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Our experts will be happy to discuss this exciting incentive and make sure you understand all the rewarding benefits Illinois SRECs can potentially bring to your project. This Act included significant changes to the Adjustable Block/Illinois Shines program, including the reopening of the program within 90 days (December 14, 2021). Dan Simms is an experienced writer with a passion for renewable energy. Credits dont roll over indefinitely though, and any surplus expires at the annual billing date. This program is set to open up January, 30th 2019. In some cases, ComEd customers actually purchase energy from another supplier. SRECs are a great way for businesses and nonprofits to generate savings in Illinois. All of CSG's ABP customers will be receiving the following documents in . These can be single projects or bundled together to meet that 423 W.800S.#A317 Salt Lake City, UT 84101. System: A solar photovoltaic array and all associated equipment necessary for its generation of electricity and connection to the distribution grid. 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. Heres why: Illinois is one of just a few states that pay you to generate clean electricity from solar and wind renewable energy systems. In its place, Illinois state has set a threshold date of December 31st, 2024, or when new utility tariffs are set and approved (whichever is later). Education Webinars, Illinois Solar Energy Association c/o Shamrock Electric | 1281 E. Brummel Ave Elk Grove Village, IL 60007 | contactisea@illinoissolar.org, Copyright 2009 - 2018 Illinois Solar Energy Association, FAQs - Utility, Community, and Large-Scale Solar, Consumer Protection Business Code of Conduct, Future Energy Jobs Act Workforce Development Programs, COVID-19 Resources for Solar Professionals. Dont forget about federal solar incentives! If you have more questions or would like to see a quote for your home, farm or facility, our experts will be happy to discuss further! For reference, a residential solar project in Illinois is usually around 7kW and would be considered a small DG project. Large systems over 25.0 kW to 5,000 kW are paid out annually over 7 years. In the sections below, well provide responses to some of the most common questions we get asked about solar perks and benefit programs in Illinois. For the current guidebook for the Adjustable Block program, please click here. Illinois has a very favorable net metering program that helps bring down effective energy costs. advisory with regard tocarbon emissions and renewable fuels, TRANSACTION MANAGEMENTOnline - after site upgrade is complete(expected by mid May), CLIENTSResidential and Commercial Installers Residential and Commercial System Owners MunicipalitiesUtilities in a variety of settingsand market conditions around the globe, PAYMENT OPTIONSUpfront and fixed payment options with market based pricing for existing systems, www.srectrade.comToll free: (877) 466-4606Direct: (415) 763-7732Email:clientservices@srectrade.com, SPECIALTY100% SREC transaction focus500+ MW across 35,000+ assets under management, TRANSACTION MANAGEMENTOnline bid submission and system registration for installers and system owners. For small residential & commercial systems under 25 kW (AC) the SREC payment will occur in one payment. represents the clean attributes of solar electricity. That would mean less credit for each kWh you pass to the grid, which translates to fewer long-term savings. Enrolling in net energy metering is, thankfully, a simple and straightforward process. Email. Project: A solar photovoltaic array and all associated equipment necessary for its generation of electricity and connection to the distribution grid. In the past, the Illinois Power Authority (IPA) bought SRECs in procurement rounds. Homeowners would typically sell their SRECs through an aggregator who acts as a broker between property owners and the state. The homeowner, in turn, enjoys solar panels and the energy that they generate at a low cost. The Federal Solar Tax Credit is still 26 percent for construction that started before Dec. 31, 2022. Lets assume this is your solar panel system and it generates six SRECs a year. 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. This program is undergoing some changes in the summer of 2022, but the basic premise remains the same: home solar producers can earn 1 SREC for every MWh of electricity produced by their systems and can sell these to earn additional income. Solar system owners can create SRECs from the energy produced by their solar panels and arrays. owners for the countless benefits to Illinois. Residential Solar Incentives (Large/5+ unit buildings) ($/REC) Browse approved vendors here. It looks like your browser does not have JavaScript enabled. The DG Project Developer must utilize an installer for the project who is certified by the Illinois Commerce Commission (ICC). The Agency reserves the right to add additional categories of market activities as needed. Does Illinois have a solar sales tax exemption? Home / Solar Energy Guide + FAQ / The 4 Biggest Benefits of Going Solar / Solar Rebates & Tax Incentives: What You Need to Know / Illinois Solar Incentives for 2023, Written by Leigh Matthews, BA Hons, H.Dip. It credits all solar customers for solar production, and those energy credits can then be sold for a profit. Solar farms: what are they and how do they work? The state has a local SREC market where your credits can be sold. 