EGAT Registrants
347+
I-REC Price 2026
$0.50-0.80/MWh
Registration Timeline
2-4 months
Quick Answer
I-REC (International Renewable Energy Certificate) proves that 1 MWh of electricity came from a verified renewable source. Thai factories with solar can register with EGAT in 2-4 months and sell RECs at 17.5-28 THB/MWh, or use them for RE100 Scope 2 market-based reporting. I-REC prices are lower than T-VER carbon credits but registration is much simpler — and you can do both.
I-REC
What is I-REC? — International Renewable Energy Certificate
I-REC (International Renewable Energy Certificate) proves that 1 MWh of electricity was generated from a verified renewable energy source. Administered by the International Tracking Standard Foundation (I-TRACK), it is the global standard for Energy Attribute Certificates (EACs).
Different EAC systems exist worldwide: I-REC covers Asia, Africa, Latin America. GO (Guarantee of Origin) covers Europe. REC covers North America. In Thailand, EGAT has been the accredited Local Issuer since 2017.
What I-REC proves: a specified amount of electricity came from a verified renewable source — solar, wind, hydro, or biomass. Every 1 MWh generated = 1 I-REC that can be sold or redeemed — see the Complete Factory Solar Guide for solar fundamentals.
I-REC Fuel Code
What is the I-REC fuel code for solar?
Per the Evident SD-02 "Technologies and Fuels" standard, the energy-source (ES) code for solar is ES100 (Solar), and solar PV devices carry the technology codes TC110 (ground-mounted) or TC120 (roof-mounted). Each I-REC carries its fuel code so buyers know the source of the 1 MWh. Note: ES570 is the code for "Biomass Solid" (agricultural by-products & waste), not solar. The exact device code is assigned by the Evident/EGAT registry at registration, so confirm the live value on the EGAT I-REC issuer platform.
I-REC Fuel / Technology Code Reference (Thailand-relevant)
| Fuel / Energy Source | I-REC Code Category | Thailand Relevance |
|---|---|---|
| Solar / Photovoltaic (PV) | ES100 (Solar) · PV: TC110 / TC120 | The category most Thai factories fall under — all rooftop solar is classified here (PV device codes: TC110 ground-mounted / TC120 roof-mounted) |
| Wind | ES200 (Wind) | Wind farms in the Northeast and South of Thailand |
| Hydropower | ES300 (Hydro-electric) | EGAT dams and run-of-river hydro facilities |
| Biomass Solid (agri by-products & waste) | ES570 (Biomass Solid) | Common in Thai agri-residue biomass plants (rice husk, bagasse) — ES570 is the biomass code, not solar |
Note: codes above follow the Evident SD-02 "Technologies and Fuels" standard for the I-REC for Electricity Product Code (standard by the I-TRACK Foundation). The exact device code is registry-assigned at registration — confirm the current value on the EGAT I-REC issuer platform.
COMPLIANCE
Why Thai Factories Need to Know About I-REC
Thai factories need I-REC for 5 key reasons:
**RE100 compliance**: Over 430 multinational companies committed to 100% renewable electricity, many with Thai factory subsidiaries (Toyota, Honda, Denso, Nestle, Unilever) — I-REC is how they prove compliance in Thailand.
**CDP/ESG reporting**: I-REC is accepted by CDP, GRI, RE100, and GHG Protocol Scope 2 market-based method — a standards-compliant ESG instrument.
**EU CBAM**: The EU Carbon Border Adjustment Mechanism may require evidence of renewable energy use in production — see ESG & CBAM Guide.
**Export buyer requirements**: European, Japanese, and US buyers increasingly require sustainability evidence from Thai suppliers.
**Revenue opportunity**: Factories with solar can sell I-RECs as additional income beyond electricity savings — see Solar ROI Calculator.
COMPARISON
I-REC vs T-VER Carbon Credit — What's the Difference?
I-REC and T-VER are completely different systems:
**I-REC** tracks the *source* of electricity — 1 I-REC = 1 MWh generated from renewable energy. It answers: "Where did your electricity come from?"
**T-VER** tracks *greenhouse gas emission reductions* — 1 credit = 1 tCO2eq reduced. It answers: "How much carbon did you avoid?"
**Can you stack both?** Yes — the same MWh can generate both an I-REC and a T-VER credit, but you must disclose both claims. Some reporting frameworks may require choosing one.
I-REC prices are lower than T-VER (~17.5-28 THB/MWh vs 80-300 THB/tCO2eq) but registration is much simpler (2-4 months vs 18-24 months) — see T-VER details in the Factory Solar Carbon Credit Guide.
