Click below and use our process to receive multiple quotes instead: Connect with approved solar installers in your area. You can follow the steps below to ensure you get access to this outstanding benefit program. Usually, you can expect to receive your payment within a year of your systems completion. FEJA established the incentive structure known as the Adjustable Block Program (ABP), also known as the Illinois Shines program. This gives you a chance to use up any remaining credits for the year. The good news is that Illinois is home to quite a few incentive programs that make PV equipment more affordable and maximize your long-term solar savings. What Illinois Residents Need To Know About SRECs? Still, we think this is an outstanding solar perk and well worth the time it takes to apply. Distributed Generation (DG): A system which is located on-site, behind a customers meter, and used primarily to offset a single customers load; it cannot exceed 2,000 kW AC in size. The Initial Plan was approved in 2018 and a Revised Plan was approved in June 2021. This could be your installer, a project developer, a broker, or an aggregator. In fact, Illinois has better incentives than most other states. The program lasts for 15 years after you install your photovoltaic (PV) equipment. Solar Panel Cost in Illinois (2023 Local Savings Guide), Top 6 Best Solar Companies in Illinois (2023 Reviews). See why here. Well list these incentives below and provide a brief explanation as to how they work. For commercial customers, this is paid out over 5 years, and the REC value varies based on the size of the solar system. On Sept. 15, 2021, the Climate and Equitable Jobs Act (Public Act 102-0662) was signed into law by Illinois Governor J.B. Pritzker. 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. All of CSG's ABP customers will be receiving the following documents in . 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. 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 size comparison, a 1,000 kW, or 1 MegaWatt (MW) community solar plant would require around 3 to 5 acres and 2 MW potentially up to 10 acres. In Illinois, the credit averages out to $6,143. Illinois Power Agency Energy Workforce Equity Portal The portal is an online source designed to help connect clean energy companies with Equity Eligible Persons looking to work in the clean energy sector in Illinois. For instance, if you buy energy from ComEd at hourly prices, any net metering credits will also be based on the price of power at the time your array produces it and sends it to the grid. Solar panels harness the energy from the sun and convert it into electricity. The Program provides payments in exchange for 15 years of Renewable Energy Credits ("RECs") from a utility contracted to buy the RECs from your Approved Vendor. The Illinois Power Agency (IPA) requires that procurement bids meet a minimum of 1MW of installed That would mean less credit for each kWh you pass to the grid, which translates to fewer long-term savings. The state set a specific amount of installed solar (in megawatts, MW) and an associated SREC price for each block. REC prices are determined through the Adjustable Block Program. This field is for validation purposes and should be left unchanged. For the current guidebook for the Adjustable Block program, please click here. She is passionate about making clean energy more accessible to everyone and has worked in clean energy communications since graduating from the University of New Hampshire with a Bachelors in Business Administration. This Act included significant changes to the Adjustable Block/Illinois Shines program. Leigh Matthews is a sustainability expert and long time Vegan. Illinois SRECs are sold at a fixed price which is determined by contracts, rather than the variable market prices of the old SREC program. Instead, the total credit amount is applied to the income taxes you owe, which means you can only take the credit if you owe money on your taxes. The second 10 years of SRECs is a fixed 35$ Illinois: Illinois is also a fixed amount, however SRECs can differ in price depending on when you go solar. 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. SREC Broker/Aggregator: An SREC Broker/Aggregator works with installers, companies, and individuals to submit projects for approval the Illinois Shines program. Net metering measures the electricity your PV system produces and credits you for it on your electric bill. SRECs are a great way for businesses and nonprofits to generate savings in Illinois. Carbon Solutions Group (CSG) is serving as a Solar Renewable Energy Credit (SREC) Aggregator for the Illinois Adjustable Block Program. Some electric companies pay out two lump sums one at seven years and one at 15 years. 1,000 kWh of solar electricity = 1 MWh of solar electricity = 1 SREC. This credit has been available since 2005, and it has gone through some changes since it was initially offered. 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. You may host a new solar photovoltaic system on your rooftop or on your property, directly offsetting your energy usage; or. For a personalized assessment of the credits and rebates you may qualify for, launch our
This is a perk that helps keep down the upfront cost of solar systems to make them a bit more accessible, so it would be a great addition to Illinoiss collection of benefit programs. Note that the SREC program in Illinois is designed to incentivize ongoing decreases in the cost of going solar in the state. The program is made possible via the REC market in Illinois. The quotes would include current incentives available in your area. Illinois has an SREC program called the Adjustable Block Program, orIllinois Shines. Which Tax Incentives Are The Best In Illinois? 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. Commercial: RECs 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 RECs. The net energy metering program in Illinois is outstanding, even compared to similar programs in other states. The Illinois Shines or ABP Program uses a block structure to determine the value of an SREC. Youll see far less personal benefit than if you purchased or financed panels. Lastly, net energy metering doesnt cost you anything to apply for, and it takes virtually no time investment either. solar calculator helps you assess your rooftop solar potential by combining your historical usage data with solar data in your area to provide a personalized evaluation for your property, including any rebates and credits. Like homeowners, small businesses and nonprofits can apply to the Illinois Shines program through an approved vendor. Are energy-efficient appliances worth it? 