Enter your zip code to find out what solar panels cost from installers near you. Take Action to Restore Illinois SREC Funding in Springfield On 9/15/21 the Climate & Equitable Jobs Act was approved which includes new funding for the Illinois Shines SREC program. Want to know more about the Illinois Solar Renewable Energy Credit Program? Right now, there are no plans to make the net energy metering program less beneficial, but things could change without notice at any time. The Agency reserves the right to add additional categories of market activities as needed. With the passing of the Climate and Equitable Jobs Act, however, this 5% cap has been removed. To receive the rebate, your solar panel system cannot be larger than 2,000 kW in capacity. Illinois Power Agency Instead, qualifying households pay a reduced monthly fee for power produced, up to a maximum of 50% of the value of the energy produced. ISEA recommends system owners work Illinois SREC Program - YouTube The questions below will affect whether you save money. energy projects,emissions mitigation and management,GHG Emissions In 2017, the Illinois government created new legislation that altered the existing Renewable Energy Certificate (REC) program structure in the state. Karsten is an editor and energy specialist focused on environmental, social and cultural development. The current block rate for systems under 25kW is $75.29, but it won't be for long! Illinois Solar Renewable Energy Credits help the state meet Renewable Portfolio Standards (RPS), which is a regulatory mandate that sets goals for generating a percentage of Illinois overall electricity from renewable energy. Contact Tick Tock Energy to get a quote today! Please note this is an incentive which is subject to tax. 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. 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. If your bill is based on fixed prices for energy, your credits will simply be measured in kWh. That incentive is a dollar-for-dollar reduction in the income tax liability that a person or company claiming the credit would otherwise pay the federal government. Previously, the incentive transitioned to a new block with a lower price once it reached its set amount of installed solar this resulted in fewer available incentive funds as more people installed solar. With EnergySage, you can compare your solar options when you receive quotes from the best local solar installers near you. 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. Renewable Energy Credit (REC) is a tradable, environmental asset that You are not guaranteed to save money unless your contract includes an explicit guarantee. Smart Inverters not only convert the direct current (DC) produced by your solar array into usable alternating current (AC), they can also communicate with the electrical grid and can even be operated remotely by a third-party. The ABP features capacity-based blocks set at predetermined prices for 15-year REC contracts. Find out how much you can receive when you register through the Illinois Shines Program with Acorn! Carbon Solutions Group (CSG) is serving as a Solar Renewable Energy Credit (SREC) Aggregator for the Illinois Adjustable Block Program. Thanks to Illinois net metering policy, your utility will buy back any excess electricity your solar system produces. You can answer some questions yourself, while others can be answered by your installer or sales agent. Well also include the average savings afforded by each perk to help you prioritize which to take. This incentive also takes basically no time to apply for, as youll be opted in automatically by your electric company. 1,000 kWh of solar electricity = 1 MWh of solar electricity = 1 SREC. Visit energyequity.illinois.gov to learn more. kWh) This opportunity is different than a net metering agreement with Some homeowners can get solar installed for free and then enjoy lower utility payments and the warm fuzzy feeling of helping enhance the green energy grid. As of the time of writing, each SREC in IL is worth approximately $72. New customers should review the ABP Program Brochure for general program information. Use the. If you only have time to file for one credit, we strongly suggest making it this one. 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. However, CEJA altered the program from this cascading approach to an annual block approach. It does not appear on display pages. If you answer yes, the software will automatically direct you to fill in the required information. One of the best ways to understand costs and incentives is to use a tool to help you calculate your solar potential. If youre ready to apply for this beneficial Illinois solar incentive, give us a call or contact us today. The highly popular and successful solar renewable energy credit incentive, or SREC program, will continue after a recent hiatus. Visit energyequity.illinois.gov to learn more. System: A solar photovoltaic array and all associated equipment necessary for its generation of electricity and connection to the distribution grid. There are many opportunities to help you offset the out-of-pocket costs to install a solar generating system. Community Solar Subscription: An interest in a community renewable generation project expressed in kilowatts, which is sized primarily to offset part or all of the subscribers electricity usage. REC prices are determined through the Adjustable Block Program. See the cost of solar in IL cities and towns, Enter your zip code to see solar quotes near you. For solar energy customers, the April settlement date will likely make more sense than the October date. Details from past DG procurement events including winning bid prices are listed on the IPA website. SRECs in Missouri & Illinois | StraightUp Solar are valued for the total energy production from an array and therefore Casey is an EnergySage writer covering solar, community solar, and sustainability. 