(1 REC = 1,000 Details from past DG procurement events including winning bid prices are listed on the IPA website. If you have more questions or would like to see a quote for your home, farm or facility, our experts will be happy to discuss further! kWh) This opportunity is different than a net metering agreement with 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. Enter your zip code to find out what solar panels cost from installers near you. 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. Inventory, GreenBuildingprojects, as well as regulatoryand protocol Illinois SREC Program - YouTube Programand via direct deposit (ACH) to a bankaccount of their choice. For the average Illinois resident, this solar program yields around $12,600 over the life of their system! Newsletter Sign Up, News & Announcements The IPA is purchasing SRECs under a 15-year contract. All rights reserved. The credit was bumped up to $7,500 for some makes and models. 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. 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. 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. The state set a specific amount of installed solar (in megawatts, MW) and an associated SREC price for each block. 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. See our Community Solar page for more info. Agency: The Illinois Power Agency who developed and manages the Illinois Shines program through its subcontractor, Energy Solutions. The Illinois Solar for All (ILSFA) Program is an excellent option for low-income households to convert to solar power. What Illinois Residents Need To Know About SRECs? Given the tax rate in IL of 2.16% and the typical system value of $20,475, this exemption should save you approximately $8,845 in taxes over the life of your equipment.2. Learn More about the IPA's implementation activities under CEJA. You may participate as a subscriber to a community solar projecta large, centralized solar project for which you subscribe to a share of its output. Having trouble deciding? The SREC program in Illinois called the IL Solar Shines Program credits you for all solar power you produce with your system. Your payback time is greatly reduced. The state has a local SREC market where your credits can be sold. In its place, Illinois state has set a threshold date of December 31st, 2024, or when new utility tariffs are set and approved (whichever is later). Still, you should plan to include the SREC value in your income and to pay taxes on them. ISEA recommends system owners work 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. The tax exemption is another automatic state incentive, so you dont have to take any action to claim it. Sign up for our email newsletter! Community Solar Project Developer: A Community Solar Project Developer designs and oversees the development of community solar projects. Well also include the average savings afforded by each perk to help you prioritize which to take. Illinois has a very favorable net metering program that helps bring down effective energy costs. Contact Tick Tock Energy to get a quote today! Please contact our Customer Care Center if you have questions. 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. If you later change your electricity supplier, you will need to re-enroll in net metering with your new supplier. Well discuss the steps you need to take below to ensure you get full credit for your SRECs. An SREC represents the environmental benefits of producing one megawatt-hour of electricity using solar power. Owners of solar systems can generate SRECs from the energy their solar panels produce. The complete list of Illinois solar incentives and tax credits for 2023, plus how to take advantage. These brokers will pay property owners for their SRECs on a quarterly basis over the course of five years, and sell the SRECs to the IPA during the specified procurement rounds. In Illinois, the credit averages out to $6,143. Illinois, Missouri - (618)-444-2693 Utah, Idaho - (801)-444-5130 Note that the SREC program in Illinois is designed to incentivize ongoing decreases in the cost of going solar in the state. energy projects,emissions mitigation and management,GHG Emissions Net Metering: A provision in an electric utilitys tariff that allows for crediting a customers bill for all or some of the production of a distributed generation or community solar facility which has been exported to the distribution grid. 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. are not able to meet that guideline. There are many opportunities to help you offset the out-of-pocket costs to install a solar generating system. It allows residents with household incomes below 80% of the median to get PV panels installed for no upfront costs. With the enactment of the Public Act 102-0662, the Illinois Power Agency is tasked with numerous crucial implementation activities. For a personalized assessment of the credits and rebates you may qualify for, launch our A system must be energized within 12 months (18 months for community solar projects) after this contract is approved. This is an outstanding program for those who qualify and cannot afford to convert to solar using other payment methods. Absolutely! The first step towards earning SRECs is to shop for a solar panel system. The Illinois Power Agency implemented a long-term renewable resources plan, part of which provides SRECs for customers who generate solar energy. Its possible that, as the Prairie State approaches or surpasses its RPS goal, the net energy metering credit rate will drop or go away entirely. Solar Professional Resources 