Enter your zip code to see solar quotes near you. The incentive is called a Solar Renewable Energy Credit (SREC), and its administered by the Illinois Shines Program. Its important to note that while the net energy metering program in IL is currently outstanding, these policies change all the time across the country. Phase I of the portal was launched on January 31, 2023. Designee: Third-party (i.e., non-Approved Vendor) entities that have direct interaction with end-use customers. Additionally, the Illinois Shines Program has been a bit rocky in the past. The questions below will affect whether you save money. Casey is an EnergySage writer covering solar, community solar, and sustainability. The new SREC program continues to use the Adjustable Block format and the SREC price is set by block. Solar for All is available for residential properties, non-profits and public facilities, and community solar projects that serve low-income customers. Learn more below. If you live in Illinois and are considering investing in a solar energy system for your home, heres some great news for you: your state offers myriad solar incentives to help you out. If you buy electricity from your utility (e.g., basic service or hourly pricing), you must contact the utility to enroll in net metering. The Special Assessment for Solar Energy Systems means that you will be taxed as if the panels were not even there. For instance, if you buy energy from ComEd at hourly prices, any net metering credits will also be based on the price of power at the time your array produces it and sends it to the grid. On September 15, 2021, Governor Pritzker signed the Climate & Equitable Jobs Act, which includes new funding for the Illinois Shines SREC program, a massive incentive for solar buyers in Illinois. General Program Information - Illinois Shines Failure to enroll or re-enroll may significantly impact the value you receive from your PV system. Phase I of the portal was launched on January 31, 2023. The SREC program provides a means for Solar Renewable Energy Certificates (SRECs) to be created for every megawatt-hour of solar electricity created. It was discontinued in 2021, but then reinstated by the Climate and Equitable Jobs Act that same year. In most cases, the old SREC incentive exhausted blocks 1, 2, 3 and 4. 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. The DG Project Developer must utilize an installer for the project who is certified by the Illinois Commerce Commission (ICC). On July 1, 2022, Energy Solutions became the new Program Administrator for Illinois Shines. Leigh Matthews, BA Hons, H.Dip. Under the LTRRPP, the state will hold procurements for utility-scale wind and solar and will secure distributed generation and community solar REC contracts through the LTRRPP Adjustable Block Program (ABP). 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. Commonwealth Edison (ComEd) offers one of the best net metering programs in Illinois. As of right now, there are no near-term changes to incentives in Illinois planned, which is good news for solar customers. Still, you should plan to include the SREC value in your income and to pay taxes on them. Illinois Power Agency 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. The Energy Policy Act of 2005 created the investment tax credit (ITC) for commercial and residential solar energy systems. Solar farms: what are they and how do they work? Click here to access the Programs Community Solar Brochure. 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 program could get less beneficial in the future as it is in some other states, but right now, this is our pick for the second most crucial benefit program to take advantage of in Illinois. As a solar and EV advocate, much of his work has focused on the potential of solar power and deregulated energy, but he also writes on related topics, like real estate and economics. In this guide to solar benefits and incentive programs available in Illinois, youll learn: Our solar experts have sifted through hundreds of local governments and utility companies websites to find accurate information about current solar incentives in each state. Illinois has an SREC program called the Adjustable Block Program, or Illinois Shines. Illinois Power Agency Summit Solar - Illinois FEJA established the incentive structure known as the Adjustable Block Program (ABP), also known as the Illinois Shines program. 2023 Illinois Solar Incentives Guide (Tax Credits, Rebates) - EcoWatch Solar Ambassadors As such, it makes sense to try to shift your billing year to end just after your highest consumption months. The IPA and the Program Administrator are providing updates on these programmatic changes and the process of reopening the program as they develop. Keep in mind that the ITC applies only to those who buy their PV system outright (either with a cash purchase or a solar loan), and that you must have enough income for the tax credit to be meaningful (unless youre a tax-exempt entity, in which case you might be eligible for a direct payment). Visit energyequity.illinois.gov to learn more. SRECs are sold separately from the actual electricity they produce, which means owners can use the electricity from their solar array to directly lower their home or business electric bill and sell the SRECs that get created from that energy to the buyer. This guarantees clean energy savings. The credits you accrue roll over for an entire year, and you can choose from two different billing periods for your credits to get reset to zero annually. Provided you expect to owe around $1,200 or more each year in taxes for the next five years, you should be able to take the entire credit or close to it. The Illinois Power Agency (IPA) requires that procurement bids meet a minimum of 1MW of installed The ABP features capacity-based blocks set at predetermined prices for 15-year REC contracts. All Rights Reserved. Please note this is an incentive which is subject to tax. Illinois SREC Program Peoria IL I Sun Collectors Solar Panels 