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. In most cases, home improvements that make your home more valuable also push your taxes higher since your taxes are based on your overall home value. 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. If youre ready to take advantage of this highly beneficial Illinois solar incentive, give us a call or contact us today. More information on both Distributed Generation (rooftop or ground mounted solar on your property) or Community Solar can be found in the brochures below: Click here to access the Programs Distributed Generation Brochure. The Illinois Power Agency (IPA) welcomes your questions and hopes you will take advantage of the information offered on our website. We can educate you on all the current state rebates and credits around the red hot SREC program, exclusively available in Illinois. Illinois Solar Energy Association - Illinois Power Agency REC Procurements Dan Simms is an experienced writer with a passion for renewable energy. With the new SREC program, its a bit different the current SREC program lasts for a longer duration, and the price you receive for each SREC is fixed and dependent on your utility company, system size, and how soon you go solar. What Do Illinoisans Need to Know About the Federal Solar Tax Credit? Solar Ambassadors Factor in a solid SREC market and the federal tax credit and some homeowners can quickly recoup nearly 50% of the cost of a home solar energy system. Failure to enroll or re-enroll may significantly impact the value you receive from your PV system. What new incentives are there in Illinois following the passing of the Inflation Reduction Act? Illinois Solar Renewable Energy Credits (SRECs) 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. Policy Blog The Illinois Power Agency (IPA) requires that procurement bids meet a minimum of 1MW of installed 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. I want solar! SRECTrade | SREC Markets | Illinois | IL RECs are a Her work on solar policy has been published in the Canadian National Observer. REC prices are determined through the Adjustable Block Program. Phase I of the portal was launched on January 31, 2023. 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. Before joining EcoWatch, Karsten worked in the solar energy sector, studying energy policy, climate tech and environmental education. Community Solar Subscriber: A person who (i) takes delivery service from an electric utility, municipal utility, or rural electric cooperative, and (ii) has a subscription of no less than 200 watts to a community renewable generation project that is located in the utilitys service area. illinois srec program - mysolidbox.com Your payback time is greatly reduced. Its possible that in 2025 when the state reaches its RPS goal, some incentives will be abandoned or changed for the worse. 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. way to track and monetize these environmental benefits and compensate That means that every kilowatt-hour (kWh) you generate and send to the grid will offset one kWh you pull from the grid when your panels fail to produce enough energy for your home like at night or on cloudy days. SRECs are a great way for businesses and nonprofits to generate savings in Illinois. The IPA (Illinois Power Authority) has in the past bought SRECs in "procurement rounds". 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. Illinois SREC | Program Schedule | AEGIS Construction Group Illinois Shines: Illinois is one of few states with a Solar Renewable Energy Credit (SREC) program to support the development of solar projects in the state. Still, we love programs like this because it makes renewable energy far more accessible. 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. If youre in this situation, you can potentially sell the SRECs that your solar system generates into the Illinois SREC market. Illinois' New Incentive: Solar Renewable Energy Credits Absolutely! Whether its ported to the grid or used in your home, youll earn a cash value for all of the energy you generate. This is where SRECs come in a utility can claim the electricity produced from your home solar system to help meet RPS requirements through the purchase of SRECs. Spots Are Already Being Taken By Illinois Homeowners. 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. Illinois has a very favorable net metering program that helps bring down effective energy costs. Illinois Shines SREC Program Gets New Funds for 2022 - Zenernet Click below and use our process to receive multiple quotes instead: Connect with approved solar installers in your area. 