Viridi will procure and deliver Renewable Energy Certificates (RECs) purchased by a business, company, or other legal entity (hereinafter “Company”). Company will own the Environmental Attributes associated with the generation of renewable electricity in the quantity of RECs purchased and have the option of allocating purchased RECs to its employees listed in a Participating Employee List as prepared by Company.
Viridi will provide a REC Confirmation Form to Company confirming the ownership of the purchased RECs after payment is processed. RECs are deemed delivered by Viridi upon the transmittal of the corresponding Confirmation Form to the contact email address provided with purchase. Viridi reserves the right to cancel your order and provide a refund if unable to secure the RECs you order. Company acknowledges that this is a voluntary program meant to provide a benefit to Company’s employees to support renewable energy through the purchase of RECs. Company acknowledges that the RECs delivered to Company may be of various renewable energy technologies or vintages, Viridi is not Company’s or its employees’ utility or energy supplier, and Viridi has no obligation to sell or deliver electricity to Company or its employees.
If the number of RECs purchased by Company exceeds the number of RECs to be allocated to Participating Employees, then such unallocated RECs will be owned by Company for subsequent use or allocation. Company also acknowledges that it is responsible for preparing and providing Viridi with the Participating Employee List no later than two weeks after purchase is made. Viridi will notify Employees of the allocation of RECs to them based on the Participating Employees List.
Company may elect at any time to purchase additional RECs. Viridi’s pricing for the purchase of additional RECs is based on then-prevailing market prices and conditions.
Viridi makes no warranties or representations regarding the RECs purchased by Company other than those provided in the Confirmation Form delivered by Viridi. Company agrees that it and any employees that are allocated RECs are solely responsible for any claims, representations or statements made relating to electricity consumption or RECs purchased. Company acknowledges that the utility and/or supplier that delivers or provides electricity to Company or its employees may be required by state law to provide a portion of that electricity from a renewable energy source under mandatory renewable energy standards. All REC sales by Viridi to Company are final upon transmittal of the Confirmation Form, and Viridi has no obligation to re-purchase any RECs sold to Company. Company acknowledges that they may not resell any RECs purchased under this agreement. Viridi may procure RECs through any available market sources.
Company authorizes Viridi to hold and retire RECs that are assigned to Company in any applicable REC tracking system on Company’s behalf.
Company agrees to pay Viridi the total cost for all RECs delivered to Company. If Company terminates this agreement prior to completing all applicable payments, Company also agrees to pay Viridi an early termination fee to cover Viridi’s damages for all RECs not yet delivered to Company.
The early termination fee shall equal the number of undelivered RECs multiplied by any positive difference between the market price for RECs at the time of termination, as determined by Viridi in its sole discretion, minus the quoted price per REC [(Total # RECs) x (Market Price per REC – Price per REC)]. Company acknowledges that the early termination fee is not a penalty and agrees to pay that fee within fifteen (15) days of an invoice from Viridi.
Company agrees to pay 1.50% interest (calculated monthly), or the maximum allowed by law, on any amounts that are overdue to Viridi.
This constitutes the entire Terms of Sale. These terms will be interpreted and governed by Ohio law. By completing the electronic enrollment process, Company hereby accepts Terms of Sale.
Definitions:
“Environmental Attributes” means any and all credits, benefits, emissions reductions, offsets, and allowances, howsoever entitled, attributable to the generation of a quantity of electricity by a Renewable Energy Facility, other than the electric energy produced, and its displacement of conventional energy generation, and that is capable of being measured, verified or calculated.
“Renewable Energy Certificate” or “REC” means the non-energy Environmental Attributes associated with one megawatt hour (“MWh”) of renewable electricity generated by a Renewable Energy Facility and delivered into the applicable electricity grid.
“Renewable Energy Facility” means an electric generation unit or other facility or installation that produces electric energy using an energy source that is not fossil carbon-based, non-renewable or radioactive, and may include solar, wind, biomass, geothermal, landfill gas, or wave, hydroelectric, tidal and thermal ocean technologies, or any other renewable energy source recognized by any applicable authority.
