U.S. Renewable Energy Certificate Market size to surpass USD 13.3 Billion by 2034

Selbyville, DE. - U.S. renewable energy certificate (REC) market was valued at USD 5.9 billion in 2024 and is expected to grow from USD 6.5 billion in 2025 to USD 13.3 billion by 2034, at a CAGR of 8.3%, according to the latest report published by Global Market Insights Inc.

Major U.S. corporations are increasingly committing to 100% renewable energy and carbon-neutral operations. Purchasing RECs allows them to claim environmental benefits without directly sourcing green power, making RECs a critical tool in meeting ESG goals and voluntary sustainability commitments.

Key Insights:

Market Size & Growth:

• 2024 Market Size: USD 5.9 billion
  
• 2025 Market Size: USD 6.5 billion
  
• 2034 Forecast Market Size: USD 13.3 billion
  
• CAGR (2025–2034): 8.3%
  

Regional Insights:

• Largest Market: Mountain States
  
• Fastest Growing Market: North East
  
• Emerging States: East North Central, Pacific States
  

Key Growth Drivers:

1. State-level renewable portfolio standards (RPS): Many U.S. states have mandatory Renewable Portfolio Standards requiring utilities to source a specific percentage of electricity from renewable sources.
   
2. Voluntary market growth and consumer awareness: Beyond compliance-driven markets, individuals and businesses are increasingly buying RECs voluntarily to support renewable energy development.
   
3. Decentralization and growth of distributed energy resources: The rise of rooftop solar, community solar programs, and smaller wind projects has expanded the sources generating RECs.
   
4. Federal and state incentives for renewable energy: Government incentives, such as the Inflation Reduction Act (IRA), tax credits, and production incentives, continue to stimulate renewable energy development, indirectly boosting REC availability and trading activity as more clean power projects come online.
   
5. Digital platforms and REC market transparency: Advancements in digital trading platforms, blockchain verification, and REC registries are making REC transactions more secure, traceable, and efficient.
   

Key Players:

• 3 Degrees led the market with over 8% share in 2024.
• Some of the top players in this market include Avangrid Renewables, Constellation, Enel Green Power, 3Degrees, Duke Energy Corporation, which together held a 25% share in 2024.
  

Key Challenges

1. Lack of standardization across states: The U.S. REC market is fragmented, with each state having its own Renewable Portfolio Standard (RPS), eligibility criteria, and tracking systems.
   
2. Price volatility and market uncertainty: REC prices can vary widely depending on supply-demand dynamics, policy shifts, and regulatory changes.
   
3. Perceived greenwashing risk: Critics argue that buying RECs from older or out-of-state renewable projects does not always result in new clean energy development.
   
4. Limited awareness in the voluntary market: While large corporations often use RECs to meet sustainability targets, many small and mid-sized businesses lack awareness or understanding of how RECs work and why they matter.
   
5. Oversupply in some regions: In certain states, a surplus of RECs due to strong renewable buildout or weak demand can depress prices and discourage further investment in clean energy projects that rely on REC revenue as a financial incentive.
   

Browse key industry insights spread across 136 pages with 35 market data tables and figures from the report, “U.S. Renewable Energy Certificate (REC) Market Size - By Capacity, By Type, By Customer, By Source, Analysis, Share & Growth Forecast, 2025 - 2034” in detail, along with the table of contents:

https://www.gminsights.com/industry-analysis/us-renewable-energy-certificate-market

Rising Adoption in >30 MW

The segment exceeding 30 MW held a significant share in 2024, owing to its alignment with utility-scale renewable energy projects. These large installations, often solar farms or wind parks, generate substantial volumes of RECs that feed both compliance and voluntary markets. Their scale offers cost efficiency and predictable output, making them attractive to utilities and corporations pursuing long-term renewable procurement contracts.

Wind Energy to Gain Traction

The wind energy segment generated a sizeable share in 2024, driven by its maturity, scalability, and strong policy support at both federal and state levels. Wind projects, particularly in the Midwest and Great Plains regions, are major generators of RECs due to consistent wind patterns and low operational costs. Buyers favor wind RECs for their relatively stable pricing and strong environmental credibility.

Mountain States to Emerge as a Propelling Region

The Mountain States renewable energy certificate (REC) market held a sustainable share in 2024. With vast open land, strong solar and wind potential, and growing state-level clean energy targets, the region is becoming a hub for new renewable energy projects. Colorado has implemented aggressive renewable portfolio standards, which are accelerating REC trading activity. Market players in this region are focusing on localized REC registries, regional grid integration, and cross-state transmission investments to align supply with demand. To strengthen their presence, companies are forming joint ventures, acquiring land rights, and investing in hybrid solar-wind-storage projects to ensure consistent REC output throughout the year.

Major players in the U.S. renewable energy certificate market are Ecohz, Shell, Native Energy, ENGIE, Carbon Better, Constellation, Avangrid Renewables, TerraPass, Climate Impact Partners, STX Group, ClimeCo LLC, EDF Trading Limited, Green Mountain Energy Company, Entergy, 3Degrees, Sterling Planet Inc., CMS Energy, Enel Green Power, Duke Energy Corporation, and Statkraft.

To strengthen their foothold in the U.S. Renewable Energy Certificate market, companies are leveraging a mix of strategic initiatives focused on scalability, credibility, and digitalization. Many are expanding their renewable energy portfolios to include multi-technology assets—such as solar, wind, and hydro—to diversify their REC streams and meet varying buyer preferences. Others are pursuing vertical integration by owning both generation and retail energy services, allowing them to offer bundled REC products directly to end-users.