchange headquartered in Hoboken, New Jersey, founded in 2007 as the first dedicated 24/7 marketplace for Solar Renewable Energy Certificates (SRECs). The platform connects two sides of the U.S. state Renewable Portfolio Standard (RPS) market: residential and commercial solar asset owners seeking to monetize the SRECs generated by their systems, and Load Serving Entities (utilities) required to procure SRECs for RPS compliance. In the nearly two decades since launch, the exchange has expanded its geographic footprint to cover SREC markets in New Jersey, Maryland, Pennsylvania, Washington D.C., Virginia, and Ohio, plus Geothermal Renewable Energy Credit (GREC) markets in Maryland, Pennsylvania, and Virginia, with Illinois geothermal and Maryland Clean Heat Credit markets planned. The company reports serving over 20,000 renewable energy producers nationwide and managing a portfolio of 7,500+ facilities.

The platform is built around a web-based trading portal backed by state-specific market dashboards that publish live bid/ask pricing and proprietary daily settlement prices with historical charts dating to 2007. Core products include a full-service REC Manager account (commissions of $2.50/REC, handling facility registration with states and PJM Generation Attribute Tracking System, monthly generation reporting, SREC minting, and quarterly payments 4–5 times per year), a self-service DIY Trader Account ($0.50–$2.50/REC with 24/7 order-book access and payment in 2–5 days), and a separate Installer Portal CRM that supports PPA funds, commercial solar portfolios, residential installers, and LMI housing authorities. The system integrates with PJM GATS as the official tracking system for certificate registration and transfer and pulls automated monthly generation data from 15+ solar monitoring platforms including Enphase, SolarEdge, Tesla, and SunPower. Adjacent products include a Public Auction service for municipal and institutional sellers, Long-Term SREC bilateral contracts of 1–7 years for price-risk hedging, and a CHC Manager for Maryland Clean Heat Credits.

Flett Exchange earns revenue exclusively on a transaction-fee model: commissions per REC on every completed trade, with fee schedules varying by service tier, project size (commercial facilities >500 kW receive lower per-REC commissions), and trade type, plus Good Faith Deposits collected from users and held in a separate account. Go-to-market combines a self-serve online portal for residential and small commercial sellers, an inside-sales trading desk Monday–Friday for enterprise and institutional buyers, and an installer channel that onboards solar installers as distribution partners. Named customers include the Akron Metro Regional Transit Authority under a five-year fixed-price SREC contract and a fragmented base of more than 20,000 residential solar owners. The company is independent and bootstrapped, with a single disclosed $500,000 seed round in 2006, no institutional investors identified, and a small 1–10 employee operating footprint.

Name

Flett Exchange

Legal name

Flett Exchange, LLC

Website

https://flettexchange.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

1–10 employees

Short description

Flett Exchange is a private online environmental commodity exchange that enables residential and commercial solar owners to sell Solar Renewable Energy Certificates, Geothermal RECs, and Clean Heat Credits to compliance buyers across multiple US state Renewable Portfolio Standard markets.

Ownership category

akta.pro rank

Product category

Renewable Energy Certificates Exchange

NAICS

Commodity Contracts Intermediation (52316), Commodity Contracts Intermediation (523160), Securities and Commodity Exchanges (5232), Securities and Commodity Exchanges (523210)

SIC

Commodity Contracts Brokers & Dealers (6221), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

REC/GO Trading Platforms & Exchanges (EUAMAKAD)

akta.pro secondary industries

Environmental & Emissions Commodities Exchanges (Carbon, Renewable Certificates) (FSAFAMAE), Trading Platforms, ETRM/CTRM & Market Connectivity (APIs, Messaging, Integrations) (EUAMAMAN), Certificate Origination & Market Making (Liquidity Provision) (EUAGAFAG)

Keywords

• Renewable energy certificates
• Solar REC trading
• Environmental commodities exchange
• Clean energy credits
• SREC brokerage

Headquarters

HQ city

Hoboken

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Digital Commerce or Content

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. REC Commission (REC Manager): Full-service REC management with $2.50 per REC commission covering facility registration with states, PJM GATS registration, monthly generation reporting, and SREC minting and sales. Sellers receive payments 4-5 times per year.
2. DIY Trading Commission: Self-service trading platform with commission of $0.50-$2.50 per REC. Customers have 24/7 access to live SREC trading and order book, can sell instantly at bid price or place limit orders, with trade confirmation within 24 hours and payment in 2-5 days.
3. Commercial Project Fees: For commercial solar projects greater than 500kW, the most competitive fee structure applies: $0.50-$2.00 per REC.
4. Transaction Fees and Good Faith Deposits: Fees assessed for completed transactions per fee schedule posted on website. Good Faith Deposits collected from all users for margin/security deposit purposes.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Flett Exchange operates an online, 24/7 environmental commodity exchange and brokerage platform for trading Solar Renewable Energy Certificates (SRECs), Geothermal Renewable Energy Certificates (GRECs), and Clean Heat Credits (CHCs). Sellers (residential and commercial solar owners) register facilities, generate certificates via PJM GATS, and sell to compliance buyers (utilities, LSEs) across state markets including NJ, MD, PA, DC, VA, OH, and IL. The company offers two primary client interfaces: a full-service REC Manager (hands-off registration, monthly reporting, and sales at $2.50/REC) and a self-service DIY Trader Account with live order book access.

