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You may host a new solar photovoltaic system on your rooftop or on your property, directly offsetting your energy usage; or. For the current guidebook for the Adjustable Block program, please click here. *Companies intend to be available for all procurement events. The incentive is called a Solar Renewable Energy Credit (SREC), and its administered by the Illinois Shines Program. But, most people wont qualify unless they already have solar installation experience. 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. Well list these incentives below and provide a brief explanation as to how they work. owners for the countless benefits to Illinois. Browse approved vendors here. This program allows you to make full use of your own solar energy system, giving you more control over your energy costs. The Illinois Shines program is the state's equivalent of the Solar Renewable Energy Credit (SREC) programs and adjustable block programs in other states. The Illinois SREC program could potentially cover 20% to 40% of your total solar investment for residential and business applications! These Incentives Are Limited! Its worth mentioning that tax software like HR Block and TurboTax know about this incentive and typically ask you when you go to file if you installed renewable energy equipment. REC prices are determined through the Adjustable Block Program. RECs may be sold to the utility for meeting the State's Renewable Portfolio Standards. The ABP features capacity-based blocks set at predetermined prices for 15-year REC contracts. Find out how affordable solar is for your home with our Solar Calculator, or simply register your property today to get quotes. It guarantees that you are credited for all excess power your system produces that isnt used in your home and is instead sent to the grid. 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). These credits work similarly to the federal solar tax credit. Please enable scripts and reload this page. 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. For solar energy customers, the April settlement date will likely make more sense than the October date. Please turn on JavaScript and try again. What Illinois Residents Need To Know About SRECs? Karsten is an editor and energy specialist focused on environmental, social and cultural development. This Act included significant changes to the Adjustable Block/Illinois Shines program, including the reopening of the program within 90 days (December 14, 2021). Community Solar Resources It takes just a few minutes to apply for when youre filing your taxes, and it provides an average value of over $6,000 in the Prairie State, provided you have a tax liability that allows you to take the full credit. On Sept. 15, 2021, the Climate and Equitable Jobs Act (Public Act 102-0662) was signed into law by Illinois Governor J.B. Pritzker. If coming up with the initial capital a challenge, we offer great financing options to eliminate this concern. Call us at (773) 812-3447 for more information on SRECs. Of that 25 percent, six percent must come from solar. If you live in a state surrounding Illinois that doesnt have an SREC program, your project may still be eligible. Net Metering: A provision in an electric utilitys tariff that allows for crediting a customers bill for all or some of the production of a distributed generation or community solar facility which has been exported to the distribution grid. In most cases, the old SREC incentive exhausted blocks 1, 2, 3 and 4. Were big fans of SREC programs because they credit you for all of your solar production, regardless of what you do with the energy. More information on both Distributed Generation (rooftop or ground mounted solar on your property) or Community Solar can be found in the brochures below: Click here to access the Programs Distributed Generation Brochure. Residential Solar Incentives (Large/5+ unit buildings) ($/REC) 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. Homeowners sell these SRECs through a market set up by the Illinois Power Agency (IPA). These customers will need to figure out net metering credits with that supplier. Best of all, the program takes no time to enroll in, as your installer will set up automatic credit sales for you. Yes, SRECs are considered taxable income, so you will need to pay taxes on these. 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. It allows residents with household incomes below 80% of the median to get PV panels installed for no upfront costs. Ethics Reporting Associated with Communications with the IPA. Large Distributed Generation Large DG): A distributed generation system larger than 10 kW, up to 2 MW. In some cases, ComEd customers actually purchase energy from another supplier. Copyright 2009-2023 EnergySage, Inc. How does the Illinois SREC program work? The value of an SREC is determined by the market subject to supply and . Whether its ported to the grid or used in your home, youll earn a cash value for all of the energy you generate. through their installer or contact the two preferred national companies Solar is hot in Illinois! This program is set to open up January, 30th 2019. 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. It does not appear on display pages. Commonwealth Edison (ComEd) offers one of the best net metering programs in Illinois. in the Illinois Shines program. 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. This could be your installer, a project developer, a broker, or an aggregator. Click below and use our process to receive multiple quotes instead: Connect with approved solar installers in your area. With these incentives in the works, its a great time to start evaluating your solar options. Usually, you can expect to receive your payment within a year of your systems completion. Illinois Shines is the brand name for the Adjustable Block Programa state-administered incentive program supporting the development of new solar energy generation in Illinois. The DG Project Developer must utilize an installer for the project who is certified by the Illinois Commerce Commission (ICC). This field is for validation purposes and should be left unchanged. This incentive can net you several hundred dollars each year, seriously reducing your solar payback period. Agency: The Illinois Power Agency who developed and manages the Illinois Shines program through its subcontractor, Energy Solutions. A lover of music and the outdoors, Karsten might be found rock climbing, canoeing or writing songs when away from the workplace. Enrolling in this program is far more complicated than the other incentives discussed above. Captcha validation failed. This Act included significant changes to the Adjustable Block/Illinois Shines program. This is a massive amount of money to put toward your system costs for minimal effort on your part. In 2017, the Illinois government created new legislation that altered the existing Renewable Energy Certificate (REC) program structure in the state. 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. Mid-American also offers net metering and allows for a shorter than 12 months initial billing period. However, CEJA altered the program from this cascading approach to an annual block approach. The Illinois Solar for All (ILSFA) Program is an excellent option for low-income households to convert to solar power. The program maintains a list of pre-approved vendors to ensure excellent workmanship and customer protection. If your project is on the waitlist first seeking confirmation of funding, now is the time to move forward. Illinois has an SREC program called the Adjustable Block Program, orIllinois Shines. Your local tax assessor will simply not include the value of your solar power system when determining your tax-assessed value. Heres why: Illinois is one of just a few states that pay you to generate clean electricity from solar and wind renewable energy systems. Inventory, GreenBuildingprojects, as well as regulatoryand protocol We should note that the federal solar tax credit rate is scheduled to drop over the next ten years, according to the schedule below: Following 2034, the program will no longer be available. 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. Illinois also offers a special exemption for residents of counties with fewer than three million inhabitants. The price per REC in Illinois is governed by the Illinois Power Agency. 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. The Inflation Reduction Act (IRA) is the piece of legislation that extended the federal credit and bumped up the credit rate. It credits all solar customers for solar production, and those energy credits can then be sold for a profit. 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. Learn More about the IPA's implementation activities under CEJA. If you answer yes, the software will automatically direct you to fill in the required information. Visit energyequity.illinois.gov to learn more. In addition to FEJA, the Climate and Equitable Jobs Act (CEJA) significantly expanded the ABP Program in 2021. However, if your system is larger than that, you receive the payments over the course of five years. Then for systems under 10kW you receive a lump sum payment after your solar array has been installed in one lump sum. Find out how much you can receive when you register through the Illinois Shines Program with Acorn! If youre an Ameren Illinois customer with a Smart Inverter that meets eligibility requirements, you can apply for the rebate here. Solar Professional Resources Illinois SRECs help those solar system owners recoup their investment. More information about these programs can be found in the Administrative Code document above.

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