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. These payments to your Approved Vendor will help offset the cost of your new PV system or your community solar subscription. The Illinois Power Agency (IPA) requires that procurement bids meet a minimum of 1MW of installed capacity. The State operates on a fiscal year basis ending on June 30 th of each year. Homeowners sell these SRECs through a market set up by the Illinois Power Agency (IPA). Illinois Shines Resumes Acceptance of Traditional Community Solar Project Applications. One of the best ways to understand costs and incentives is to use a tool to help you calculate your solar potential. Any credits can be used to offset Basic Generation Service costs, meaning youll still pay a bill with connection fees and other administrative charges. Well break down the initial steps below. For more information, seeenergy.gov. Want to know more about the Illinois Solar Renewable Energy Credit Program? Your installer may also be a Designee or an Approved Vendor with the Program. Well discuss the steps you need to take below to ensure you get full credit for your SRECs. NT. Also known as a photovoltaic community renewable generation project.. 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. In addition to FEJA, the Climate and Equitable Jobs Act (CEJA) significantly expanded the ABP Program in 2021. SRECTrade | SREC Markets Project: A solar photovoltaic array and all associated equipment necessary for its generation of electricity and connection to the distribution grid. Give us a call today to learn more from our experts and how this may potentially be a great opportunity for your solar power system. On 9/15/21 the Climate & Equitable Jobs Act was approved which includes new funding for the Illinois Shines SREC program. ComEd, one of ILs largest utility companies, provides rebates for commercial and industrial (C&I) customers to help decrease the out-of-pocket costs of installing solar. We should also mention that the beneficial NEM program is subject to change, as it has in some other states across the country. Dont forget about federal solar incentives! Of that 25 percent, six percent must come from solar. In his free time when he's not checking his own home's solar production he enjoys outdoor activities like hiking, mountain biking, skiing and rock climbing. The Initial Plan was approved in 2018 and a Revised Plan was approved in June 2021. Below, well rank what we believe are the top three most crucial incentives to make sure you take as an Illinois solar customer. Approved Vendor Info - Illinois Shines Additionally, eligible nonprofits and public entities can apply for the Illinois Solar for All program, which aims to promote access to the benefits of solar through program incentives. Illinois SRECs- What they are and how to model them in Aurora We can educate you on all the current state rebates and credits around the red hot SREC program, exclusively available in Illinois. Be sure to check with your aggregator of choice to confirm their participation. It looks like your browser does not have JavaScript enabled. It helps pay off your system more quickly and maximizes your long-term energy savings. It takes just a few minutes to apply for when youre filing your taxes, and it provides an average value of over $6,000 in the Prairie State, provided you have a tax liability that allows you to take the full credit. These payments to your Approved Vendor will help offset the cost of your new PV system or your community solar subscription. Its possible that in 2025 when the state reaches its RPS goal, some incentives will be abandoned or changed for the worse. It credits all solar customers for solar production, and those energy credits can then be sold for a profit. Rather than the old five-year SREC program, this new incentive structure lasts for 15 years worth of solar production. The perks available are plentiful and highly beneficial, and the state is currently on track to meet its RPS goal. If you are deemed a qualified person as defined by Illinois Administrative Code 83 468.20, then yes! This includes installers, marketing firms, lead generators, and sales organizations. Right now, there are no plans to make the net energy metering program less beneficial, but things could change without notice at any time. Programand via direct deposit (ACH) to a bankaccount of their choice. If that does happen, and the state doesnt set a new RPS goal, the likelihood is that net energy metering will either no longer be available or will drop to a less beneficial avoided-cost rate. 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. The Federal Solar Tax Credit is still 26 percent for construction that started before Dec. 31, 2022. Illinois SRECs help those solar system owners recoup their investment. 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 reference, a residential solar project in Illinois is usually around 7kW and would be considered a small DG project. Now when a blocks capacity is filled, applications are placed on a waitlist until the next program year (if filled mid-year). If you only have time to file for one credit, we strongly suggest making it this one. This credit has been available since 2005, and it has gone through some changes since it was initially offered. For small residential & commercial systems under 25 kW (AC) the SREC payment will occur in one payment. *Companies intend to be available for all procurement events. illinois srec program - mysolidbox.com 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. Copyright 2023 LeafScore. For the current guidebook for the Adjustable Block program, please click here. 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. Block eligibility depends on a few factors: There are currently two groups associated with the ABP program Group A and Group B. Register for free to start comparing quotes. If coming up with the initial capital a challenge, we offer great financing options to eliminate this concern.
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