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). 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. 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. No, there are currently no plans for incentives to become less beneficial in Illinois in the next two years. Over the 15 years the program lasts, youre expected to earn around $12,600 for your solar production. And, if you send more energy to the grid than we deliver, you can receive credits on your bill. Illinois has an SREC program called the Adjustable Block Program, or Illinois Shines. It allows residents with household incomes below 80% of the median to get PV panels installed for no upfront costs. If youre ready to apply for this beneficial Illinois solar incentive, give us a call or contact us today. The average cost of photovoltaic (PV) panels in Illinois is around $20,475 before any incentives or rebates are applied. Thanks to Illinois net metering policy, your utility will buy back any excess electricity your solar system produces. Its possible that this incentive will be discontinued again if funds run out. 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. Utilities must offer retail rate net metering in Illinois, with the exception of cooperatives or municipalities. (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. 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. 1.877.697.9269. Community Solar are typically large systems from a minimum size of 500 kW up to 2 MW (AC) that feed into the grid and generating power for subscribers. For your system, the value is 7.1 cents/kWh produced, which is paid in year one. This past summer of 2022, the Illinois Shines program was on a temporary pause while a new program administrator was installed. Utilities are only required to issue SREC payments quarterly, so the time it takes to receive your check varies. 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. Illinois Power Agency2022. 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. 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. solar calculator. Policy Webinars, Solar Tour Well discuss the steps you need to take below to ensure you get full credit for your SRECs. Solar Ambassador Program Enter your zip code to see solar quotes near you. If you are deemed a qualified person as defined by Illinois Administrative Code 83 468.20, then yes! It helps pay off your system more quickly and maximizes your long-term energy savings. In addition to FEJA, the Climate and Equitable Jobs Act (CEJA) significantly expanded the ABP Program in 2021. 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. Solar House 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. Speaking of Solar Blog, Homeowner Resources listed below: Carbon Solutions Group or SRECTrade. For reference, large DG systems are usually hosted on larger buildings or roofs, not residential properties. You are not guaranteed to save money unless your contract includes an explicit guarantee. Illinois has a very favorable net metering program that helps bring down effective energy costs. Renewable Resources Failure to enroll or re-enroll may significantly impact the value you receive from your PV system. If your project is on the waitlist first seeking confirmation of funding, now is the time to move forward. Solar is hot in Illinois! 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. 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). Enrolling in net energy metering is, thankfully, a simple and straightforward process. The Illinois Shines program is the states equivalent of the Solar Renewable Energy Credit (SREC) programs and adjustable block programs in other states. 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. Learn More about the IPA's implementation activities under CEJA. At that time, youll be paid a lump sum for all of the credits you accrued. Find out what solar costs in your area in 2023, 2023 expert guide to solar panels for homes. Are energy-efficient appliances worth it? Educational Videos tradingand energy forecasting, development ofcarbon and renewable 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. Homeowners get one SREC for. Heres why: Illinois is one of just a few states that pay you to generate clean electricity from solar and wind renewable energy systems. Phase I of the portal was launched on January 31, 2023. If you answer yes, the software will automatically direct you to fill in the required information. This includes installers, marketing firms, lead generators, and sales organizations. Block groups are determined by utility companies and load zones. 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. If you only have time to file for one credit, we strongly suggest making it this one. If youre in this situation, you can potentially sell the SRECs that your solar system generates into the Illinois SREC market. This may earn customers a rebate from the utility. Its important to note that this is not a cashback incentive, so you wont get the average credit value of $6,143 back. Illinois separates SREC price amounts into blocks, as each block fills up the price of the SRECs goes down in the next block. The Illinois Power Agency (IPA) requires that procurement bids meet a minimum of 1MW of installed capacity. Individualized client accountsto report production and track SREC transactions, Residential and Commercial System Owners CorporateResidential & Small Commercial Developers, PAYMENT OPTIONSSREC Above, weve discussed all of the incentives available to Illinois property owners. Instead, qualifying households pay a reduced monthly fee for power produced, up to a maximum of 50% of the value of the energy produced. TheIllinois Solar for Allprogram helps low-income households install solar panels with no upfront costs. To receive the rebate, your solar panel system cannot be larger than 2,000 kW in capacity. Dont delay, enjoy the benefits of generating electricity from the sun! This means you can sign up to demand management programs with utilities to help manage energy transfer to and from the grid. Top brands in 2023, REC pricing for the 2022-2023 program year. Copyright 2009-2023 EnergySage, Inc. The SREC program provides a means for Solar Renewable Energy Certificates (SRECs) to be created for every megawatt-hour of solar electricity created. 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.