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. Solar is hot in Illinois! Weve also unbiasedly ranked and reviewed hundreds of solar installers to empower you to make the right choice for your home. These can be single projects or bundled together to meet that Its possible that the future holds a less appealing avoided-cost rate for excess energy in Illinois or no compensation at all. Considering solar can add around 4% to the average home, this could save you a lot in property taxes. Small projects can work with 3rd party aggregators if they This dedicatedCEJA implementation pageserves as an up-to-date hub of information for those items from the Act being implemented by the Agency. Enter your zip code to see solar quotes near you. Home / Solar Energy Guide + FAQ / The 4 Biggest Benefits of Going Solar / Solar Rebates & Tax Incentives: What You Need to Know / Illinois Solar Incentives for 2023, Written by Leigh Matthews, BA Hons, H.Dip. Use the. What are the best rebates and incentives to take when converting to solar in Illinois? Over the 15 years the program lasts, youre expected to earn around $12,600 for your solar production. Summit Solar - Illinois Large Distributed Generation Large DG): A distributed generation system larger than 10 kW, up to 2 MW. Give us a call at 309-316-3540 for more information and a free consultation on residential, commercial, or agricultural solar. If you answer yes, the software will automatically direct you to fill in the required information. solar panel. Its important to note that this is not a cashback incentive, so you wont get the average credit value of $6,143 back. Take Advantage of the Illinois SREC Program in Peoria IL Sun Collectors representatives understand you may have questions about the Illinois SREC program in Peoria IL. The document titled "2022 Long-Term Renewable Resources Procurement Plan" below provides information pertaining to the Renewable Energy Credit (REC) program. RECs are certificates that are created when a renewable energy generating facility produces energy. Call us at (773) 812-3447 for more information on SRECs. 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. Since this exemption requires no action on your part and will save you a few thousand dollars over the life of your system, we think this is an outstanding solar benefit program. If your project is on the waitlist first seeking confirmation of funding, now is the time to move forward. If youre a ComEd customer and install solar on your business, youre eligible for $250 per kilowatt (kW) of installed solar power. Aegis Construction Group is an Illinois state-approved solar energy system vendor. Federal and state incentives are offered to ComEd customers who choose to go solar. Please turn on JavaScript and try again. Solar is hot in Illinois! These customers will need to figure out net metering credits with that supplier. represents the carbon or pollution avoided from the grid. Instead, qualifying households pay a reduced monthly fee for power produced, up to a maximum of 50% of the value of the energy produced. Illinois has an SREC program called the Adjustable Block Program, orIllinois Shines. The incentive is called a Solar Renewable Energy Credit (SREC), and its administered by the Illinois Shines Program. Please enable scripts and reload this page. Also known as a photovoltaic community renewable generation project.. The price per REC in Illinois is governed by the Illinois Power Agency. TheIllinois Solar for Allprogram helps low-income households install solar panels with no upfront costs. NT, is a health and wellness writer and long-time vegan, environmentalist, and zero-waste, self-sufficiency wannabe. At that time, youll be paid a lump sum for all of the credits you accrued. 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. 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. Under the Adjustable Block Program, this system falls into the Small DG category. However, not all of these programs are equally as beneficial, especially when you consider the time investment required to take advantage of them. As such, you stand to make the most from SRECs in Illinois by going solar now instead of waiting. With EnergySage, you can compare your solar options when you receive quotes from the best local solar installers near you. All Rights Reserved. *Companies intend to be available for all procurement events. Are energy-efficient appliances worth it? For reference, a residential solar project in Illinois is usually around 7kW and would be considered a small DG project. The Final 2022 Long-Term Renewable Resources Procurement Plan is available here. 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. This program is set to open up January, 30th 2019. The new SREC incentive will start at Block 5 or 4% lower than the last block. Approved Vendor Info - Illinois Shines It does not appear on display pages. Illinois offers a property tax exemption for home solar installations. About - Illinois Shines Residential Solar Incentives (Small/14-unit buildings) ($/REC) To encourage Energy Sovereignty, an additional $10 per REC would be added for projects that result in ownership by the customer, such as through an early buyout of a lease or PPA. The Illinois Shines or ABP Program uses a block structure to determine the value of an SREC. Illinois Adjustable Block Program Overview - Carbon Solutions SREC Trading Illinois Solar Energy Association - Illinois Power Agency REC Procurements Speaking of Solar Blog, Homeowner Resources The Illinois SREC plus Federal Tax Credit makes solar very appealing. Solar Incentives & Rebates | ComEd - An Exelon Company The Illinois Power Agency determines the cost of the block price value. Rather than the old five-year SREC program, this new incentive structure lasts for 15 years worth of solar production. Formore details on Net Metering, view our Frequently Asked Questions. Events On September 15, 2021 Governor Pritzker signed the Climate and Equitable Jobs Act (Public Act 102-0662) (CEJA). Between the 30% federal tax credit and the SREC incentive, up to 50 to 60% of your solar system or more could be paid for from these two incentives alone. Block eligibility depends on a few factors: There are currently two groups associated with the ABP program Group A and Group B. You can also check the current block status here. 