The ABP features capacity-based blocks set at predetermined prices for 15-year REC contracts. 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 rate will drop in 2033, but solar customers were given an additional decade to take advantage of the credit. As a result, the federal credit is back up to 30% and got extended for ten years to 2034. If you live in a state surrounding Illinois that doesnt have an SREC program, your project may still be eligible. 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. Leigh Matthews, BA Hons, H.Dip. 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. These payments to your Approved Vendor will help offset the cost of your new PV system or your community solar subscription. This may earn customers a rebate from the utility. tradingand energy forecasting, development ofcarbon and renewable However, CEJA altered the program from this cascading approach to an annual block approach. See why here. ATTENTION! That system value is calculated using the cost of your panels, batteries and inverters, plus installation costs. 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. Well break down the initial steps below. Individualized client accountsto report production and track SREC transactions, Residential and Commercial System Owners CorporateResidential & Small Commercial Developers, PAYMENT OPTIONSSREC Illinois Solar Industry Data, RPS Legislation Incentive values vary based on estimated solar production, the size of your solar installation, your utility company, and more. In the past, the Illinois Power Authority (IPA) bought SRECs in procurement rounds. Homeowners would typically sell their SRECs through an aggregator who acts as a broker between property owners and the state. Renewable Resources 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. Illinois separates SREC price amounts into blocks, as each block fills up the price of the SRECs goes down in the next block. 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. On September 15, 2021 Governor Pritzker signed the Climate and Equitable Jobs Act (Public Act 102-0662) (CEJA). The same rules apply re credits for kWh produced, and customers maintain the rights to renewable energy certificates and other incentives associated with solar. It does not appear on display pages. 1.877.697.9269. Of that 25 percent, six percent must come from solar. The new guidelines are as follows: Claiming the federal tax credit in Illinois couldnt be much easier. This technically wont cost you anything since you can take the taxes out of the lump sum payment you get. The library zone below is used to load resources. Federal and state incentives are offered to ComEd customers who choose to go solar. Block groups are determined by utility companies and load zones. These customers will need to figure out net metering credits with that supplier. The program maintains a list of pre-approved vendors to ensure excellent workmanship and customer protection. This past summer of 2022, the Illinois Shines program was on a temporary pause while a new program administrator was installed. Are energy-efficient appliances worth it? Municipal & County Resources 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. 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. The DG Project Developer must utilize an installer for the project who is certified by the Illinois Commerce Commission (ICC). For the current guidebook for the Adjustable Block program, please click here. 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. In some cases, ComEd customers actually purchase energy from another supplier. More information about these programs can be found in the Administrative Code document above. kWh) This opportunity is different than a net metering agreement with Learn actionable tips for making each room in your home greener. Illinois SRECs are sold at a fixed price which is determined by contracts, rather than the variable market prices of the old SREC program. 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). Below, well rank what we believe are the top three most crucial incentives to make sure you take as an Illinois solar customer. 30% credit for systems installed between 2005 and 2022, 0% credit for systems installed in 2024 or later, 30% credit for systems installed between 2022 and 2032, 0% credit for systems installed after 2035, Put toward your solar loan as additional principal to reduce the payoff timeline, Use to recoup your cash investment in solar to expedite your. Click below and use our process to receive multiple quotes instead: Connect with approved solar installers in your area. 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. Events All rights reserved. With the passing of the Climate and Equitable Jobs Act, however, this 5% cap has been removed. This dedicatedCEJA implementation pageserves as an up-to-date hub of information for those items from the Act being implemented by the Agency. To learn about any incentives you may qualify for, launch our
Then for systems under 10kW you receive a lump sum payment after your solar array has been installed in one lump sum. 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, We recommend using the money earned via your credits to: Selling your SRECs on the local market is easier to do than you might think, as its automatic for most homeowners. Learn more below. Email. Learn more about what a REC is here: https://vimeo.com/113250210. 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. Above, weve discussed all of the incentives available to Illinois property owners. Dan Simms is an experienced writer with a passion for renewable energy. As of right now, there are no near-term changes to incentives in Illinois planned, which is good news for solar customers. Find out how affordable solar is for your home with our Solar Calculator, or simply register your property today to get quotes. However, we dont expect this to appear in the near future. It was discontinued in 2021, but then reinstated by the Climate and Equitable Jobs Act that same year. 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. System: A solar photovoltaic array and all associated equipment necessary for its generation of electricity and connection to the distribution grid. Part I approval results in an ICC approved contract with one of the distribution utilities. Its possible that the future holds a less appealing avoided-cost rate for excess energy in Illinois or no compensation at all. FEJA established the incentive structure known as the Adjustable Block Program (ABP), also known as the Illinois Shines program. Dont forget about federal solar incentives! The credit was bumped up to $7,500 for some makes and models. Its possible that this incentive will be discontinued again if funds run out. You may be trying to access this site from a secured browser on the server. To receive the rebate, your solar panel system cannot be larger than 2,000 kW in capacity. Business Memberships 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 average cost of photovoltaic (PV) panels in Illinois is around $20,475 before any incentives or rebates are applied. 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. NEW Illinois SREC Prices for 2022-2023 Program Year. Speaking of Solar Blog, Homeowner Resources The Special Assessment for Solar Energy Systems means that you will be taxed as if the panels were not even there. How do I go about finding someone to install solar on my roof/property? 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 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 kind of credits you get each month for surplus energy depends on the price you pay for energy from ComEd and whether you received the utilitys commercial distributed generation rebate (not currently available for residential arrays). Were big fans of SREC programs because they credit you for all of your solar production, regardless of what you do with the energy. If you are looking for information on a program serving low-income and environmental justice communities, please visit the Illinois Solar for All program site.