California ERC market report · 2025

San Joaquin Valley ERC sales, 2025

6 recorded sales, from the district's own records.

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In 2025 the district's own transaction records list 6 priced ERC sales in San Joaquin Valley APCD. NOx: 5 recorded sales at a median of $12,000 per ton ($9,500–$16,500); ROG / VOC: 1 recorded sale at a median of $4,500 per ton. Prices are per ton as the district recorded them.

2025 by pollutant

PollutantMedian $/tRangenSource
NOx$12,000$9,500–$16,5005District records
ROG / VOC$4,500$4,500–$4,5001District records

NOx in San Joaquin Valley, every recorded year

$100$1k$10k$100k2001200420072010201320162019202420262001: $21k ($774–$60k)2002: $30k ($18k–$32k)2003: $24k ($18k–$30k)2004: $22k ($18k–$23k)2005: $23k ($21k–$30k)2006: $21k ($100–$43k)2007: $20k ($49–$45k)2008: $48k ($13k–$73k)2009: $38k ($13k–$79k)2010: $57k ($52k–$90k)2011: $74k ($8k–$112k)2012: $48k ($33k–$63k)2013: $44k ($40k–$50k)2014: $40k ($37k–$44k)2015: $35k ($19k–$40k)2016: $24k ($4k–$42k)2017: $24k ($22k–$33k)2018: $15k ($13k–$29k)2019: $15k ($7k–$55k)2020: $12k ($10k–$55k)2023: $14k ($10k–$18k)2024: $16k ($16k–$16k)2025: $12k ($10k–$17k)2026: $10k ($9k–$20k)

Each line runs from the lowest to the highest recorded price that year; the dot is the median; the scale is logarithmic because prices span more than a hundredfold.

ROG / VOC in San Joaquin Valley, every recorded year

$1$10$100$1k$10k$100k2001200420072010201320162019202420262001: $7k ($2k–$10k)2002: $8k ($6k–$11k)2003: $9k ($3k–$11k)2004: $11k ($9k–$15k)2005: $12k ($8k–$14k)2006: $10k ($100–$15k)2007: $15k ($10–$52k)2008: $37k ($9k–$345k)2009: $23k ($8k–$50k)2010: $17k ($12k–$35k)2011: $1k ($1k–$25k)2012: $5k ($5k–$5k)2013: $5k ($2k–$5k)2014: $4k ($4k–$4k)2015: $4k ($1–$5k)2016: $4k ($1–$6k)2017: $891 ($618–$5k)2018: $5k ($4k–$5k)2019: $5k ($4k–$6k)2020: $5k ($5k–$30k)2023: $175k ($175k–$175k)2024: $66k ($10k–$130k)2025: $5k ($5k–$5k)2026: $4k ($4k–$4k)

Each line runs from the lowest to the highest recorded price that year; the dot is the median; the scale is logarithmic because prices span more than a hundredfold.

The 2025 sales

DatePollutantAmount$/tCertificate
2025NOx110,753 lb/yr$16,500—
2025NOx2,000 lb/yr$12,000—
2025NOx26,380 lb/yr$9,500—
2025NOx4,338 lb/yr$12,000—
2025NOx112,907 lb/yr$16,500—
2025VOC36,960 lb/yr$4,500—

Source: SJVAPCD Cost of Emission Reduction Credit Transactions for 2025 (report run December 31, 2025). Every row, with its source, is in the transaction download. 2024 · 2026