A lover of music and the outdoors, Karsten might be found rock climbing, canoeing or writing songs when away from the workplace. Illinois separates SREC price amounts into blocks, as each block fills up the price of the SRECs goes down in the next block. The DG Project Developer must utilize an installer for the project who is certified by the Illinois Commerce Commission (ICC). The IPA website is regularly updated with new information about the ABP. SREC Incentive Overview and Status as of March 31, 2021The solar renewable energy credit (or "SREC") has been an exceptional Illinois solar incentive available through the Illinois Shines program. No, there are currently no plans for incentives to become less beneficial in Illinois in the next two years. The tax exemption for solar equipment in IL prevents your taxes from going up as a result of installing solar equipment. Between the 30% federal tax credit and the SREC incentive, up to 50 to 60% of your solar system or more could be paid for from these two incentives alone. Aegis Construction Group is an Illinois state-approved solar energy system vendor. Shouldnt solar be the same? Taxpayers can claim a Federal Income Tax Credit (FITC) of 30% for qualified expenditures on a solar system that provides electricity to their residence (owned and lived in by the taxpayer). Its possible that this incentive will be discontinued again if funds run out. Please note this is an incentive which is subject to tax. The price drop between blocks is 4%. You may participate in Illinois Shines in one of two ways: Whether you are planning to install solar on your property or subscribe to a community solar project, you must work with an Approved Vendor who will either submit your solar system to the Program or register your community solar subscription with an already established Community Solar project in the Program. Donate Phase I of the portal was launched on January 31, 2023. The SREC is sold separately from the electricity and represents the "solar" aspect of the electricity that was produced. For more information, seeenergy.gov. This field is for validation purposes and should be left unchanged. The Illinois Power Agency (IPA) requires that procurement bids meet a minimum of 1MW of installed capacity. sales @ mysolidbox.com The perks available are plentiful and highly beneficial, and the state is currently on track to meet its RPS goal. At first, the credit amount was set to decrease based on the below schedule: In August of 2022, the federal government re-upped the credit amount and pushed back the expiration date of the program. The IPA (Illinois Power Authority) has in the past bought SRECs in "procurement rounds". Find out how much you can receive when you register through the Illinois Shines Program with Acorn! All utility companies in Illinois are required to participate, including Ameren and ComEd. How do I go about finding someone to install solar on my roof/property? Educational Videos That means your taxes wont increase just because you convert to solar energy. Programand via direct deposit (ACH) to a bankaccount of their choice. Right now, there are no plans to make the net energy metering program less beneficial, but things could change without notice at any time. Solar for All is available for residential properties, non-profits and public facilities, and community solar projects that serve low-income customers. His work has been shared by sources including NPR, the World Economic Forum, Marketwatch and the SEIA, and he is certified in ESG with the CFA Institute. Then for systems under 10kW you receive a lump sum payment after your solar array has been installed in one lump sum. Program Resources - Illinois Shines Program Resources On September 15, 2021 Governor Pritzker signed the Climate and Equitable Jobs Act ( Public Act 102-0662 ). SREC Broker/Aggregator: An SREC Broker/Aggregator works with installers, companies, and individuals to submit projects for approval the Illinois Shines program. Renewable Energy Credit (REC) is a tradable, environmental asset that represents the carbon or pollution avoided from the grid. To understand how much power your system will generate, please work with your Approved Vendor, as each system is different. Email. Before joining EcoWatch, Karsten worked in the solar energy sector, studying energy policy, climate tech and environmental education. The best way to compare your solar options and save money at the same time is by registering on the EnergySage Marketplace. RECs are certificates that are created when a renewable energy generating facility produces energy. Incentive values vary based on estimated solar production, the size of your solar installation, your utility company, and more. Just keep in mind that the credit rate will drop in 2032. Visit energyequity.illinois.gov to learn more. Currently, the full retail rate for net energy metering in Illinois means the program will help reduce your panel payback period, maximize your long-term savings and help reduce your monthly electricity bills for the entire time your system produces electricity. Illinois SREC incentives are managed under the Adjustable Block Program. All Rights Reserved. The new SREC program continues to use the Adjustable Block format and the SREC price is set by block. Illinois SRECs help those solar system owners recoup their investment. Note that the SREC program in Illinois is designed to incentivize ongoing decreases in the cost of going solar in the state. Events Otherwise, youre paying to produce energy for which the utility wont compensate you. It credits all solar customers for solar production, and those energy credits can then be sold for a profit. It does not appear on display pages. Considering solar can add around 4% to the average home, this could save you a lot in property taxes. *Companies intend to be available for all procurement events. 