I-REC vs T-VER: Comparison
| Criterion | I-REC | T-VER Carbon Credit |
|---|---|---|
| What it measures | Electricity source (1 REC = 1 MWh renewable) | GHG emission reduction (1 credit = 1 tCO2eq) |
| Issuing body | EGAT (Thai Local Issuer) | TGO (Thailand Greenhouse Gas Management Organization) |
| Market price | ~$0.50-0.80/MWh (17.5-28 THB/MWh) | 80-300 THB/tCO2eq |
| Annual revenue (1 MW) | ~22,750-42,000 THB | ~52,000-225,000 THB |
| Registration timeline | 2-4 months | 18-24 months |
| Used for | RE100, CDP Scope 2 market-based, ESG reporting | Carbon offsetting, future carbon tax compliance |
| Can they stack? | Yes — but must disclose both claims | Yes — but must disclose both claims |
REVENUE
i-REC Price in Thailand 2026 — How Much Can a Factory Earn?
Thai solar I-REC prices dropped from ~$1.81/MWh (Jan 2025) to ~$0.55/MWh (Dec 2025). The market is stabilizing around $0.50-0.80/MWh entering 2026 as renewable supply grows faster than corporate demand.
I-REC is a *modest supplementary income* (~1-2% of total electricity savings), not a primary revenue driver. But if you already have solar, registration is straightforward — earning extra from what you already generate.
**UGT1**: Thailand's Utility Green Tariff 1 scheme uses I-REC pricing as reference. The 2026 premium is set at ~0.0375 THB/kWh (~$1.19/MWh).
See the Solar ROI Calculator to include I-REC revenue in your solar payback calculation.
| System Size | Annual Generation (MWh) | I-RECs/Year | Annual Revenue (THB) |
|---|---|---|---|
| 500 kWp | 650-750 | 650-750 | 11,375-21,000 |
| 1 MWp | 1,300-1,500 | 1,300-1,500 | 22,750-42,000 |
| 3 MWp | 3,900-4,500 | 3,900-4,500 | 68,250-126,000 |
i-REC Price in Thailand 2026 — Indicative Price Table
| Instrument | Indicative price | Note |
|---|---|---|
| Thai solar i-REC | $0.55–1.81/MWh observed in 2025 → ~$0.50–0.80/MWh entering 2026 (≈17.5–28 THB/MWh) | Softening as renewable supply grows faster than corporate demand |
| T-VER carbon credit (different unit) | 80–300 THB/tCO2eq | Tracks CO2 reduction, not MWh — shown for comparison only |
| UGT1 green-tariff premium | ~0.0375 THB/kWh (≈$1.19/MWh) | Utility-bundled green premium that references i-REC pricing |
| Regional context: Asia-Pacific solar i-RECs | Same order of magnitude — typically under ~$2/MWh (indicative) | Thailand's 2025 high of $1.81/MWh sits within this regional band |
All figures are indicative market ranges already cited on this page — confirm live quotes with EGAT or REC traders before transacting.
Solar ROI Calculator
Include I-REC revenue in your solar payback calculation
REGISTRATION
How to Buy i-RECs in Thailand (2026 Step-by-Step) & Register with EGAT
3 Ways to Buy i-RECs in Thailand (Buyer Side)
On the buyer side (e.g., factories whose solar doesn't cover 100% of consumption, or companies needing EACs for RE100), there are 3 main routes to buy i-RECs in Thailand:
1. Registry route — become an I-TRACK participant
Best for: Large buyers who want direct control over purchases and redemptions
Open a participant account on the international I-TRACK registry, buy Thai solar i-RECs directly from generators or traders, then redeem them against your Thai operations for Scope 2 market-based reporting.
2. Broker / trader route
Best for: Most factories — simplest for annual one-off purchases
Thai REC traders and aggregators (REC Thailand, GB Planet, Gunkul, GreenYellow) source Thai solar i-RECs and redeem them on your behalf — you pay per MWh plus a commission, with no registry account needed.
3. UGT1 route — green tariff on your utility bill
Best for: Factories that prefer paying a premium on the utility bill instead of trading certificates
Thailand's Utility Green Tariff 1 bundles REC attributes into your electricity bill at a ~0.0375 THB/kWh premium — see the UGT2 Utility Green Tariff guide for how the utility green tariff schemes compare.
The participant route runs on the international I-TRACK registry — the standard is governed by the I-TRACK Foundation: trackingstandard.org
How to Register & Sell I-RECs with EGAT — 5 Steps (Generator Side)
EGAT is the sole Local Issuer in Thailand. Registration involves 5 main steps and takes approximately 2-4 months. Alternatively, you can use a service provider (REC Thailand, GB Planet, Gunkul, GreenYellow) who handles everything for you.