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. You may host a new solar photovoltaic system on your rooftop or on your property, directly offsetting your energy usage; or. Your installer may also be a Designee or an Approved Vendor with the Program. Is my home or property a good fit for a solar system? threshold. The best states for a home solar energy system arent 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. (Same as System), Renewable Energy Credit (REC) or Solar Renewable Energy Credit (SREC): The environmental attributes represented by 1 MWh of electricity generated by a renewable generator. If youre ready to take advantage of this highly beneficial Illinois solar incentive, give us a call or contact us today. The Final 2022 Long-Term Renewable Resources Procurement Plan is available here. Massachssets:Solar Systems under 25 KWs can collect SRECs for 10 years. All applications to the Adjustable Block Program must be submitted by an approved vendor, which includes solar installers, project developers, and SREC brokers and aggregators. Visit energyequity.illinois.gov to learn more. You can also check the current block status here. An SREC represents the environmental benefits of producing one megawatt-hour of electricity using solar power. Net energy metering makes it far more likely for residents to offset their utility bills entirely, helping to maximize their energy savings and reduce the amount of time it takes to pay off their equipment. represents the carbon or pollution avoided from the grid. Part II: The second part of the application completed after energization, demonstrating completion of the project in accordance with the Part I parameters approved. The program lasts for 15 years after you install your photovoltaic (PV) equipment. If you are deemed a qualified person as defined by Illinois Administrative Code 83 468.20, then yes! The Illinois Power Agency (IPA) requires that procurement bids meet a minimum of 1MW of installed capacity. All rights reserved. For example, if you are a homeowner in Illinois with Comed that purchases residential solar, each 1,000 kWh of electricity you produce from your solar panel would be equivalent to one SREC worth $64.56. RECs Illinois also offers a special exemption for residents of counties with fewer than three million inhabitants. The idea is to boost Illinois solar investments by increasing their monetary value in addition to offering savings on electricity bills. The Illinois SREC program could potentially cover 20% to 40% of your total solar investment for residential and business applications! To receive the rebate, your solar panel system cannot be larger than 2,000 kW in capacity. RPS Timeline solar calculator. If you only have time to file for one credit, we strongly suggest making it this one. Above, weve discussed all of the incentives available to Illinois property owners. Municipal & County Resources Instead, qualifying households pay a reduced monthly fee for power produced, up to a maximum of 50% of the value of the energy produced. 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. The federal solar investment tax credit (ITC) is, in our opinion, the most appealing incentive available in Illinois. Small Subscriber: A residential or small commercial customer with a subscription below 25 kW. Through the program, you earn one credit for every 1,000 kWh (1 megawatt-hour) your system generates, which most IL property owners generate in a single month. (1 REC = 1,000 See the cost of solar in IL cities and towns, Enter your zip code to see solar quotes near you. However, not all of these programs are equally as beneficial, especially when you consider the time investment required to take advantage of them. The Agency's activities related to the development of new renewable resources to support the Illinois renewable Portfolio Standard are guided by the Long-Term Renewable Resources Procurement Plan. Click here to access the Programs Community Solar Brochure. Once you determine your block group and the size of your installation (most home solar systems will qualify as a Small DG), you can use this chart from the Illinois Power Agency below to understand how much your SRECs might be worth. The IPA website is regularly updated with new information about the ABP. This credit is also available to all Illinois property owners, and its guaranteed to be offered until 2034. This program is undergoing some changes in the summer of 2022, but the basic premise remains the same: home solar producers can earn 1 SREC for every MWh of electricity produced by their systems and can sell these to earn additional income. 