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 program lasts for 15 years after you install your photovoltaic (PV) equipment. And, if you send more energy to the grid than we deliver, you can receive credits on your bill. 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). Solar RECs (SRECs) are created for each megawatt-hour of electricity generated from solar energy systems. Participating in Illinois Shines means you play an important role in helping the State meet its renewable energy goals. Dont be. That would mean less credit for each kWh you pass to the grid, which translates to fewer long-term savings. The tax exemption is another automatic state incentive, so you dont have to take any action to claim it. 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. RPS Timeline The Illinois SREC plus Federal Tax Credit makes solar very appealing. In other words, every time a MWh is produced by a solar array, another SREC comes into existence. RECs are a in the Illinois Shines program. Failure to enroll or re-enroll may significantly impact the value you receive from your PV system. 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. Any credits can be used to offset Basic Generation Service costs, meaning youll still pay a bill with connection fees and other administrative charges. See our Community Solar page for more info. Use the. This credit is also available to all Illinois property owners, and its guaranteed to be offered until 2034. See the cost of solar in IL cities and towns, Enter your zip code to see solar quotes near you. Participants in the Solar for All program can expect no upfront costs to install solar, no ongoing costs (i.e., free maintenance), and fees that wont exceed 50% of the value of energy generated by the system. This guarantees clean energy savings. FEJA established the incentive structure known as the Adjustable Block Program (ABP), also known as the Illinois Shines program. The Developer must utilize an installer for the project who is certified by the Illinois Commerce Commission (ICC). These Incentives Are Limited! 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. The best of EcoWatch right in your inbox. Importantly, the pricing of your SRECs is fixed, and when you receive the incentive depends on the size of your solar panel system; if youre installing a system with an inverter size of less than 10 kW, you receive your SREC incentive as an upfront lump-sum payment. are valued for the total energy production from an array and therefore Illinois Shines Resumes Acceptance of Traditional Community Solar Project Applications. See why here. The first step towards earning SRECs is to shop for a solar panel system. REC prices are determined through the Adjustable Block Program. Also known as a photovoltaic community renewable generation project.. The EnergySage Solar Calculator estimates the net 20-year savings of a 5 kW system installed in McLean County, IL to be anywhere from $21,564 to $29,175. 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. 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. Well also include the average savings afforded by each perk to help you prioritize which to take. All excess energy is credited at the full retail rate, which is the best-case scenario. Well discuss the steps you need to take below to ensure you get full credit for your SRECs. Additionally, the IRA provides increased credits for purchasing electric vehicles. In addition to the federal and statewide solar perks mentioned above, there are two other local incentives that might be available to you, depending on where you live. 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. Illinois Power Agency2022. RECs One Illinois SREC equals 1,000 kilowatt-hours (kWh) of solar energy generated, or one megawatt (MWh). 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. REC Procurements Illinois has a very favorable net metering program that helps bring down effective energy costs. The Illinois Power Agency implemented a long-term renewable resources plan, part of which provides SRECs for customers who generate solar energy. energy projects,emissions mitigation and management,GHG Emissions Illinois, Missouri - (618)-444-2693 Utah, Idaho - (801)-444-5130 ENERGYSAGE is a registered trademark and the EnergySage logo is a trademark of EnergySage, Inc. Other trademarks are the property of either EnergySage, Inc. or our licensors and are used with permission.
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