solar calculator. If you are not a robot then please try again. 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. Homeowners sell these SRECs through a market set up by the Illinois Power Agency (IPA). Utilities are only required to issue SREC payments quarterly, so the time it takes to receive your check varies. Please contact our Customer Care Center if you have questions. Policy Blog To receive the rebate, your solar panel system cannot be larger than 2,000 kW in capacity. The Initial Plan was approved in 2018 and a Revised Plan was approved in June 2021. Its possible that the future holds a less appealing avoided-cost rate for excess energy in Illinois or no compensation at all. A technical error has occurred. Concerned about climate change? 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. RECs may be sold to the utility for meeting the State's Renewable Portfolio Standards. ATTENTION! 1,000 kWh of solar electricity = 1 MWh of solar electricity = 1 SREC. 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. Sign up for our email newsletter! 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. Commonwealth Edison offers the top utility net metering program in Illinois. Distributed Generation Project Developer (DG Project Developer): A DG, Project Developer may oversee client relationships, design of the solar project, and site management. 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. 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. Now when a blocks capacity is filled, applications are placed on a waitlist until the next program year (if filled mid-year). 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. These two tax incentives offered in Illinois can make going solar even more affordable: Worried about your property tax bills going up because of the value your solar system will add to your home? You wouldnt buy a car without comparing a few options first. 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. The State operates on a fiscal year basis ending on June 30 th of each year. Distributed Generation Installer (DG Installer): A DG Installer is an entity that has received certification from the Illinois Commerce Commission to perform distributed generation installations. An SREC is a REC that specifically comes from a solar system. And, if you send more energy to the grid than we deliver, you can receive credits on your bill. Well also include the average savings afforded by each perk to help you prioritize which to take. Formore details on Net Metering, view our Frequently Asked Questions. Solar projects serviced by Ameren Illinois, MidAmerican, Mt. That system value is calculated using the cost of your panels, batteries and inverters, plus installation costs. For the average residential system, this comes out to more than $10,000 in additional savings. 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. 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. Combined with our proprietary energy savings program we provide Illinois businesses . Ameren Illinois also offers net metering to residential customers. To learn about any incentives you may qualify for, launch our
See the cost of solar in IL cities and towns, Enter your zip code to see solar quotes near you. How does the Illinois SREC program work? Dont delay, enjoy the benefits of generating electricity from the sun! 1.877.697.9269. 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. The tax exemption is another automatic state incentive, so you dont have to take any action to claim it. Want to find the best deal on solar in all of Illinois? Solar for All is available for residential properties, non-profits and public facilities, and community solar projects that serve low-income customers. This Act included significant changes to the Adjustable Block/Illinois Shines program. Lastly, net energy metering doesnt cost you anything to apply for, and it takes virtually no time investment either. We can educate you on all the current state rebates and credits around the red hot SREC program, exclusively available in Illinois. As of right now, there are no plans or pieces of legislation in the works to increase incentives in Illinois. Utility companies that need to meet the states RPS goals buy them to remain in compliance. 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 Illinois Power Agency (IPA) welcomes your questions and hopes you will take advantage of the information offered on our website. Under Illinois law, one SREC is credited for each 1,000 kilowatt hours (or one megawatt) or power created and fed back into the grid. If you buy electricity from your utility (e.g., basic service or hourly pricing), you must contact the utility to enroll in net metering. Illinois has an SREC program called the Adjustable Block Program, orIllinois Shines. For reference, large DG systems are usually hosted on larger buildings or roofs, not residential properties. Project: A solar photovoltaic array and all associated equipment necessary for its generation of electricity and connection to the distribution grid. REC prices are determined through the Adjustable Block Program. 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. Contact Tick Tock Energy to get a quote today! Donate It does not appear on display pages. See our Community Solar page for more info. One Illinois SREC equals 1,000 kilowatt-hours (kWh) of solar energy generated, or one megawatt (MWh). As we mentioned above, the federal credit is the best solar perk available in IL, in our opinion. More information about these programs can be found in the Administrative Code document above. Block groups are determined by utility companies and load zones. 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. For small residential & commercial systems under 25 kW (AC) the SREC payment will occur in one payment. A system must be energized within 12 months (18 months for community solar projects) after this contract is approved. This past summer of 2022, the Illinois Shines program was on a temporary pause while a new program administrator was installed. We should also mention that the beneficial NEM program is subject to change, as it has in some other states across the country. 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. Still, we think this is an outstanding solar perk and well worth the time it takes to apply. (1 REC = 1,000 IPA: Illinois Power Agency; the State Agency charged with administering the procurement of renewable energy resources to meet Illinois renewable energy portfolio standard, in addition to procuring electric power supply for eligible retail customers of electric utilities and other responsibilities. The DG Project Developer must utilize an installer for the project who is certified by the Illinois Commerce Commission (ICC). 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. This is where SRECs come in a utility can claim the electricity produced from your home solar system to help meet RPS requirements through the purchase of SRECs. sales @ mysolidbox.com Just keep in mind that the credit rate will drop in 2032. These serve to help the state reach its Renewable Portfolio Standard (RPS) goal of producing 25% of its energy via clean sources by 2026.1. ComEd, one of ILs largest utility companies, provides rebates for commercial and industrial (C&I) customers to help decrease the out-of-pocket costs of installing solar. For your system, the value is 7.1 cents/kWh produced, which is paid in year one. Small Subscriber: A residential or small commercial customer with a subscription below 25 kW. NEW Illinois SREC Prices for 2022-2023 Program Year. Your installer may also be a Designee or an Approved Vendor with the Program. The SREC program in Illinois called the IL Solar Shines Program credits you for all solar power you produce with your system. The tax exemption for solar equipment in IL prevents your taxes from going up as a result of installing solar equipment. Her work on solar policy has been published in the Canadian National Observer. Solar Professional Resources 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. The payout of the credits is calculated based on the homeowner's system . . Click below and use our process to receive multiple quotes instead: Connect with approved solar installers in your area. Small Distributed Generation (Small DG): A distributed generation system less than or equal to 10 kW in size. Illinois Power Agency2022. It was discontinued in 2021, but then reinstated by the Climate and Equitable Jobs Act that same year. Ultimately, these Illinois solar incentives help stimulate development of new renewable energy resources. REC prices are determined through the Adjustable Block Program. Community Solar Subscriber: A person who (i) takes delivery service from an electric utility, municipal utility, or rural electric cooperative, and (ii) has a subscription of no less than 200 watts to a community renewable generation project that is located in the utilitys service area. RECs are certificates that are created when a renewable energy generating facility produces energy. Your local tax assessor will simply not include the value of your solar power system when determining your tax-assessed value. These credits work similarly to the federal solar tax credit. The solar perks in Illinois can collectively bring the cost of solar conversion down by thousands of dollars, making going solar far more accessible and affordable to residents in the state. Copyright 2009-2023 EnergySage, Inc. If youre an Ameren Illinois customer with a Smart Inverter that meets eligibility requirements, you can apply for the rebate here.