Lastly, we believe the SREC program in IL is a staple of the incentive spread available to you and one that you should definitely take part in. Call us at (773) 812-3447 for more information on SRECs. threshold. are valued for the total energy production from an array and therefore In fact, Illinois has better incentives than most other states. Ultimately, these Illinois solar incentives help stimulate development of new renewable energy resources. Its possible that in 2025 when the state reaches its RPS goal, some incentives will be abandoned or changed for the worse. capacity. 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. 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. solar calculator. FEJA established the incentive structure known as the Adjustable Block Program (ABP), also known as the Illinois Shines program. Illinois Solar Renewable Energy Credits (SRECs) Enter your zip code to find out what solar panels cost from installers near you. 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. Massachssets:Solar Systems under 25 KWs can collect SRECs for 10 years. 423 W.800S.#A317 Salt Lake City, UT 84101. Shouldnt solar be the same? If you answer yes, the software will automatically direct you to fill in the required information. 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 offers a property tax exemption for home solar installations. 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. Illinois has an SREC program called the Adjustable Block Program, or Illinois Shines. illinois srec program - mysolidbox.com Essentially, you can generate additional income from the power that your panels produce in order to help the state meet the solar requirement. 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. Over the 15 years the program lasts, youre expected to earn around $12,600 for your solar production. Small Distributed Generation (Small DG): A distributed generation system less than or equal to 10 kW in size. Is IL proposing increasing incentives for rooftop solar in the next 24 months? With one credit earned each month, thats an average of $840 per year your system will earn you. Illinois' New Incentive: Solar Renewable Energy Credits Contact us at. Keep in mind that the ITC applies only to those who buy their PV system outright (either with a cash purchase or a solar loan), and that you must have enough income for the tax credit to be meaningful (unless youre a tax-exempt entity, in which case you might be eligible for a direct payment). Enrolling in this program is far more complicated than the other incentives discussed above. Watch this helpful video on RECs from the Center for Resources Solutions for further explanation. All rights reserved. To understand how much power your system will generate, please work with your Approved Vendor, as each system is different. The SREC program in Illinois called the IL Solar Shines Program credits you for all solar power you produce with your system. 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. Visit energyequity.illinois.gov to learn more. In addition to the 30 percent federal solar tax credit (aka investment tax credit or ITC) for solar system owners, Illinois residents can receive additional financial benefits through the states solar renewable energy credits (SREC) market. In addition to FEJA, the Climate and Equitable Jobs Act (CEJA) significantly expanded the ABP Program in 2021. All rights reserved. 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. Of that 25 percent, six percent must come from solar. Best of all, the program takes no time to enroll in, as your installer will set up automatic credit sales for you. Solar House What Illinois Residents Need To Know About SRECs? However, not all of these programs are equally as beneficial, especially when you consider the time investment required to take advantage of them. If your bill is based on fixed prices for energy, your credits will simply be measured in kWh. 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 IPA website is regularly updated with new information about the ABP. The Illinois Power Agency (IPA) welcomes your questions and hopes you will take advantage of the information offered on our website. Solar projects serviced by Ameren Illinois, MidAmerican, Mt. 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. New customers should review the ABP Program Brochure for general program information. A technical error has occurred. A s an example, if someone installs an 8kw sized solar system that produces 10,000 kWh of power annually, in Illinois, that customer would receive around $12,000. Solar Surge Expected as SREC Incentive is Back! New - Central Illinois It credits all solar customers for solar production, and those energy credits can then be sold for a profit. updated article on the cost of solar panels, solar renewable energy certificate (SREC), rebates for commercial and industrial (C&I) customers, The Special Assessment for Solar Energy Systems, See the complete list of top solar installers in Illinois. Instead, approved vendors facilitate the application process and transaction. . The program maintains a list of pre-approved vendors to ensure excellent workmanship and customer protection. Taxpayers can claim a Federal Income Tax Credit (FITC) of 30% for qualified expenditures on a solar system that provides electricity to their residence (owned and lived in by the taxpayer). Solar for All is available for residential properties, non-profits and public facilities, and community solar projects that serve low-income customers. Well break down the initial steps below. The net energy metering program in Illinois is outstanding, even compared to similar programs in other states. Her work on solar policy has been published in Canada's National Observer. For solar energy customers, the April settlement date will likely make more sense than the October date. Solar Incentives & Rebates | ComEd - An Exelon Company Having trouble deciding? Renewable Resources Phase I of the portal was launched on January 31, 2023. Then for systems under 10kW you receive a lump sum payment after your solar array has been installed in one lump sum. It was discontinued in 2021, but then reinstated by the Climate and Equitable Jobs Act that same year. The PUC mandates that all excess energy be credited at the full retail rate, which gives you the best chance of eliminating your utility bills. For a personalized assessment of the credits and rebates you may qualify for, launch our
An SREC represents the environmental benefits of producing one megawatt-hour of electricity using solar power. Were big fans of SREC programs because they credit you for all of your solar production, regardless of what you do with the energy. That system value is calculated using the cost of your panels, batteries and inverters, plus installation costs. For commercial customers, this is paid out over 5 years, and the REC value varies based on the size of the solar system. Give us a call at 309-316-3540 for more information and a free consultation on residential, commercial, or agricultural solar. How does the Illinois SREC program work? Spots Are Already Being Taken By Illinois Homeowners. No, there are currently no plans for incentives to become less beneficial in Illinois in the next two years. 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. Ameren Illinois also offers net metering to residential customers. How do I go about finding someone to install solar on my roof/property? Still, we love programs like this because it makes renewable energy far more accessible. What You Need to Know About the Illinois Shines Program, What You Need to Know About the Illinois Solar for All Program, What You Need to Know About the Solar Property Tax Exemption in Illinois. The program is made possible via the REC market in Illinois. Large Distributed Generation Large DG): A distributed generation system larger than 10 kW, up to 2 MW. These customers will need to figure out net metering credits with that supplier. This incentive structure is very similar to the Megawatt Block rebate available in New York State, as well as the SMART incentive in Massachusetts. If coming up with the initial capital a challenge, we offer great financing options to eliminate this concern. Illinois' SREC incentive: the Adjustable Block Program Under the Adjustable Block Program, also known as Illinois Shines, you can earn one solar renewable energy certificate (SREC) for each megawatt hour (MWh) of electricity your solar system produces over 15 years. Whats The Near-Term Outlook For More Incentives In Illinois?