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. New pricing is set to be announced in August, 2022, but prices have typically ranged from around $37 to $76 per SREC. If youre an Ameren Illinois customer with a Smart Inverter that meets eligibility requirements, you can apply for the rebate here. Specifically, Section 10-10 of the Illinois Property Tax Code states that homeowners who install solar can file an alternate valuation of their home improvements with the chief county assessment officer. See the cost of solar in IL cities and towns, Enter your zip code to see solar quotes near you. Give us a call today to learn more from our experts and how this may potentially be a great opportunity for your solar power system. ENERGYSAGE is a registered trademark and the EnergySage logo is a trademark of EnergySage, Inc. Other trademarks are the property of either EnergySage, Inc. or our licensors and are used with permission. Solar Ambassadors The Illinois Shines program is the state's equivalent of the Solar Renewable Energy Credit (SREC) programs and adjustable block programs in other states. Part II: The second part of the application completed after energization, demonstrating completion of the project in accordance with the Part I parameters approved. The Federal Solar Tax Credit is still 26 percent for construction that started before Dec. 31, 2022. The second 10 years of SRECs is a fixed 35$ Illinois: Illinois is also a fixed amount, however SRECs can differ in price depending on when you go solar. The 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). 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. ICC: Illinois Commerce Commission (see 220 ILCS 5); the State Agency charged with regulating public utilities in Illinois, as well as approving aspects of the Adjustable Block Program. Credits dont roll over indefinitely though, and any surplus expires at the annual billing date. The Illinois Power Agency (IPA) welcomes your questions and hopes you will take advantage of the information offered on our website. RECs are a Learn more about the Illinois Solar Renewable Energy Credits Program. 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. Starting on 9/1/22, new SREC applications are now accepted. Essentially, you can generate additional income from the power that your panels produce in order to help the state meet the solar requirement. Illinois SREC incentives are managed under the Adjustable Block Program. Its possible that in 2025 when the state reaches its RPS goal, some incentives will be abandoned or changed for the worse. SREC Calculator | The Acorn Group This field is for validation purposes and should be left unchanged. 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. The Special Assessment for Solar Energy Systems means that you will be taxed as if the panels were not even there. 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. The amount of power a solar system will generate is dependent on a variety of factors, including system size, roof angle, and sunlight. Copyright 2009-2023 EnergySage, Inc. Illinois also offers a special exemption for residents of counties with fewer than three million inhabitants. The program lasts for 15 years after you install your photovoltaic (PV) equipment. 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. Enrolling in net energy metering is, thankfully, a simple and straightforward process. When you compare quotes for solar panels on EnergySage's competitive solar marketplace, you can expect to see prices up to 20% lower than working with a single solar company. When you have a solar system and are being billed for net metering, you are charged only for the net amount of energy you use during each billing period (i.e., the amount of energy we deliver to you minus the excess amount you send back to the smart grid). Learn more about what a REC is here: https://vimeo.com/113250210. Heres why: Illinois is one of just a few states that pay you to generate clean electricity from solar and wind renewable energy systems. In our opinion, the federal credit is the best and most valuable incentive available in Illinois. This past summer of 2022, the Illinois Shines program was on a temporary pause while a new program administrator was installed. The federal solar investment tax credit (ITC) is, in our opinion, the most appealing incentive available in Illinois. If you live in a state surrounding Illinois that doesnt have an SREC program, your project may still be eligible. 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. 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. Solar system owners can create SRECs from the energy produced by their solar panels and arrays. The new guidelines are as follows: Claiming the federal tax credit in Illinois couldnt be much easier. The ABP features capacity-based blocks set at predetermined prices for 15-year REC contracts.