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. Illinois Power Agency Lastly, net energy metering doesnt cost you anything to apply for, and it takes virtually no time investment either. This program is set to open up January, 30th 2019. Donate solar panel. This incentive can net you several hundred dollars each year, seriously reducing your solar payback period. Over the 15 years the program lasts, youre expected to earn around $12,600 for your solar production. SREC Broker/Aggregator: An SREC Broker/Aggregator works with installers, companies, and individuals to submit projects for approval the Illinois Shines program. Solar Professional Resources The new guidelines are as follows: Claiming the federal tax credit in Illinois couldnt be much easier. In addition to FEJA, the Climate and Equitable Jobs Act (CEJA) significantly expanded the ABP Program in 2021. Shouldnt solar be the same? The Final 2022 Long-Term Renewable Resources Procurement Plan is available here. Enrolling in this program is automatic, provided you choose a reputable installer to handle your PV panel installation. This credit is also available to all Illinois property owners, and its guaranteed to be offered until 2034. Approved Vendors often work with Designees to manage various portions of solar system development. For homeowners interested in solar at home but unsure about the upfront cost, check out Illinoiss Solar for All program. This is because the utility uses either April or October as the annual billing period end. The Developer must utilize an installer for the project who is certified by the Illinois Commerce Commission (ICC). Solar Rebates & Tax Incentives: What You Need to Know, State property tax exemptions in Illinois, Final thoughts on state solar incentives in Illinois, Illinois Shines helps residential solar producers sell their SRECs to earn additional income, The Illinois Solar for All program helps low-income households sign up for solar with no upfront cost, Value added by home solar is exempt from property tax assessments, Illinois mandates retail rate net metering but credits expire annually. Thats because the summer months are usually the highest production months for home solar. Approved Vendor Info - Illinois Shines Concerned about climate change? An SREC represents the environmental benefits of producing one megawatt-hour of electricity using solar power. Dont forget about federal solar incentives! The tax exemption is another automatic state incentive, so you dont have to take any action to claim it. 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. threshold. 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. Solar Ambassador Program Want to find the best deal on solar in all of Illinois? For your system, the value is 7.1 cents/kWh produced, which is paid in year one. How do I go about finding someone to install solar on my roof/property? Please be aware that state ethics rules may require that some communications be reported to the Procurement Policy Board. Illinois Solar Legislation Participating in Illinois Shines means you play an important role in helping the State meet its renewable energy goals. 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. Starting on 9/1/22, new SREC applications are now accepted. The net energy metering program in Illinois is outstanding, even compared to similar programs in other states. You can, however, take a partial credit the first year and roll over any leftover credit for up to five years. As such, it makes sense to try to shift your billing year to end just after your highest consumption months. 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. capacity. But, most people wont qualify unless they already have solar installation experience. A Phone. In other words, every time a MWh is produced by a solar array, another SREC comes into existence. The document titled "2022 Long-Term Renewable Resources Procurement Plan" below provides information pertaining to the Renewable Energy Credit (REC) program. The overall Illinois Shines program address three areas: Distributed Generation, or DG for short refers to behind the meter solar systems intended to generate electricity for the home or building they are connected to. It helps pay off your system more quickly and maximizes your long-term energy savings. 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). The best of EcoWatch right in your inbox. Energy Solutions has been designated the Program Administrator. The Illinois Power Agency implemented a long-term renewable resources plan, part of which provides SRECs for customers who generate solar energy. Find out how affordable solar is for your home with our Solar Calculator, or simply register your property today to get quotes. This technically wont cost you anything since you can take the taxes out of the lump sum payment you get. The price drop between blocks is 4%. We use cookies to ensure that we give you the best experience on our website. Illinois Shines is part of the state's plan to hit its ambitious Renewable Portfolio Standard goal of producing 50% of its energy from renewable sources by the year 2040. This means the price of SRECs declines as more solar energy systems are installed. Illinois solar incentives and rebates help you save on solar, Is something missing or out of date? ComEd's An SREC is a REC that specifically comes from a solar system. It provides an average potential value of $6,143 for Illinois residents, and it takes just a few minutes to file for. Commonwealth Edison offers the top utility net metering program in Illinois. A s an