1
Register as I-REC Registrant
Register your company on EGAT's I-REC platform (irecissuer.egat.co.th). Submit corporate registration documents.
2
Register Production Device (Solar System)
Submit solar system details: installed capacity, commissioning date, utility connection agreement, metering setup, ownership proof.
3
EGAT Verification
EGAT verifies the facility is not registered on other REC registries, checks metering, and confirms ownership.
4
Monthly Generation Reporting
Submit monthly generation data to EGAT. EGAT then issues I-RECs into your account.
5
Sell or Redeem I-RECs
Sell through REC traders/aggregators (REC Thailand, GB Planet, Gunkul, GreenYellow) or redeem for your own Scope 2 reporting.
Total Timeline
2-4 months
Cost
EGAT fee + I-REC Standard fee + broker commission (if using service provider)
Carbon Credit Calculator
Calculate your factory's carbon credit potential
RE100
I-REC & RE100 Compliance for Multinational Factories in Thailand
RE100 technical criteria (April 2025 update) accept I-REC as a valid EAC for Thailand. GHG Protocol Scope 2 has 2 methods: location-based (uses grid emission factor) and market-based (uses EACs like I-REC) — I-REC enables the market-based approach that claims specific renewable sources.
**Temporal matching**: RE100 is moving toward hourly matching by 2030; Thailand currently uses annual matching (easier to comply).
**Practical example**: A Japanese automotive factory in Eastern Seaboard installs 2 MW solar + buys additional I-RECs to cover remaining grid electricity = 100% RE100 compliance for Thai operations.
See the Direct PPA Guide — under a PPA, the PPA provider typically retains I-REC rights. See the compliance driver: Thailand carbon tax & Climate Change Act for factories.
Thailand i-REC Market: Supply, Demand & Who's Buying
**Supply**: Thailand had 347+ EGAT-registered I-REC facilities by end-2025, and renewable supply keeps growing faster than corporate demand — the main reason Thai solar i-REC prices softened from ~$1.81 to ~$0.55/MWh through 2025.
**Demand**: the buyers are overwhelmingly corporate. Over 430 RE100 multinationals — many with Thai plants (Toyota, Honda, Denso, Nestle, Unilever) — need EACs for Scope 2 market-based reporting, alongside exporters facing buyer sustainability requirements and borrowers under green-loan conditions.
**Who actually buys**: Thai subsidiaries of multinationals redeeming for local operations, parent companies buying cross-border (I-RECs are internationally tradeable), and traders/aggregators (REC Thailand, GB Planet, Gunkul, GreenYellow) building portfolios for resale — see the full corporate buyer's playbook in the RE100 Corporate Renewable Procurement Guide
STRATEGY
Should Your Factory Sell or Buy I-RECs?
Sell I-RECs
Own solar + don't need Scope 2 market-based claims + want to monetize every possible revenue stream
Buy I-RECs
HQ requires RE100 + can't install enough solar for 100% + need quick Scope 2 reduction
Hybrid Strategy
Use your own solar I-RECs for partial Scope 2 coverage + buy additional I-RECs for the remainder
**Sell if**: You own solar + don't need Scope 2 market-based claims + want to monetize every possible revenue stream.
**Buy if**: Your HQ requires RE100 compliance + you can't install enough solar to cover 100% consumption + need quick Scope 2 reduction without capex.
**Hybrid strategy**: Use your own solar I-RECs for partial Scope 2 coverage + buy additional I-RECs for the remainder.
**Critical rule**: If you redeem I-RECs for your own use, you cannot sell them (no double counting) — you must choose use-or-sell.
Decide based on: parent company requirements / ESG reporting framework / solar coverage ratio — see PPA vs EPC Comparison to understand how each financing model affects I-REC ownership. I-RECs reduce reported emissions, but first you must register the Carbon Footprint for Organization (CFO) — TGO registration.
Sell vs Keep: Should Your Factory Sell Its i-RECs?
**Keep (redeem) if** your HQ or customers require RE100 / Scope 2 market-based claims — once you sell an i-REC, the green attribute is gone and you can no longer claim it (no double counting).
**Sell if** you have no green-claim requirements — it's pure incremental revenue (≈17.5–28 THB/MWh) on electricity you already generate.
**Split if** you're partially covered — redeem what your reporting needs and sell the surplus before the 5-year validity runs out.
**On a PPA?** Check your contract first — the PPA provider typically retains i-REC rights.
Already generating? We register and monetize i-RECs for clients across 150+ projects.
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Frequently Asked Questions About I-REC
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