How does the Illinois SREC program work? And, if you send more energy to the grid than we deliver, you can receive credits on your bill. Illinois SRECs are sold at a fixed price which is determined by contracts, rather than the variable market prices of the old SREC program. Under Illinois law, one SREC is credited for each 1,000 kilowatt hours (or one megawatt) or power created and fed back into the grid. On September 15, 2021 Governor Pritzker signed the Climate and Equitable Jobs Act (Public Act 102-0662) (CEJA). These credits work similarly to the federal solar tax credit. Captcha validation failed. The new SREC program continues to use the Adjustable Block format and the SREC price is set by block. For reference, a residential solar project in Illinois is usually around 7kW and would be considered a small DG project. Energy Solutions has been designated the Program Administrator. Part I approval results in an ICC approved contract with one of the distribution utilities. SRECs are a great way for businesses and nonprofits to generate savings in Illinois. REC Procurements The tax exemption prevents the value of your solar panel system from contributing to your tax-assessed value. We recommend using the money earned via your credits to: Selling your SRECs on the local market is easier to do than you might think, as its automatic for most homeowners. Solar system owners can create SRECs from the energy produced by their solar panels and arrays. An SREC is a REC that specifically comes from a solar system. From there, each category is further divided by the size of the solar installation; if your installation produces less than 25 kW you fall into the Small DG category, whereas the Large DG, Traditional Community Solar, Community-Driven Community Solar, and Public School categories all range from 25 kW up to 5,000 kW. Like other solar tax credits, with the ITC you can deduct 26% of the cost of your solar energy system from your federal taxes. The Plan describes the implementation of: The Adjustable Block Program (for photovoltaic distributed generation and community solar), also known as Illinois Shines, TheIllinois Solar for AllProgram(low-income residential distributed generation and community solar), Competitive procurements (for Renewable Energy Credits from new utility-scale wind, utility-scale photovoltaic, and brownfield photovoltaic projects), Large Customer Self-direct Program (for large electric customers to retire Renewable Energy Credits from new utility-scale wind and solar facilities and receive a bill credit reducing Renewable Portfolio Standard (RPS)-related bill charges). The amount of power a solar system will generate is dependent on a variety of factors, including system size, roof angle, and sunlight. All Rights Reserved. On 9/15/21 the Climate & Equitable Jobs Act was approved which includes new funding for the Illinois Shines SREC program. The price per REC in Illinois is governed by the Illinois Power Agency. At that time, youll be paid a lump sum for all of the credits you accrued. Give us a call at 309-316-3540 for more information and a free consultation on residential, commercial, or agricultural solar. (1 REC = 1,000 As such, taking advantage of this is a no-brainer. Find out how affordable solar is for your home with our Solar Calculator, or simply register your property today to get quotes. This credit is also available to all Illinois property owners, and its guaranteed to be offered until 2034. In addition to the 30 percent federal solar tax credit (aka investment tax credit or ITC) for solar system owners, Illinois residents can receive additional financial benefits through the states solar renewable energy credits (SREC) market. Individualized client accountsto report production and track SREC transactions, Residential and Commercial System Owners CorporateResidential & Small Commercial Developers, PAYMENT OPTIONSSREC Phone. Welcome to the Illinois Power Agency (IPA) Energy Workforce Equity Portal The portal is an online source designed to help connect clean energy companies with Equity Eligible Persons looking to work in the clean energy sector in Illinois. FEJA established the incentive structure known as the Adjustable Block Program (ABP), also known as the Illinois Shines program. This is an outstanding program for those who qualify and cannot afford to convert to solar using other payment methods. Instead, the total credit amount is applied to the income taxes you owe, which means you can only take the credit if you owe money on your taxes. RECs are certificates that are created when a renewable energy generating facility produces energy. Watch this helpful video on RECs from the Center for Resources Solutions for further explanation. These brokers will pay property owners for their SRECs on a quarterly basis over the course of five years, and sell the SRECs to the IPA during the specified procurement rounds. Copyright 2023 LeafScore. Be sure to check with your aggregator of choice to confirm their participation. In Illinois, all applications to the ABP program must be submitted