Product overview

Flett Exchange is a platform-plus-modules architecture centered on a 24/7 online environmental commodity exchange for renewable energy certificates (SRECs, GRECs, CHCs). The core platform supports two primary client interfaces: REC Manager (full-service managed account, $2.50/REC, handling registration and sales) and DIY Trader Account (self-service 24/7 spot trading with live order books). State-specific SREC markets span NJ, MD, PA, DC, VA, OH, IL; specialized sub-markets include NJ Class 1 RECs, Maryland Certified BT SRECs, and geothermal markets (MD GREC, PA AEC, IL GREC). An Installer Portal CRM supports PPA funds, commercial portfolios, and residential installers with onboarding, monitoring integrations (Enphase, SolarEdge, Tesla, SunPower), and multi-level user authorization. CHC Manager covers Maryland Clean Heat Credits. Public Auctions serve public-sector sellers, and Long-Term SREC Contracts enable bilateral fixed-price agreements of 1–7 years.

Differentiator

Problem solved

Functional benefit

Products and services

• Flett Exchange Platform (24/7 SREC/GREC/CHC Exchange) Online environmental commodity exchange and brokerage platform for trading Solar Renewable Energy Certificates (SRECs), Geothermal Renewable Energy Certificates (GRECs), and Clean Heat Credits across NJ, MD, PA, DC, VA, OH, and IL markets.
• REC Manager Full-service managed account for SREC/GREC sales: Flett Exchange handles facility registration with states and PJM GATS, monthly generation reporting, SREC minting and sales, with payments issued 4–5 times per year at a $2.50 per REC commission.
• DIY Trader Account Self-service trading account with 24/7 access to live SREC/GREC trading, real-time bid/ask pricing, historical charts, daily settlement prices, trade confirmation within 24 hours, and payment in 2–5 days at $0.50–$2.50 per REC.
• Installer Portal Proprietary CRM platform for PPA funds, commercial solar portfolios, residential installers, and LMI housing authorities featuring drag-and-drop file handoff, customer registration status tracking, multi-level user authorization, and 15+ monitoring integrations (Enphase, SolarEdge, Tesla, SunPower).
• CHC Manager Aggregation, portfolio management, and procurement service for Maryland Clean Heat Credits (CHCs) — thermal credits representing 1 mtCO2e reduced — covering six energy efficiency/weatherization measures and three renewable fuel measures.
• Public Auctions Public auction service for municipalities, schools, transit authorities and other institutional sellers to auction SRECs on the Flett Exchange platform for competitive price discovery.
• Long-Term SREC Contracts Bilateral long-term SREC contract brokerage facilitating 1–7 year fixed-price contracts between qualified institutional counterparties for price risk mitigation and RPS compliance planning.
• Maryland Certified BT SREC Market Dedicated spot market for Maryland Brighter Tomorrow (Certified) SRECs available to residential solar PV systems installed after July 1, 2024, carrying a 150% compliance multiplier and trading at a premium to legacy MD SRECs.

Quantifiable outcome

• SREC prices traded as high as $545.00 per SREC in NJ during 2008 (record)
• +3 more outcomes

Named customers4 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

One partnership is on record.

• PJM GATS (Generation Attribute Tracking System)coreTechnology or IntegrationPJM GATS is the official tracking system used by Flett Exchange for SREC registration, certificate creation, and transfer. Virginia law allows aggregators and customer generators to register their solar asset and obtain a VA certificate number directly from PJM GATS. Flett Exchange integrates with this system for all market transactions.

Scale indicators5 records

Recent moves5 records

Expansion highlights6 records

Direct peers

• Sterling Planet: Sterling Planet is a long-standing REC and carbon offset retailer and broker offering both retail and institutional REC procurement. It operates in overlapping state REC markets with similar seller-side and buyer-side offerings to Flett Exchange, including utility compliance procurement.
• Evolution Markets: Evolution Markets is an environmental commodities brokerage trading carbon, RECs, and renewable energy certificates across global markets. It serves utility, corporate, and developer clients with comparable brokerage and transaction services to Flett Exchange, particularly for compliance-grade REC procurement.
• 3Degrees: 3Degrees is a renewable energy and environmental commodities broker that trades RECs and carbon offsets on behalf of utilities and corporate buyers. It competes with Flett Exchange on the compliance buyer side and offers similar brokerage, advisory, and portfolio management services across multiple REC markets.
• SRECTrade: SRECTrade was a direct online exchange for Solar Renewable Energy Certificates competing in many of the same state markets as Flett Exchange, including NJ, PA, MD, and DC. It served residential and commercial solar owners with a similar DIY trade and managed service model until ceasing brokerage operations.

Emerging players

• APX Inc. (now part of Climate Action Reserve): APX operates the registry infrastructure (including predecessor tracking systems) underlying many REC markets and is now embedded within Climate Action Reserve. While not a direct exchange, it is the upstream technology layer that Flett Exchange integrates with for certificate issuance and transfer, and competes as an adjacent marketplace infrastructure provider.
• Recurve (formerly OpenEE): Recurve is a data analytics and market platform focused on distributed energy resources, DER programs, and REC/carbon markets. It overlaps with Flett Exchange on the market data and analytics layer and increasingly on programmatic REC procurement for utilities and program administrators.

Broad incumbents

• WGL Energy (now part of AltaGas): WGL Energy is a retail natural gas and electricity supplier that also procures and retails RECs to commercial and residential customers. It is a much larger incumbent competing with Flett Exchange on the buyer side for utility-grade and retail green power REC procurement.

Regional players

• M-RETS (Midwest Renewable Energy Tracking System): M-RETS is a regional renewable energy certificate tracking system serving Midwest and adjacent states. While primarily a registry rather than a brokered exchange, it competes indirectly with Flett Exchange in overlapping geographies (OH and IL) by providing alternative issuance and transfer infrastructure for RECs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/flettexchange
• Facebookfacebook.com/flett-exchange
• LinkedInlinkedin.com/company/flett-exchange-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Flett Exchange