Illinois may get a little less sun than average, but with above-average electricity costs, the Prairie State is a great place to go solar at home. See how much you can save with this solar incentive on the. Carbon Solutions Group (CSG) is serving as a Solar Renewable Energy Credit (SREC) Aggregator for the Illinois Adjustable Block Program. Essentially, you can generate additional income from the power that your panels produce in order to help the state meet the solar requirement. On July 1, 2022, Energy Solutions became the new Program Administrator for Illinois Shines. These can be single projects or bundled together to meet that This credit has been available since 2005, and it has gone through some changes since it was initially offered. 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. 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. If youre ready to take advantage of this highly beneficial Illinois solar incentive, give us a call or contact us today. You can, however, take a partial credit the first year and roll over any leftover credit for up to five years. With one credit earned each month, thats an average of $840 per year your system will earn you. The Energy Policy Act of 2005 created the investment tax credit (ITC) for commercial and residential solar energy systems. Usually, you can expect to receive your payment within a year of your systems completion. 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. Rather than the old five-year SREC program, this new incentive structure lasts for 15 years worth of solar production. You can follow the steps below to ensure you get access to this outstanding benefit program. Under the Adjustable Block Program, this system falls into the Small DG category. Note that the SREC program in Illinois is designed to incentivize ongoing decreases in the cost of going solar in the state. Copyright 2009-2023 EnergySage, Inc. It was discontinued in 2021, but then reinstated by the Climate and Equitable Jobs Act that same year. 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. The Illinois Power Agency determines the cost of the block price value. 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. RECs may be sold to the utility for meeting the State's Renewable Portfolio Standards. Call us at (773) 812-3447 for more information on SRECs. This Act included significant changes to the Adjustable Block/Illinois Shines program, including the reopening of the program within 90 days (December 14, 2021). The DG Project Developer must utilize an installer for the project who is certified by the Illinois Commerce Commission (ICC). Best of all, the program takes no time to enroll in, as your installer will set up automatic credit sales for you. The new SREC incentive will start at Block 5 or 4% lower than the last block. 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. Visit energyequity.illinois.gov to learn more. Homeowners get one SREC for. Above, weve discussed all of the incentives available to Illinois property owners. The Illinois SREC program could potentially cover 20% to 40% of your total solar investment for residential and business applications! The ABP features capacity-based blocks set at predetermined prices for 15-year REC contracts. This includes installers, marketing firms, lead generators, and sales organizations. 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 amount of power a solar system will generate is dependent on a variety of factors, including system size, roof angle, and sunlight. If youre looking for a quote contact us today by phone or via our contact us page! through their installer or contact the two preferred national companies SRECs accrue as solar electricity is generated and are typically paid out either as a lump sum or over a 7-year period. 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. Enter your zip code to find out what solar panels cost from installers near you. Youll see far less personal benefit than if you purchased or financed panels. The Future Energy Jobs Act (FEJA) took effect on June 1, 2017 and is designed to stimulate job creation in clean energy, assist the state in meeting its ambitious RPS goal by 2025, and promote energy efficiency. Casey is an EnergySage writer covering solar, community solar, and sustainability. 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. Educational Videos Renewable Energy Credit (REC) is a tradable, environmental asset that Inventory, GreenBuildingprojects, as well as regulatoryand protocol Spots Are Already Being Taken By Illinois Homeowners. The payout of the credits is calculated based on the homeowner's system . As of right now, there are no plans or pieces of legislation in the works to increase incentives in Illinois. Use the. 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. Assuming you have an average system installed and typical energy bills for the area around $93.98 and your panels generate enough to offset 50% of your bill, this program could save you an average of $11,277 over the first 20 years of the panels lifespan. If your bill is based on fixed prices for energy, your credits will simply be measured in kWh. 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, Contact us at. owners for the countless benefits to Illinois. Also known as a photovoltaic community renewable generation project.. At that time, youll be paid a lump sum for all of the credits you accrued. 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. Programand via direct deposit (ACH) to a bankaccount of their choice. Office. 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. Distributed Generation Project Developer (DG Project Developer): A DG, Project Developer may oversee client relationships, design of the solar project, and site management. Your payback time is greatly reduced. More information about these programs can be found in the Administrative Code document above. This could be your installer, a project developer, a broker, or an aggregator. On September 15, 2021 Governor Pritzker signed the Climate and Equitable Jobs Act (Public Act 102-0662). Please contact our Customer Care Center if you have questions. (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. Watch this helpful video on RECs from the Center for Resources Solutions for further explanation. The net energy metering program in Illinois is outstanding, even compared to similar programs in other states. Contact Tick Tock Energy to get a quote today! For reference, a residential solar project in Illinois is usually around 7kW and would be considered a small DG project. Browse approved vendors here. The SREC program provides a means for Solar Renewable Energy Certificates (SRECs) to be created for every megawatt-hour of solar electricity created. How do you file for the federal tax credit in Illinois to get the full value? Want to find the best deal on solar in all of Illinois? solar calculator. The Inflation Reduction Act (IRA) is the piece of legislation that extended the federal credit and bumped up the credit rate. Weve also unbiasedly ranked and reviewed hundreds of solar installers to empower you to make the right choice for your home. This means the price of SRECs declines as more solar energy systems are installed. 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. Solar Renewable Energy Credit (SREC) Residential: REC's are a state incentive, whose value is equal to the solar energy you produce over 15 years times the price set by the Illinois Power Agency for REC's. (Same as Project). Participating in Illinois Shines means you play an important role in helping the State meet its renewable energy goals. 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. Are energy-efficient appliances worth it? Well also include the average savings afforded by each perk to help you prioritize which to take. These payments to your Approved Vendor will help offset the cost of your new PV system or your community solar subscription. On September 15, 2021 Governor Pritzker signed the Climate and Equitable Jobs Act (Public Act 102-0662) (CEJA). 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. Program Administrator: The IPAs subcontractor responsible for running day to day operations of the Adjustable Block Program. What new incentives are there in Illinois following the passing of the Inflation Reduction Act? In fact, Illinois has better incentives than most other states. Karsten is an editor and energy specialist focused on environmental, social and cultural development. 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. RECs are a 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. The Initial Plan was approved in 2018 and a Revised Plan was approved in June 2021. 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. Phase I of the portal was launched on January 31, 2023. If you buy electricity from a Retail Electric Supplier (e.g., through municipal aggregation or an individual contract), you must contact the supplier to enroll in net metering.

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