example, if someone installs an 8kw sized solar system that produces 10,000 kWh of power annually, in Illinois, that customer would receive around $12,000. Dont be. These credits work similarly to the federal solar tax credit. Well discuss the steps you need to take below to ensure you get full credit for your SRECs. Programand via direct deposit (ACH) to a bankaccount of their choice. A renewable energy certificate (REC) is a market-based instrument that represents the property rights to the environmental, social, and other non-power attributes of renewable electricity generation. Copyright 2023 LeafScore. Your installer may also be a Designee or an Approved Vendor with the Program. This means most homeowners with a 6 kW array could earn around $360-$750 each year for their SRECs in Illinois. Like other solar tax credits, with the ITC you can deduct 26% of the cost of your solar energy system from your federal taxes. If you live in a state surrounding Illinois that doesnt have an SREC program, your project may still be eligible. As we mentioned above, the federal credit is the best solar perk available in IL, in our opinion. Dont forget about the 30% Solar Federal Tax Credit that is available for solar owners as well. cost of photovoltaic (PV) panels in Illinois, low-income households to convert to solar, Federal Solar Investment Tax Credit (ITC), Offers a credit to your tax liability for 30% of your entire system cost, Provides credits for all solar production, which you can sell for a profit, Varies based on the size of your system, your total energy production rate and more, Offers an accessible payment plan for low-income solar customers, Varies based on the size of your system, your average monthly electric bill and more, Waives all taxes on your property for the value added to your home by your PV system, Varies based on your system size, system installation cost and your local property tax rate, Provides credits for excess energy production, which can be used to pay down future bills, Varies based on your monthly utility bills and your average rate of solar production, Various rebate programs offered by local utility companies and municipalities, Varies based on the specific incentive, where you live and your utility provider. For the current guidebook for the Adjustable Block program, please click here. Community Solar Project Developer: A Community Solar Project Developer designs and oversees the development of community solar projects. . 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. For the average residential system, this comes out to more than $10,000 in additional savings. System Purchase >25 kW Sample Disclosure Form, https://www.energy.gov/eere/solar/articles/solar-photovoltaic-technology-basics. As mentioned above, every 1,000 kWh you generate will yield an energy credit, which will get sold automatically on the local market. In most cases, the old SREC incentive exhausted blocks 1, 2, 3 and 4. It allows residents with household incomes below 80% of the median to get PV panels installed for no upfront costs. 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. You can follow the steps below to ensure you get access to this outstanding benefit program. This could be your installer, a project developer, a broker, or an aggregator. You may host a new solar photovoltaic system on your rooftop or on your property, directly offsetting your energy usage; or. TheIllinois Solar for Allprogram helps low-income households install solar panels with no upfront costs. Updates to the SREC Program - October 2022 | Tick Tock Energy News As of right now, there are no near-term changes to incentives in Illinois planned, which is good news for solar customers. Learn More. Illinois has an SREC program called the Adjustable Block Program, or Illinois Shines. 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. 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. On September 15, 2021 Governor Pritzker signed the Climate and Equitable Jobs Act (Public Act 102-0662). 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. Phase I of the portal was launched on January 31, 2023. REC prices can be found on page 180 of theFinal 2022 Long-Term Renewable Resources Procurement Plan released in August 2022. www.carbonsolutionsgroup.comToll free: (866) 499-1456Email: contact@carbonsolutionsgroup.com, SPECIALTYEnvironmental asset valuation, If you own your home array and can take advantage of the states robust SREC market, Illinois is a great place to go solar. The new SREC incentive will start at Block 5 or 4% lower than the last block. 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. Of that 25 percent, six percent must come from solar. Program Administrator: The IPAs subcontractor responsible for running day to day operations of the Adjustable Block Program. This Act included significant changes to the Adjustable Block/Illinois Shines program, including the reopening of the program within 90 days (December 14, 2021). Illinois Shines Opens for 2022-2023 Program Year, Re-Opens for Applications Individualized client accountsto report production and track SREC transactions, Residential and Commercial System Owners CorporateResidential & Small Commercial Developers, PAYMENT OPTIONSSREC This incentive structure is very similar to the Megawatt Block rebate available in New York State, as well as the SMART incentive in Massachusetts.