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. You may be trying to access this site from a secured browser on the server. The current block rate for systems under 25kW is $75.29, but it won't be for long! Events To learn about any incentives you may qualify for, launch our Additionally, SRECs help bring a cleaner and diversified electrical power system to the state of Illinois. She is passionate about making clean energy more accessible to everyone and has worked in clean energy communications since graduating from the University of New Hampshire with a Bachelors in Business Administration. Well also include the average savings afforded by each perk to help you prioritize which to take. With these incentives in the works, its a great time to start evaluating your solar options. Phase I of the portal was launched on January 31, 2023. Commonwealth Edison offers the top utility net metering program in Illinois. Net metering, also called net energy metering (NEM), is a billing policy that is mandated in many states by the local Public Utilities Commission (PUC). For the latest info see our blog post. For solar energy customers, the April settlement date will likely make more sense than the October date. What Illinois Residents Need To Know About SRECs? The second 10 years of SRECs is a fixed 35$ Illinois: Illinois is also a fixed amount, however SRECs can differ in price depending on when you go solar. Illinois has an SREC program called the Adjustable Block Program, orIllinois Shines. Below is the states definition of a qualified person:A person who performs installations on behalf of the certificate holder and who has either satisfactorily completed at least five installations of a specific distributed generation technology or has completed at least one of five listed programs requiring lab or field work and received a certification of satisfactory completion. Carmel, Rural Electric Cooperatives, and Municipal Utilities located in MISO belong in Group A; Commonwealth Edison (ComEd), and Rural Electric Cooperatives and Municipal Utilities located in PJM belong in Group B. However, CEJA altered the program from this cascading approach to an annual block approach. 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. Individualized client accountsto report production and track SREC transactions, Residential and Commercial System Owners CorporateResidential & Small Commercial Developers, PAYMENT OPTIONSSREC Illinois has two main solar policies that will have the biggest financial impact on your investment: Under the Adjustable Block Program, also known as Illinois Shines, you can earn one solar renewable energy certificate (SREC) for each megawatt hour (MWh) of electricity your solar system produces over 15 years. In 2017, the Illinois government created new legislation that altered the existing Renewable Energy Certificate (REC) program structure in the state. Any credits can be used to offset Basic Generation Service costs, meaning youll still pay a bill with connection fees and other administrative charges. The initial prices for most of northern Illinois are: Small systems: $72.97 per SREC (applies to systems smaller than 10 kilowatts AC) Large systems: $73.23 per SREC (applies to systems between 10 and 25 kilowatts AC) These prices will decline in "blocks" over time as more-and-more homeowners go solar. Carbon Solutions Group (CSG) is serving as a Solar Renewable Energy Credit (SREC) Aggregator for the Illinois Adjustable Block Program. ISEA recommends system owners work In Illinois, net metering customers may be eligible for a Smart Inverter Rebate if they install and use an approved Smart Inverter as part of their solar energy system. 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. Are energy-efficient appliances worth it? You are not guaranteed to save money unless your contract includes an explicit guarantee. Additionally, the Illinois Shines Program has been a bit rocky in the past. Approved Vendor: An entity approved by the Program Administrator to submit project applications to the Adjustable Block Program and act as counterparty to the ABP contracts with the utilities. Recent Posts. Register for free to start comparing quotes. REC Procurements Solar Panel Cost in Illinois (2023 Local Savings Guide), Top 6 Best Solar Companies in Illinois (2023 Reviews). On May 16, 2022, the IPA announced that it will start accepting new applications to sell SRECs on September 1st, having closed the program in July 2022. RECs may be sold to the utility for meeting the State's Renewable Portfolio Standards. All Rights Reserved. RECs are sold by your Approved Vendor to the contacting utility over a 15 year contract. Phase I of the portal was launched on January 31, 2023. Illinois Solar Legislation Visit energyequity.illinois.gov to learn more. Solar Ambassadors Like other solar tax credits, with the ITC you can deduct 26% of the cost of your solar energy system from your federal taxes. With EnergySage, you can compare your solar options when you receive quotes from the best local solar installers near you. The portal is an online source designed to help connect clean energy companies withEquity Eligible Personslooking to work in the clean energy sector in Illinois. NT, is a health and wellness writer and long-time vegan, environmentalist, and zero-waste, self-sufficiency wannabe. The Illinois Power Agency (IPA) welcomes your questions and hopes you will take advantage of the information offered on our website. Net metering ensures that you benefit from the full value of your solar panels and is a great way to balance out your electricity production and consumption, which do not always happen at the same time. Some electric companies pay out two lump sums one at seven years and one at 15 years. Learn More about the IPA's implementation activities under CEJA. Illinois may not have the year-round sunshine of the Southwest, but it does have a great solar power market because of the available financial incentives.