by an approved vendor, meaning you wont work directly with your utility to receive your SREC payments. If you are deemed a qualified person as defined by Illinois Administrative Code 83 468.20, then yes! TheIllinois Solar for Allprogram helps low-income households install solar panels with no upfront costs. (Same as Project). The kind of credits you get each month for surplus energy depends on the price you pay for energy from ComEd and whether you received the utilitys commercial distributed generation rebate (not currently available for residential arrays). That system value is calculated using the cost of your panels, batteries and inverters, plus installation costs. Please be aware that state ethics rules may require that some communications be reported to the Procurement Policy Board. Ethics Reporting Associated with Communications with the IPA provides more information. Whether youre already a proud owner of a solar array system or youre thinking about making the solar investment, contact us today to learn more. Dont delay, enjoy the benefits of generating electricity from the sun! What to know about Illinois' SREC program The best states for a home solar energy system aren't always the sunniest; those who benefit the most from installing a solar photovoltaic (PV) system for their home spend a lot of money on electricity and live in a state with good solar programs and incentives. RECs are a The Energy Policy Act of 2005 created the investment tax credit (ITC) for commercial and residential solar energy systems. If you only have time to file for one credit, we strongly suggest making it this one. through their installer or contact the two preferred national companies Municipal & County Resources Sign up for our email newsletter! Newsletter Sign Up, News & Announcements Payments are usually sent out as a lump sum for systems under 25 kW (most residential systems) or over a 5- or 7-year period for bigger systems and commercial projects. If youre looking for a quote contact us today by phone or via our contact us page! Inventory, GreenBuildingprojects, as well as regulatoryand protocol Email. Under the Adjustable Block Program, this system falls into the Small DG category. This past summer of 2022, the Illinois Shines program was on a temporary pause while a new program administrator was installed. For reference, large DG systems are usually hosted on larger buildings or roofs, not residential properties. Enter your zip code to find out what solar panels cost from installers near you. It helps pay off your system more quickly and maximizes your long-term energy savings. Policy Webinars, Solar Tour The Program provides payments in exchange for 15 years of Renewable Energy Credits (RECs) from a utility contracted to buy the RECs from your Approved Vendor. . We can educate you on all the current state rebates and credits around the red hot SREC program, exclusively available in Illinois. New customers should review the ABP Program Brochure for general program information. Want to find the best deal on solar in all of Illinois? The best of EcoWatch right in your inbox. Learn more about the technology of photovoltaics from the US Department of Energy here: Consulting with an Approved Vendor is the best way to figure out if your home (either your roof or your property for ground mounted systems) would be a good fit for a solar system. Learn More about the IPA's implementation activities under CEJA. Visit energyequity.illinois.gov to learn more. The federal solar investment tax credit (ITC) is, in our opinion, the most appealing incentive available in Illinois. Homeowners get one SREC for. The PUC mandates that all excess energy be credited at the full retail rate, which gives you the best chance of eliminating your utility bills. In some cases, ComEd customers actually purchase energy from another supplier. If you later change your electricity supplier, you will need to re-enroll in net metering with your new supplier. The Illinois Power Agency (IPA) requires that procurement bids meet a minimum of 1MW of installed ComEd's These serve to help the state reach its Renewable Portfolio Standard (RPS) goal of producing 25% of its energy via clean sources by 2026.1. This means that any value added to your home by installing solar is not factored into property assessments and associated property taxes. If you buy electricity from your utility (e.g., basic service or hourly pricing), you must contact the utility to enroll in net metering. Find the best price from solar installers in Illinois. All you need is your solar system's yearly kilowatt hour (kWh) usage and let Acorn's SREC Calculator do the rest. This is a massive amount of money to put toward your system costs for minimal effort on your part. As such, it makes sense to try to shift your billing year to end just after your highest consumption months. This incentive can net you several hundred dollars each year, seriously reducing your solar payback period. SREC Broker/Aggregator: An SREC Broker/Aggregator works with installers, companies, and individuals to submit projects for approval the Illinois Shines program. The ABP features capacity-based blocks set at predetermined prices for 15-year REC contracts. Given the tax rate in IL of 2.16% and the typical system value of $20,475, this exemption should save you approximately $8,845 in taxes over the life of your equipment.2. Community Solar: A solar project which (1) is interconnected to an electric utility, a municipal utility, or a rural electric cooperative, (2) allows subscribers to pay for shares or some other interest in the project, receiving bill credits in exchange; and (3) does not exceed 2,000 kW AC in size. RPS Timeline While its an excellent opportunity for some Illinoisans to support the clean energy movement without laying out a ton of money, its not the most beneficial way to get solar. If youre ready to apply for this beneficial Illinois solar incentive, give us a call or contact us today. Learn actionable tips for making each room in your home greener. On September 15, 2021 Governor Pritzker signed the Climate and Equitable Jobs Act (Public Act 102-0662). The second 10 years of SRECs is a fixed 35$ Illinois: Illinois is also a fixed amount, however SRECs can differ in price depending on when you go solar. represents the carbon or pollution avoided from the grid. Wall-Mounted Solar Awnings & Solar Patios, Interconnection & Netmetering Considerations, Small Distributed Generation (DG) from 0 to 25 kW (AC), Large Distributed Generation (DG) from >25 kW up to 2,000 kW (AC). Concerned about climate change? Even if you arent quite ready to make your solar purchase, these Illinois solar rebates and incentives are sure to make the case for why solar is a smart decision in the Land of Lincoln. The new SREC incentive will start at Block 5 or 4% lower than the last block. Considering solar can add around 4% to the average home, this could save you a lot in property taxes. Residential Solar Incentives (Large/5+ unit buildings) ($/REC) See how much you can save with this solar incentive on the. Its possible that in 2025 when the state reaches its RPS goal, some incentives will be abandoned or changed for the worse. This credit has been available since 2005, and it has gone through some changes since it was initially offered. The idea is to boost Illinois solar investments by increasing their monetary value in addition to offering savings on electricity bills. The Illinois Power Agency (IPA) requires that procurement bids meet a minimum of 1MW of installed capacity. Enter your zip code to see solar quotes near you. As mentioned above, every 1,000 kWh you generate will yield an energy credit, which will get sold automatically on the local market. Well discuss the steps you need to take below to ensure you get full credit for your SRECs. Thats because the summer months are usually the highest production months for home solar. In Illinois you as a solar owner contract with an Approved Vendor (through your installer) to sell all the SRECs your system is expected to generate over the first 15 years. Is my home or property a good fit for a solar system? A list of Approved Vendors participating in Illinois Shines can be found. Any credits can be used to offset Basic Generation Service costs, meaning youll still pay a bill with connection fees and other administrative charges. capacity. With these incentives in the works, its a great time to start evaluating your solar options. Ethics Reporting Associated with Communications with the IPA. Contact us at. Site maintained byEnergy SolutionsAll Rights Reserved. The Final 2022 Long-Term Renewable Resources Procurement Plan is available here. The state has a local SREC market where your credits can be sold. Illinois Shines Resumes Acceptance of Traditional Community Solar Project Applications. Find out what solar costs in your area in 2023, 2023 expert guide to solar panels for homes. 1.877.697.9269. For your system, the value is 7.1 cents/kWh produced, which is paid in year one. All rights reserved. Net energy metering is the second-best perk available to Illinois homeowners, in our opinion. These customers will need to figure out net metering credits with that supplier. Contact Tick Tock Energy to get a quote today! This may earn customers a rebate from the utility. Ameren Illinois also offers net metering to residential customers. For a personalized assessment of the credits and rebates you may qualify for, launch our It guarantees that you are credited for all excess power your system produces that isnt used in your home and is instead sent to the grid. If you own your home array and can take advantage of the states robust SREC market, Illinois is a great place to go solar. Starting on 9/1/22, new SREC applications are now accepted. All rights reserved. In the chart below, well include a breakdown of all of the incentives and rebates you can take advantage of as a solar customer in Illinois. Ultimately, these Illinois solar incentives help stimulate development of new renewable energy resources. The price drop between blocks is 4%.

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